Good afternoon, ladies and gentlemen, and welcome to the 2022 Annual General and Special Meeting of the Shareholders of Currency Exchange International, Corp. If at any time during this call you require assistance from the phone line, please press star zero for an operator. I would like to turn the meeting over to Randolph Pinna, President and CEO. Thank you. Good afternoon, everyone. I see people still dialing in here, so let's allow just another minute or two. It's 12:01 P.M., so let's say we're going to officially start at 12:03 P.M. If you don't mind just holding by for a minute for others to get through the dial-in queue. Thank you. It's 12:03 P.M. I'm going to go ahead and call this meeting to order. Good afternoon, ladies and gentlemen. Welcome to the Annual General and Special Meeting of the Shareholders of Currency Exchange International, Corp. I am Randolph Pinna, President and Chief Executive Officer of the company. Before proceeding with the formal business of the meeting, I would like to thank you for attending this meeting either online or via telephone conference. We continue to be in unprecedented times due to the COVID-19 global pandemic, and we will do our best to ensure that all shareholders have an equal opportunity to participate in today's meeting. Accordingly, as was the case last year, this year's meeting of shareholders of the company is again being conducted only online and via teleconference. We are hopeful next year we will all be together in Toronto. I do want to also note that this is our 10th year as a publicly traded company in the Toronto Stock Exchange. All the shareholders and their appointees, directors, officers, and guests participating will be able to listen to a live audiocast of this meeting, ask questions of management online via the blue hand ask a question button, or during periods designated for unmuting phones. Questions and answers, as well as a record of this meeting will be posted to CXI's investor page following the meeting. I would like to highlight to everyone that to join the webcast varies depending on whether you're a shareholder or an appointee or attending as a guest. Please allow me to go through this pre-reading so we do make sure you're registered correctly, because last year we had to move people. All the participants are first required to enter their first name, last name and email. Thereafter, you have to choose the appropriate box for you depending on whether you're a shareholder, an appointee or a guest. To access the webcast as a registered shareholder, you do need to enter your 15-digit control number located on your form of proxy. To access the webcast as a duly appointed proxy holder, enter your username as provided to you by Computershare. To access the webcast as a guest or for any other non-registered shareholders who have not appointed themselves as proxy holders to participate and vote in the meeting, you may log in by clicking on the guest tab and completing the online form. However, you will not be able to vote or submit questions. There is online IT support as well as telephone operators are standing by to assist you during the entirety of this meeting. There is also a virtual AGM user guide posted to the investor relations page of our CXI website. Please note that shareholders were encouraged to provide their voting instructions before the meeting by completing the form of proxy or voting information form provided. In the instance of a proposal table, shareholders may cast their live vote and instructions will be provided. We have the following items for formal business today to be addressed. One, we're going to present our financial statements of the corporation for the year end October 31st, 2021, and the report of the auditors thereon. We are going to appoint Grant Thornton as the auditors of the corporation for the ensuing year, and to authorize the directors of the corporation to fix their remuneration. Lastly, we're going to elect the directors of the corporation for the ensuing year. To consider and, if deemed, will pass with or without variation, a special resolution to approve the advance notice bylaw. Lastly, to transact any such other business as may properly come before the meeting or any adjournments or postponements thereof. Once the formal business of the meeting has been completed, I will provide an update on the current business activities of the organization, following which there will be an opportunity to ask questions. First, I'd like to call the meeting formally to order and appoint the recording secretary and scrutineer. I first will now call this meeting to order. In accordance with the bylaws of the corporation, I shall preside as the chair of this meeting. Ivy Lumia will act as the recording secretary of this meeting. Additionally, Kate Stevens of Computershare Trust Company of Canada will be the scrutineer for this meeting. The corporation is utilizing the notice and access mechanism under National Instrument 54-101, the communication with beneficial owners of securities of a reporting issuer, and National Instrument 51-102, continuous disclosure obligations. The secretary has advised me that copies of the following documents have been delivered where required and posted electronically as follows: the notice of the meeting, the form of proxy, the management information circular, a request form, financial statements for the year ended October 31st, 2021, and the auditors' report thereon, and management's discussion and analysis. In particular, such documents have also been made available to every director, the company's auditors, each shareholder of record as of February 1st, 2022, the record date of this meeting, and online as follows. We've hosted it on the SEDAR profile at sedar.com and also at envisionreports.com/cxifx2022. An affidavit of mailing of the documentation