Welcome to EQB's Investor Call and Webcast on October 3rd, 2023. At this time, you are in a listen-only mode. Later, we will conduct a Q&A session for analysts. Instructions will be provided at that time. It's now my pleasure to turn the call over to Sandie Douville, Vice President, Investor Relations and ESG Strategy for EQB. Thanks, Laura. Your host today is Chadwick Westlake, Chief Financial Officer. For those on the phone lines only, we encourage you to also log on to our webcast to see our accompanying slide deck, including Slide 2, containing EQB's caution regarding forward-looking statements. One note, for this acquisition, we refer specifically to EQB Inc or EQB, a publicly traded financial services company and the parent company of Equitable Bank. It is now my pleasure to turn the call over to Chadwick. All right. Good morning, everyone, and thanks for joining on short notice. Also, thanks and welcome to Sandie, our new Head of IR and ESG Strategy that just recently joined from Sun Life. We're fortunate to have her on the team. Today, we're very pleased to announce an agreement to acquire a 75% ownership interest in ACM Advisors Limited, one of Canada's most respected and best-run independent alternative asset managers, which has a long-established and purpose-driven expertise of investing in commercial assets in Canada with deep, broad investor relationships. ACM has a unique position in the market and leads with exceptional and differentiated customer service. They provide the opportunity for investors to access these important asset classes that EQB understands well. As acquisitions are not an everyday occurrence for EQB, and ACM is unique in what it brings to and means for our business, we wanted to take the time to share some additional perspective with you on this call. This morning, briefly before taking your questions, I'll cover three topics: one, the strategic motivation for the acquisition. Two, how we structured it, and three, some key benefits. Now, beginning with strategic rationale. Over the past couple of years, we've been vocal about our intent to expand into wealth management, a large and attractive market and a natural fit for EQB as a financial services leader, where we can serve new customers while increasing and diversifying fee-based revenue. The commercial mortgages within the ACM pooled funds are very important to the development of Canada, and giving access to investors here brings a lot of value to the market. As a matter of strategy, a critical decision was to select a market we could enter with differentiated skills and proven capabilities with shared cultural, risk, and customer service excellence focus. Our wholly-owned subsidiary, Equitable Bank, has been an expert in commercial banking for decades, making the key investment classes of ACM a strong alignment. One area that is compelling and EQB does not operate in yet is pooled commercial mortgage funds. In that segment, ACM is a well-established, trusted advisor and asset manager for institutional and accredited retail investors. In an industry where relationships matter deeply, we're impressed by the number of shared borrowing partners between EQB's wholly-owned subsidiary, Equitable Bank, and ACM, further emphasizing the alignment in our approaches to risk and growth. The strategic fit between our businesses is evident. EQB's acquisition gating criteria that reflects our ROE and value creation discipline reinforced our assessment. Consequently, we've chosen to start EQB's journey in this corner of wealth management from a position of immediate strength and scale, with a reputational advantage in a marketplace where investors prefer to do business with advisors and asset managers that they know and trust. We couldn't be more enthusiastic about it and the capabilities of this team. In profile, ACM is a recognized leader with a 30-year track record of performance excellence. It currently manages four funds, approaching CAD 5 billion in assets under management, making it one of the largest in its segment. ACM's portfolios provide access to a variety of asset classes with the highest weighting to multifamily, industrial, and retail, all of which, again, are asset classes we understand deeply. As specialists in the creation, structuring, and management of pooled Canadian commercial mortgage funds, it enjoys a strong investor base of more than 2,000 customers across Canada, 200 of whom are institutional investors. While ACM builds its business through direct industry relationships, it also enjoys deep and long-lasting partnerships with actuarial and investment consultants who recommend its pool funds. In the industry, ACM is known by investors and consultants for its culture of exceptional high-touch service, collaboration, responsiveness, transparency, and knowledge. ACM takes a conservative investment approach and has a demonstrated methodology for assessing, mitigating, and pricing risk for long-term capital preservation and value creation, while delivering great performance for investors and generating strong fee-based revenue. Based in Vancouver, it's national in scope, with four offices across Canada and approximately 40 highly skilled employees. Key to this transaction is that ACM's proven second-generation management team will remain with the business, including Chad Mallow, President and CEO, and Chad Mercer, Chief Operating Officer. Since the founders of the business retired from active involvement a decade ago, Mallow and Mercer have led ACM to new heights. Under their stewardship, the customer base has widened significantly, and assets under management have nearly doubled in just five