required to be mailed under the notice and access provisions has been provided by Computershare Trust Company of Canada to the company, and I direct that this affidavit be annexed to the minutes of this meeting. Accordingly, unless there is an objection, I will dispense with the reading of the notice of meeting. Hearing no objection, the scrutineer has provided me with the preliminary report regarding the shareholders' attendance and representation at this meeting. I just got this a few minutes ago, so it should be totally up to date. The scrutineer's report that shows that there are present at this meeting in person or by proxy, 41 shareholders holding 3,360,795 common shares. Accordingly, I declare that the requisite quorum of shareholders is present, and I declare that the meeting is duly and properly constituted for the transaction of business today. I direct that the scrutineer's complete report on attendance be annexed to the minutes of the meeting. Votes on the matters before this meeting by proxy have been submitted by shareholders. There are several matters that must be dealt with during the formal part of this meeting. In order to expedite these matters, I have requested that certain persons make and second the formal motions, and I will call on these persons at the appropriate times. Shareholders may make comments specific to these motions prior to the vote but should hold any comments on general matters until the question period to be held following my presentation. As the first item of business, the company's audited financial statements for the year ended October 31, 2021, and the auditors' report thereon are hereby placed before the meeting. The audited financial statements, along with the related management's discussion and analysis, have been mailed to each shareholder of the Company, and I do not propose to read them to the meeting today. Next, we will now proceed with the appointment of the auditors of the company. I've been advised by the scrutineer that the proxies deposited for the meeting have been overwhelmingly voted for the appointment of Grant Thornton LLP as the auditors of the company. I would ask Daryl to move the following resolution. Be it hereby resolved that Grant Thornton LLP, chartered accountants, be and they are hereby appointed as auditors of the company to hold the office until the close of the next annual meeting of shareholders or until their successors are appointed at such remuneration as may be fixed by the directors, and the directors be, and they are hereby authorized to fix such remuneration. Daryl? I so move. Thank you, Daryl. May I please have this motion seconded? I second the motion. Thank you, Khatuna. I will now call for a vote on the motion. I ask that Alan Stratton, who is named the appointee of the shareholders voting by proxy, confirm that all the shareholders present in person or by proxy have raised their hands to signify votes in favor. Alan? Confirmed. Thank you, Alan. If there are any to the contrary, please click the raise your hand button. For those joining by telephone, you can speak now. Hearing no objections, I declare that the resolution of appointing of the auditors for the company for the ensuing year and authorizing the directors to fix their remuneration has been carried. Next, we will now proceed with the election of directors of the company for the ensuing year. The number of directors to be elected at the meeting is nine. The governance committee nominates the following persons as specified in the management information circular delivered with the notices of meeting, namely myself, Randolph Pinna, Joseph August, Chirag Bhavsar, Johanne Brossard, Chitwant Kohli, Mark Mickleborough, Stacey Mowbray, James Sardo, and Daryl Yeo. To be elected to serve as directors of the company, to hold office until the next annual meeting of shareholders, or until their successors are duly elected or appointed in accordance with the articles and bylaws of the company. There are no other further nominations, so therefore I hereby declare the nominations closed. I have been advised by the scrutineer that the proxies deposited for the meeting have been overwhelmingly voted for the election of each of these directors. With the consent of those shareholders in attendance at this meeting, can I have one motion for the election of the entire slate of directors nominated to stand for election in the management information circular provided to the shareholders of CXI in advance of this annual and special meeting of CXI shareholders? I would once again ask Daryl to move the following resolution. Be it hereby resolved the nine persons nominated by management be elected as directors of the company to hold office until the close of the next annual meeting of shareholders, or until their successors are duly elected or appointed in accordance with the articles and bylaws of the company. I so move. Thank you. May I please have this motion resolution seconded? I second the resolution. Thank you, Khatuna. I will now call for a vote on the motion. I ask that Alan Stratton, who is named the appointee of shareholders voting by proxy, confirm that the majority of the shareholders present in person or by proxy have raised their hands to signify their votes in favor. I so confirm. Thank you, Alan. If there are any to the contrary, please click the raise your hand button. For those joining by telephone, you can now speak. Hearing no objection, I declare that the resolution to elect Joseph, Chirag, Johanne, Chitwant, Mark, Stacey, myself, James, and Daryl as director of the company to hold office until the close of the next annual meeting of shareholders or until their successors are duly elected or appointed has been carried. Now we will proceed with the approval of the advance notice bylaw. On June 10th, 2021, the directors adopted an advance notice bylaw, which establishes a framework for advance notice of shareholder proposal and nominations of directors by shareholders. The adoption of the advance notice bylaw is intended to facilitate orderly and efficient annual general or where the need arises, special meetings. It also ensures that all shareholders receive adequate notice of the director nominations and sufficient information with respect to all of the nominees. It also allows shareholders to register an informed vote. The purpose of the advance notice bylaw is to provide shareholders, directors, and management of the corporation with the direction on the procedure for shareholder nomination of directors. The advance notice bylaw is the framework by which the corporation seeks to fix a deadline by which shareholders must submit director nominations to the corporation prior to any annual, or special meeting of shareholders and sets forth the information that a shareholder must include in the notice to the company for the notice to be in proper written form. Only persons who are nominated in accordance with the procedures of the advance notice bylaw, as set forth in the management proxy circular dated February 4th, 2022, shall be eligible for election as directors of the corporation. I have been advised by the scrutineer that the proxies deposited for the meeting have overwhelmingly been voted for the approval of the advance notice bylaw. I therefore ask Daryl again to move the following resolution. Be it resolved that the corporation's advance notice bylaw, as set forth in the management proxy circular dated February 4th, 2022, be and is hereby ratified, confirmed, and approved. The board of directors be authorized in its absolute discretion to administer the advance notice bylaw in accordance with its terms and conditions to the extent needed to reflect changes required by securities regulatory agency or stock exchanges, so as to meet industry standards or as otherwise determined to be in the best interest of the corporation and its shareholders. Any director or officer of the corporation acting alone, be and is hereby authorized and directed to do all such acts to execute and deliver under the corporate seal of the corporation or otherwise, all such deeds, documents, instruments, and assurances as in his or her opinion may be necessary or desirable to give effect to the foregoing resolution. Daryl? I so move. Thank you. May I please have this motion seconded? I second the motion. Thank you, Khatuna. I will now call for a vote on the motion. I ask that Alan Stratton, who is named the appointee of shareholders voting by proxy, confirm that a majority of the shareholders present in person or by proxy have raised their hands to signify votes in favor. Alan? I so confirm. If there are any contrary, please click the raise your hand button. For those joining by teleconference, you can speak now. Hearing no contrary, I declare the resolution approving the advance notice bylaw has been carried. Lastly is the other business. Is there any other formal business that may be properly brought before this meeting? Please again, click raise your hand button or by teleconference, you can speak now. Please remember, general questions should be done after my presentation that I'll be presenting once we conclude the formal part of this business. Are there any material business questions to come before the meeting? If not, that concludes the formal business brought before the meeting. I wish to thank you for attending, and I would now ask for a motion that this meeting be terminated. I Daryl, I move that this meeting be terminated. Second? I second the motion. Okay. I will now call for a vote on the motion. Alan? Confirmed. Are there any votes to the contrary? Please raise your hand or ask by phone. I hereby declare the motion carried and the meeting terminated. Okay. We're going to go do a presentation now. We're pleased to answer any questions that you have after this presentation, please. Again, remember to ask the question, raise your hand or speak up when I tell you the lines are open. Thank you. Okay, l et's start the presentation. The first slide you see is me and basically our cover. Our agenda today is just to give an overview of the company. Some of you are newer to the company, so for some that have been around, will know this is a repeat. Again, I would like to do an overview of where the company stands today and hopefully give a good feeling of where we're headed. Of course, we will end with a quality question- and- answer session. To begin with, I want to show that we have a very strong board of directors, many of which have been on the board for several years, some even longer. Just as importantly, we have a strong, experienced executive team. There's all the roles and the people here. I'm proud of all the team we have and look forward to continuing to grow our group together. We have updated our mission and vision statement. As you know, every year our management team does a strategic exercise process that takes a couple of months to present to the board our recommended updated strategic plan. It starts with our clear vision and mission for the business. We are still focused on all of our services that we've always done, which is banknotes, international payments, both spot and forward FX, as well as clearing foreign-denominated checks. We do this through our proprietary software that's built in-house here in Florida. As well as, we are fully doing transaction fulfillment through our integrations with other core banking systems. This is a great area of further growth for the business. Our distribution network is our key core business through our clients, which are mostly banks and financial institutions, as well as select corporations with international business. In CXI only, we do have a direct-to-consumer division, which