years. Our team has gotten to know them well in this process, and we couldn't be more pleased. From our analysis, this is simply the prelude to more success. The entire ACM team has a credible long-term plan for scaling AUM, all while maintaining the performance that customers depend on, including strong and attractive cash flows. The alternative asset management industry as a whole is an attractive space for Canadian investors, drawing capital inflows not only from institutional investors but also accredited retail investors via new pool products and services. In thinking about this transaction, a few points are of particular importance. One, as I've mentioned, we have a deep understanding of ACM's pooled commercial asset classes. That makes EQB a value-added owner and partner that can help ACM grow and de-risk our entry into the space. Two, ACM serves as a platform for EQB's growth and wealth management. And three, EQB knows how to work collaboratively with entrepreneurial management teams to generate great results. A case in point is Bennington Financial, led by Troy Campbell, which has thrived since it was acquired by Equitable Bank in 2018. That brings me to the deal structure. This was all part of the deliberate future strategic and succession planning for ACM with its shareholders and founders. EQB is acquiring a 75% interest. The 25% will be retained by ACM's management team, providing a strong alignment of ongoing interests. As noted, the acquirer is EQB Inc., not Equitable Bank. This was intentional as the structure of ACM as an asset manager and the rules under Canadian securities regulations that govern it fit seamlessly under EQB. To fund this transaction, we will issue a de minimis amount of shares from EQB treasury, with the remainder funded from existing cash and facilities available. We expect the transaction to close before calendar year-end 2023, following Securities Commission regulatory approval. ACM's financial results and assets under management will be included in EQB's consolidated financial statements starting in Q1 fiscal 2024. Moving to some more points on benefits of the deal, starting most importantly with customers. ACM has an institutional investor base that touches every province and two of the territories in Canada. Through ACM's business, this represents an opportunity for EQB to serve new investors and organizations under a new business model. Importantly, given this is fund management, ACM's growth and scale is achieved in a low capital intensity way. With the transaction, we expect EQB's assets under management will increase in the range of 7% or nearly CAD 5 billion to CAD 71 billion when we base it off EQB Q2 2023 reported AUM. ACM will contribute to a meaningful increase in EQB fee-based revenue, and we expect this transaction to achieve our long-term 15%-17% relative ROE hurdle, with accretion to EQB earnings per share in the first year of our majority ownership. Since ACM manages assets on behalf of others, there is no added credit exposure or balance sheet exposure for EQB. Given that this is our first wealth management platform, one that is well-run and profitable, there is no operational integration required. There are no costs or revenues, revenue synergies necessary to make the numbers work. To close my comments, the addition of ACM makes EQB a more diversified Canadian financial services company and challenger, now with expanded capabilities and dynamic positioning to serve customers. It provides us with a differentiated and proven asset management platform and serves as the starting point for broader expansion opportunities into different asset classes and fund structures in the future. It adds new relationships, deepens relationships with borrowers that EQB knows well, and adds immediate scale, proven and committed management team, and new opportunities that we can help ACM scale within their growth plan. It is both strategically and financially beneficial to both parties and aligns with EQB's purpose to enrich people's lives. This is a straightforward transaction we approach with clarity and confidence, knowing that it has the potential to create great value for customers, shareholders, and all employees. Now, Laura, I'd be pleased to answer some analyst questions. Thank you. We will now open the lines to analyst questions. If you'd like to ask a question at this time, please press star one on your telephone keypad. If you would like to withdraw your question, please press star two. Your first question comes from the line of Meny Grauman from Scotiabank. Please go ahead. Hi, good, good morning. I wanted to ask- Good morning. First off just in terms of the accretion if there's anything more you can provide us in terms of scaling that accretion. You highlighted that it's not tied to synergies but just to give us more of a sense of the magnitude of the accretion that you're expecting from this transaction. Yeah, we'll, I'll share more of that, Meny, for sure, more of that as we provide our 2024 guidance in December, when after we report financial results. But I can say, again, since this is using existing facilities and that de minimis level of stock, we can expect this accretion given the great profitability of the business. So we'll have to, we'll have to preserve some of that, till after we close and can share more then. But it is, like I said, it is positive on, you know, 100% of that revenue being fee-based, and that's where you can see some of that top line. And then the, you know, it's not, it's not public information in terms of how they perform, but they, they have a great operating business and, and very strong EBITDA margins. From