includes our own company stores. We have a growing online FX store, as well as select agents and affiliates. We have built a solid foundation. I'm very proud of what we have both in the HR people we've said before, as well as the technology we have now. Our CXIFX platform, as we've nicknamed it, is our core system that runs the majority of our business. It is a web-based system. It has leading AML compliance features to it, and most importantly with our APIs, it's easily integratable. Also similarly, we have our online FX store, which is a consumer-facing technology that is integrated into CXIFX and allows for home delivery. We are now able to deliver foreign currency in 36 states, representing a large portion, over 70% of the U.S. population. We have also a reservation system, should you like to come to the branches and see our smiling employees. We always welcome in-person interaction as well. Our compliance system is one of the key features of our software. Banks, very large, all the way to small regional and community banks, choose us not just because of our software and service. It's because of our compliance system, that it keeps us all, the bank, and us as their processor, always in line with all regulations. We have integrated with FinCEN and OFAC. You see it on the list here. Other lists that we check, it checks over 21 live lists because it is web-based. It's very flexible and customizable, and it does include aggregating of transactions live to avoid anyone doing what they call branch hopping. Our structure is very solid as well. We, as you know, we embarked to become a specialized foreign exchange bank in Canada. Exchange Bank of Canada is Canada's foreign exchange bank. We are a Schedule I bank that does only focus on B2B transactions. In Canada, we have chosen not to be consumer-facing as our customers are doing that. We are a trusted provider. We have a solid reputation utilizing our EBC FX, which is very similar to CXIFX. It has all the bells and whistles of the AML and compliance and all of the features that the CXIFX program has in the U.S. As I've mentioned, the integrations to core partners is a key part of our software and technology, and it's a key part of our strategy going forward. As already mentioned that we have licenses in 36 states. We are looking to add a couple more, and this allows us to not only do money transmission by wire to corporations in those states, but it also allows us to do a home delivery. Because when you ship from one state to another, even though it's cash, they consider that money transmission, and therefore, we need to be licensed to ship to any state that we don't have our own processing center in. Since our processing centers are only in Miami and Los Angeles in the U.S., we therefore are needing the 36 state licenses to reach the majority of the population of the United States. We do still are proudly owning 36 of our own company stores. The pandemic forced us to really look at our best performing stores, and our board and management are very focused on improving our return on equity and capital deployed. Therefore, we raised the bar on our expectations of stores, and we did close a dozen stores during the pandemic. We have identified unique opportunities for further growth in this area, and we will continue to be very select in that and not long-term obligations. What has been very successful, and we're seeing in this most recent quarter, is the agent program really doing well. This is a relationship where in which we provide the brand, the software, the money, the support as if it's our own company store. But the retail operator does the hard part, which is paying the rent and ensuring the payroll is paid so you have quality people conforming to all the rules and the processes that CXI requires of agents. Like in the northern border, the Duty Free Americas relationship, which is several years old, has flourished again since the borders have been reopened fully for cross-border traffic. Most recently, we've added some key airport locations, which I'll talk again about, but this is a great extension of our consumer direct division. Some of the highlights. We've done a lot, and it's amazing. Even though we were reorganizing and getting more efficient internally and variabilizing our business, we've accomplished a lot in both of the companies. I would start with Exchange Bank of Canada. This is something I personally have envisioned for 30 years, is building an international bank focused on foreign exchange. To really put the feather in the cap is we are now a direct distributor for the Federal Reserve Bank. We are using the Federal Reserve Bank of New York's Foreign Bank International Cash Services program, which there's only three banks currently allowed to distribute large volumes of U.S. dollars globally. We are one of three. We are the only Canadian bank that has a direct relationship with the U.S. Federal Reserve. Which is shocking when you think of a bank as large that have similar colors to this. They don't have a direct relationship. They use a large commercial bank for their dollar sourcing. Another major bank in Canada actually uses the larger bank for their dollars. None of these major banks in Canada have a direct relationship. This will enable the Exchange Bank team to now offer U.S. dollars to the existing customers as well as large banks that haven't chosen Exchange Bank yet because we can now compete in the U.S. dollar space, which is the largest foreign currency in Canada. In Canada, it's a dual ledger system, and therefore it's not so foreign, but the supply of actual cash is needed to support the US dollar deposits held by all of those banks, therefore necessitating a direct source to the government. Exchange Bank of Canada intends to expand its relationship and be that direct conduit to the U.S. Government. What's also growing quite nicely at Exchange Bank of Canada is our international payments business. As you know, we acquired a company in Montréal. The entire team stayed on board. We have good leaders. We're very pleased with our operations in Québec. We have been advertising, and we were lucky to get some other experienced FX traders, bankers over on board. Our Montréal payment business is leading Exchange Bank of Canada totally. Ontario is quickly trying to catch up, so we have a team in Ontario as well, and we're very focused on growing our foreign exchange relationship banking business. Lastly, which is part of the Fed relationship, we are accepting select financial institution customers in select countries that the board and management will approve for additional banknote and possibly even third-party payment opportunities. Moving over to CXI, the One Provider, One Platform is the key and the number one driver of CXI's growth going forward. It capitalizes on the existing vast relationships we have with banks across the country. The difference is, in the olden days and how a lot of them still are today, is that you have to do your transaction on our CXIFX system and then toggle over to their core GL system to debit the account to pay CXI for the money by doing an integration like we've done now with Jack Henry most recently. It allows for that one platform. They can do the transactions but still get the benefits of the CXIFX system through that integration. That is a critical part of our strategy going forward, and we're excited that we've done several integrations now, not only with Jack Henry, but with Fiserv and others. I'm pleased that our head of IT now says, "We've got this down well, and our API is good." Therefore, we can continue to see integrations, which brings transactions to us on a straight-through process basis. Exchange Bank of Canada, our Miami operations is continuing to see additional select financial institution business where they will be trading directly with our Miami facility in larger bulk transactions of banknotes. We are also exploring expanding to possibly doing payments and check clearing. International customer expansion will continue to be a driver for both of the businesses, more on banknote side, but also there's opportunities for payments as well. I've already spoke to the agent program. You'll hear it several times today because we're super excited to see our brand in major airports like JFK and Newark and Minneapolis. That is something that we are focused on going forward. The online store, as everybody's going digital, we have visions of possibly having our own digital wallet and so forth. As of this stage, our online system is restricted to home delivery or branch pickup. We do and are focused on expanding that, improving our digital marketing, and actually having a direct digital manager to take the online FX to the next level. As I mentioned before, we are very carefully and selectively looking at expanding company-owned stores, most likely in our core markets, which we deem as Florida, California, New York, and Hawaii. You may see an additional store or two each year being reopened or opened. Lastly, this is something that's come up quite quickly, is the ESG movement. Luckily, not luckily, but we've always had a focus on our environment, me being a nature person, loving the beach and the mountains, it's been natural for me. We've taken a very hard look at this. In fact, I dedicated a slide to this, and I pre-typed, which I normally never do, how I'd like to introduce this to you. In early 2021, the board and I began to explore best practices for ESG, including the board oversight, the regulatory and reporting requirements, and the path for integration. An ESG subcommittee of the board with both board members and executive members was established, and a multi-year ESG strategic framework was developed and approved by the board. CXI's ESG strategic framework includes a vision with the purpose to integrate its core cultural values with stakeholder collaboration to actively drive responsible growth. The vision is embraced by the four pillars you see here, the people, the environment, the partners, and the community, and outlines a multi-phase timeline for integrating ESG delegation of authority and decision-making inventory of current and future ESG practices and opportunities for integration. CXI looks forward to continuing its thoughtful actions to uphold its ESG vision and support its people, environment, partners, and community in which we serve. ESG is our commitment to a higher purpose. It's a newer way of life, a means to do good. It's CXI's commerce in the conscience. Let's get back to numbers. We're all here for the numbers, and I'm proud to report in 2021 these increases. Obviously, you can see the payments revenues was very significant because 2021 still had all the COVID lockdowns. Even still, we were able to grow revenue in the banknote business. Overall, we're very pleased with where we're at from a revenue point of view for the year. Our volume exceeded $6 billion, a record, and we expect that to continue. Our locations continue to grow, and our relationships which support those locations continue to grow. Here's the financial highlights in our little donuts, and it's really funny that those numbers on the right corner are exactly the same. Those are real numbers. That's just a freak. 