a strategic point of view, should we view this as a one-off that just fits sort of your criteria? Or is there a broader strategy that you're building here? And if you could kind of flesh that out, if that's the case, you know, what other capabilities do you see kind of filling in on top of ACM? So I'm just curious, one-off or part of a bigger strategy that you're putting together in your view? Well, I think the one way to think about it is there's definitely not another ACM out there. This is a unique, really wonderful team, capability business, that they've built over the past 30 years. And, in this country, this is a pretty rare asset, that we're really pleased and privileged to be working with. So in terms of another one of those specifically, they're—it's not right around the corner, but the ability to build off this and into different asset classes and grow this, whether it's more, you know, whether it's more tuck-ins or organic launches through ACM, I think both those are possibilities. And that's—remember, when we think of wealth or asset management, we think of multiple businesses and verticals, and this is one particularly that fits so well under EQB Inc. But there is certainly a broader, broader way to be thinking about wealth management when it comes to EQB Inc. or Equitable Bank, respectively. You know, whether that's digital, whether that's advice, I'd say you can see certainly there will be more things to come in wealth management services from, from EQB broadly, for sure. And that's an interesting angle in terms of, you know, the connectivity to you know, the retail side of the business. I'm wondering- Yeah. Is there a potential here to provide access to sort of your, your kinda core retail deposit customer? Is that part of the strategy here, or... It doesn't sound like it's kind of front and center right now, but just wondering if there's anything that you could highlight on the thinking there in terms of expanding the ACM reach to the retail side of the business. Yeah, I'd say the first priority is supporting them and continuing to run on their current strategy, which is going really well, and helping, where possible, broaden the distribution. Now, this will be completely separate from the bank, but is there a capability for them to expand into accredited retail even more? Yes. When you think of their existing assets under management, the majority is institutional, but there is already some accredited retail. And they certainly have ambition to be broadening that accredited retail, which, as you know, is pretty common practice in the alternative asset management industry as well, and providing suitable investors access to that. So the capability is there, yes, many, but it's even that is not necessary to make the deal work. But there are possibilities for sure with the capabilities there. Got it. Thanks so much. Thank you, Mike. Your next question comes from the line of Étienne Ricard from BMO. Please go ahead. Thank you, and good morning. Morning, Etienne. So, Chadwick, as you mentioned, wealth management is a new vertical for EQB. How do you think about the alignment of interests between EQB and ACM? I mean, in other words, how is the transaction structured to ensure retention of the management team? Well, the first one out of the gate. Thanks for the question, Étienne, for dialing in. The first question out of the gate is the why we invested 75%. This management team, the entire team, is very invested in growing the business for the long term. This was a unique deal structure for us to do, this 75% versus 100%. I think that 25% maintains very strong alignment of ACM to continue to grow the business and work with us to help support in that growth plan. So it's that's a very big part of it right out of the gate, Étienne. For other structures, obviously, it's its own unique subsidiary, right? This is, again, a different part of the equation than the bank. But I think we have the talent capability within EQB to help them scale pretty effectively. And some of the other terms are not information we're disclosing publicly at this time, but I think the biggest thing to think about is that 75%-25%, the support to grow. Yeah, understood. As part of the deal, you are acquiring a number of commercial lending relationships. What do you see as the potential to grow commercial originations as a result? Well, I'll again say, again, separately, EQB Inc. versus Equitable Bank, but there is some shared relationships, and I think there is upside potential in deepening and broadening borrowers and investors, is one way to think about it. Absolutely. And for what geographies and investor profiles is ACM seeing growth opportunities, given you flagged they have doubled AUM over the past five years on the fundraising side? Well, what we've disclosed, if I don't know if you had a chance to check out the investor deck as well. We have a geographic allocation of the investors and where they're based, so you can see in terms of what's based out of BC versus Ontario, Quebec, et cetera. And I'd say it's grown fairly and consistently over time. Obviously, a great concentration out west, but it is much more diversified, I think, than people realize. And the opportunity to grow it quite a bit from there. So again, it's that slide in the deck, so you can see 44% BC, but 18% Ontario, et cetera. So we've laid out some of that for you, Étienne. Then nothing else yet has been public information. But it- Yeah. Thank you very much. Yes, it does. Thank you. Your next question comes from the line of Lemar Persaud from Cormark Securities. Please go ahead. I apologize if this has been asked and answered or