24% of all of our revenues come from Canada, 76% from America. It's nice to see how Canada is growing. Similarly, of all that total revenue, ironically, 76% of it is from banknotes and 24% is from payments. Everybody's got their calculators, and I love it when people do deep dives on the numbers. Here's some more numbers for you to look at. As you hopefully heard our earnings call this morning, you can see we've come back in a strong way. We're very happy to see ourselves generating positive EPS, earnings per share, to make up for the lost money we had in the last two years. There's the statistics on the left there of our new relationships, our payments growth, our direct-to-consumer. It's really exciting to see this bright light ahead. That is our strategy. I love this page. I have this in our investor deck as well. This really shows everyone the core of our strategy, o kay. Again, the one in the upper left, the expansion the FX U.S. bank notes and credit unions, that's going to really be driven by our integrations into other core systems, expanding, tapping into verticals that allow us to process digitally all of the international FX. That is mostly in the U.S., although our bank is also investigating additional integration opportunities. The global expansion of wholesale notes, which can also possibly include payments, is for both businesses. Both CXI has been receiving, and is looking to get additional international customers who trade with us in Miami, and similarly, especially driven by the Fed relationship, Exchange Bank of Canada is doing the same. This building scale in corporate international payments is being led mostly by Exchange Bank of Canada, although CXI does have a roster of U.S. corporations, and that list is growing. Both in the U.S. and Canada, you'll see international payments grow with direct corporate relationships, as well as possibly with credit unions and banks. With CXI only, it's the direct to consumer. We've already covered that about our own stores, agent stores, and online store. That will be a continued driver and contributor to our growing revenue base. A very important part of our strategy is the fifth underlying item, that we are investing into improved software for our reporting, improved software for customer relationship management, as well as other process improvement initiatives that will allow us to continue to scale up in terms of volumes and revenues without that corresponding high increase in payroll. Here is where we're showing you how we're doing this, and I'm covering each of those strategic items a little in detail. The OPOP, as we call it, the One Provider One Platform, that is the highest revenue potential driver in our strategy because of those integrations with core banking and systems. It allows us to have a more automated manner for foreign checks, foreign wires, and of course, our core business of foreign cash. We already did Jack Henry. They have another software we're looking at. We've done Fiserv. There's other opportunities out there, and that allows us to get into the financial institution space, really take more market share in the financial institution space. We have targeted to the medium to small. We do have some select large banks that use us for cash, but a major, let's say a top 10 bank would not be using us for payments, at least unless it was an exotic or something like that. Our sweet spot is from the medium down range and we are doing that through our integrations and focus on select customers. Moving on to the global wholesale business. Our focus right now for Exchange Bank is mostly Europe, what we call FATF countries. Although that may diversify over time as we get more experienced with this. Also for CXI, we're looking in the islands in Latin America. We are selectively looking for banks that have high foreign exchange activity due to travelers. Those could be multinational banks or just regional banks. We continue to focus our priorities on our technology, continuing to growing our sales teams in both sides of the border, as well as developing additional central bank and correspondent banking relationships. Our direct to consumer, as we've talked here before, was the agents. I'm going to show you some pretty pictures next of our newest area that we've gone into, which is the airports. Our own company stores, as I've told you, there's our good areas that we're in. South Florida is a home base for our processing center in Miami. You might see something happen there again. We do enjoy having our own company branch locations because we do get the full margin, the fee income. Of course, that comes with the payroll and rent, which we experienced during the pandemic as being painful. We are very selective with our new branch expansion. We do want to continue to grow and dominate the online channel. As you may know, one of our largest competitor in the North American market, as well as south of here, did exit the territory, which leaves us now as the largest non-bank foreign exchange provider in the United States. With our 36 and growing state licenses, we can expand to other states without having a physical presence. We do see the value of the digital transformation that's happening globally, and we are embracing it and investing into it to ensure that we continue to have a very good revenue source from our online channel. Here's some real live pictures. The one on the left in Delta, that's me going through. That was a while ago, because that was the first location to open. We have five locations in the Delta International section, which I believe is terminal three and four, but the four is the big one. The operator opens them based on the flights going in and out. The most recent, it just opened just a week ago is terminal seven. We're now in the British Airways arrivals and departures area at JFK as well. We have similar looking stores like this in many of these other airports, like Newark and Minneapolis. These are very high- volume locations during normal times. As you know, the international travel is not yet back to pre-pandemic levels. It's certainly moving in that direction. However, when the people are arriving, they can change their money for dollars, and if they're leaving, which is what's been really active this last quarter, is they were able to sell currency, and they can get their pounds before they get on British Airways flight. The scale in international payments. This is for both businesses, although again, Exchange Bank of Canada is leading this effort because we did do an accretive acquisition there, and we are interested in others similar to that. We are focused on small to medium-sized banks. We feel as a focused FX provider, we can provide them with a good service and comfort, and we have an online system, everything. They are enjoying the fact they've got a dedicated foreign exchange banker for their international needs. We continue to see growth in our payments business, and we anticipate that will continue as our team, led by James, is going to grow as we've encouraged him to continue the expansion of our payment business throughout all of Canada. These are our priorities. We're cross-selling to corporations or to banks, other services we're doing. As I said before, we're looking at a potential acquisition or two in the future. Okay, the last one, as I said, that supports the other four, the core four pillars, is our technology. We want to continue to enhance and invest into our CXIFX system. We want to continue to grow our online FX. We are very focused on cybersecurity, especially now more than ever, because of the fears of Russia cyber potential attacks. We're very focused, and we will continue to invest into cybersecurity mitigation systems. We are monitoring this closely and ensuring that we have solid backup. Should anything happen, any downtime would be minimized. We are focused in investing into improving our processes. We still unfortunately have spreadsheets and manual processes that we are automating, and we will continue to focus on efficiency so that we can be resilient going forward should there be changes in industry or a bad situation, s tructure, t he people. I can't stress enough, as I did at the start, how important our team is and how valued we feel they are. We're very focused on ensuring we have a strong culture here. Not just a risk and compliance culture, but an overall culture focused on our relationships with our employees and that work-life balance. We are expanding to hire more people. As we grow, we do need to ensure we have the trained, experienced people to grow our business to the next level, which we're clearly going towards. As I mentioned on our call this morning, we have a good incentive structure. We've found both the employee and the corporation feel it's the best way to have a relationship, is to have a lower fixed cost and have a larger variable cost. If the employee is successful in growing more revenues for the company, they will themselves grow a nice personal book for themselves. We, the company, will benefit from that relationship. That has worked well. Very happy with how we're working with our team. We're training, t here's a lot going on. This page doesn't summarize it. It summarizes all the big ones. There's a lot we're doing behind the scenes to ensure that we improve our return on capital deployed. Here are our numbers. We haven't issued any new shares. There are some options for employees that are out there, but our shares outstanding is still only 6.4 million. I am the largest shareholder so management 28%, I'm 21%, and the rest is the other management. We do have some great funds that own our business, mostly in Canada and one or two in the U.S. as well as we have retail individual consumer investors in our company. We are thankful for the support of our investors. Here's trying to summarize the whole presentation. This is our strength, our opportunity, and where we're going. We have a strong capital position. We have CAD 59 million, almost CAD 60 million in net equity. We have our core in-house technology. Definitely, it's like the Coca-Cola secret recipe. It is a core thing to our business. We are, as I said just a minute ago, we're a leading non-bank foreign exchange provider in the United States. The EBC FX platform is focused for the Canadian marketplace. We see a lot of opportunity going ahead in the U.S. financial institution space. We see that as well, not as big in Canada, but there's a lot of opportunity with credit banks and credit unions as well. The internationals for both of our business. Clearly, there's a demand for a focused international bank like Exchange Bank of Canada, and our consumer division expansion is clearly real and focused on growing. Our opportunities, we will continue to build scale and efficiency. We are focused on diversifying our revenues, and we will continue to increase shareholder value. That's it. I would like to open it up, the floor, for an open discussion. Any questions and answers that I can hopefully answer for you. Randolph, we do have a couple of questions that have come in already from a shareholder. We can start with the first one, which is really looking back at 2019, our pre-pandemic year, as a best reference point for what normal could look like. In 2019, Q3 banknote revenue was about 50% higher than in Q1. Has anything in the business changed structurally to suggest that this kind of seasonality should be materially different going forward? Would you like to take that or shall I? I think I got it, and then you can, Alan, augment it if I missed anything. Nothing structurally has changed to make material. The only difference that I do want to point out is we are having more payment revenue that doesn't follow that. That banknote volume of 50% more is normal in normal years, which is summer is our busiest season. It's possible that that could happen again this summer. Even though we're starting to feel like we're out of the pandemic, we still are in it. We couldn't say if that's going to happen again. The fact that we have airports now that we didn't have before, it is possible that you could see such an increase in banknote revenue in the third quarter. It is possible. It's Alan, can I add to that? The international trade may not experience that same level of fluctuation because we're still new under the FBICS program with the Federal Reserve, we don't have experience that will tell us that. That's one of the things that we'll be looking to gain over the course of this year. That core consumer demand in our domestic segment, I think we would expect outside of pandemic-related influences, that we will see a sizable increase because it's driven by the typical travel patterns around summer holidays and so forth. Thank you, Alan. To that same tune, the international customers, especially the ones in the islands, their low season is the summer because it's so hot in those islands, whereas their high season would be the first quarter, which we did have some good activity from clients in the international space for banknotes. That's the beauty of accepting customers internationally. We get to diversify. Their high season is the lower season for us in the States. That is correct. Hopefully that gives you a bit of a flavor for your question. Yeah, that was a good answer. There was a second question from the same shareholder, and it is again referencing 2019 Q3 performance of a deal margin was about 20 points higher than our most recent quarter, Q1 of 2022. Is there any reason to think that this type of margin performance won't be repeated this year? I think we have to be careful about that. I think that type of margin performance can be achieved in our business as we continue to drive scale in those newer segments like the international and the payments. Also, it's going to be dependent on the shape of the recovery around the continued international travel and whether or not we experience further variants. I think it's something that is achievable, but will we experience it this year is not something that we would be comfortable committing to at this point. Is there anything that you'd like to add around that? No, we can't give guidance, and I think you answered it well, that it's hard to say, "Yeah, we'll do that this year," because we're not for sure. As I said, we are focused on getting that scalability, the efficiency, improving our overall processing efficiency, which will allow for a better efficiency ratio. Agreed. Then there was a third one from this shareholder, and this is the last one. He had asked if, and it was relating to a comment that I had made in the earnings call this morning. I'll provide some additional context around that for people who weren't on that call. Regarding a comment around our capital efficiency and what that could look like going forward. What I had said in the call was we recognize that our balance sheet lends itself favorable to leverage given our high-quality assets and the liquid nature of them. As we experience successive trends of profitability and we conduct our capital planning over the course of this year, we'll start to look at what it could look like as we're emerging from the pandemic into that new normal, what would be the appropriate capital structure and any sort of thresholds or financial targets around that which we aren't in a position today to convey. That was really, he was just looking for some more clarity around that, but we're not in a position to provide any other than recognizing it is part of our long-term plan to generate industry-leading returns on capital and ensure we have a capital-efficient structure. We have to be mindful that we're still in the pandemic. There still are several risks, and we've only recently turned the corner of profitability. Was there anything you would like to add to that, Randolph? No, agreed. Okay. I don't have any other questions. I'm not sure if there's anything standing by, but if anybody would like to submit one, now is a good opportunity to do that. Yes. If you could open up the phone lines that would be nice. I'll give it one more minute just in case, because I know some people aren't on the webcast. Okay, so we're not seeing any. Just give it maybe another 15, 20 seconds to see if anybody puts one in the queue or speaks up. While we're waiting, I'm going to go ahead and start to just again, thank you shareholders for your support of the board and I and our management team. I also want to thank our executive team and all the people in the organization because as I visited the Los Angeles processing facility, the Miami processing facility, our still strong operation up in the San Francisco Bay Area, I've done all that over the last month or so. Speaking with the front line, I realize they're the ones working very hard at generating the numbers we just all saw. From the executive team down to our part-time teller in the vault, every one of you, a huge thank you from myself and on behalf of the board of directors. We've come a long way, and I appreciate everybody's understanding through this pandemic and we're now seeing the bright lights ahead, and I'm very thankful for that. Also, there may be a customer or two on this call, so I also need to send a very big thank you to our customers because they too have been very understanding and cooperative as we work to ensure we have a more efficient processing relationship. We're very thankful for all stakeholders involved. Our regulators as well, they've been great to work with on both sides of the border. Again, thank you to all the stakeholders. I think I just saw it said there was no other questions, so I'm going to go ahead and wrap up this. Alan, there was no other questions, correct? That just came in? That's right. Okay, no other questions. I know it's not Friday yet, but I'm going to go ahead and wish everyone a nice weekend, and sunny and happy days going forward. Thank you again for all of your support. Have a good day.