covered off in your opening remarks, Chadwick. I had to hop on a bit later here, but did you guys talk about the impacts on the CET1 ratio, and how should we think about that? Yeah, I'd say no impact, Lemar. This is, again, this is separate. This is not part of the bank. This is with EQB Inc., specifically, and this is all within some existing facilities, and you can assume no impact to capital overall for the EQB reporting entity. Great, great part of the deal. Okay. And, just another quick one here. I get it that there's no additional credit exposure to the bank because it's a, an asset manager, but how did you guys get comfort around AUM and the trends there, just given, you know, some of the pressure we're seeing on commercial borrowers related to the higher interest rates. I mean, I see your AUM disclosure here in the slides, and it looks positive even through the higher rate cycle. But yeah, just tell me any thoughts you have on that. Yeah. Well, the first one, so again, while it's separate from Equitable Bank, it's with EQB. We completed a very thorough due diligence. We did actually study a wide base of credit files. We reviewed the underwriting, we reviewed the risk management framework. We did go in deep. This has been part of a multi-month due diligence with great transparency. So that's with our expertise in these spaces, and that's why there's complementary asset classes. We're able to get a lot of comfort, to be honest, in the structure of it and the fund flows. And we have a line of sight perspective to pipeline, to how the business grows and that overall growth plan, which you can see has been quite consistent. It's very diversified in a growing investor base. So that, that helps, Lemar, that we... This is part of why we, we liked this entry into alternative asset management with these types of asset classes, right? If we, if there's many, many things we know well, this is definitely, one of them. So that gives us a lot of conviction. Gotcha. And, just final one for me. Anytime I think about purchases of asset management companies, I think about, you know, key people, you're buying people. Obviously, the 75%, 25%, you're maintaining alignment here, but do you have contracts in place to ensure that, you know, the key employees, so the CEO and CO and so on and so forth, they stick around for, you know, five years plus? We do. We do. Okay. Okay, great. That's it for me. Thanks again. Thanks, Lemar. Your next question comes from the line of Geoff Kwan from RBC Capital Markets. Please go ahead. Hi, I know, Morning. Hey, Geoff. I know you're not gonna or able to talk too much on the numbers, but I'm just wondering, with the-- You mentioned, I think they run four funds. Are the economics of those funds identical? Or just in general, like, are they kind of like more like private equity funds, where you have fees you'll earn on the commitment period, and then it switches over to percentage of invested capital? Is there a carried interest component? Is it fees earned when the capital is committed, or is it only when deployed, that sort of thing? No, it's like open just. It's open, just like normal asset management. So there's the fees. The fee ranges do vary by each fund. The returns are varied quite a bit. In some disclosures, you can find it publicly, but this, I'd say this is a pretty typical structure for asset management fees across them. And the duration, the risk profile is slightly different across each of the funds, including the largest one, in terms of how they look at benchmark returns and how they target specific returns above those benchmarks. And you can see then the different four funds, but it all consolidated, so it adds up in a pretty consistent manner. I don't think there's anything abnormal or inconsistent with the way their asset managers work that you would be surprised to find. Okay. And you talked about the EPS and ROE accretion. Yeah. I would say kind of sounds like incremental for year one. Yeah. Beyond year one, do you expect that level of accretion to increase? Yes. Yeah, there's a great growth plan here. Absolutely. Okay. And then just the last question. I know, you know, you've talked about the way you structured it is being owned outside of the bank there, and I think you've talked a little bit about it. I'm just trying to understand if there's some of these incremental other opportunities, to your point, of, you know, with their borrower base, if that's potentially something that you could leverage in terms of helping to grow your commercial mortgage origination business, and also, too, whether or not the loans that you originate might be something that could be used in some of their funds. In general, I'd say, yes to both. Possibilities are there, but again, these are separate, distinct entities between EQB Inc. and Equitable Bank, but the opportunities are there and relationships. Yes, yes, absolutely, when you're thinking about it. These are not, upside opportunities, like I said, that were required to make the deal work, but that it does represent upside potential. Okay, great. Thank you. Thanks, Geoff. Your next question comes from the line of Graham Ryding from TD Securities. Please go ahead. Hi, good morning. Hey, Graham. The first one, the first one would just be, you know, you've got 380,000 customers, I think, in EQ Bank, your sort of retail digital bank. Is there any opportunity here for you to sort of create, you know, leverage that sort of distribution channel with this asset manager? You know, is it early days? Is that something you would have to build over time? Or maybe you can talk to that, 'cause, you know, on the one hand, it looks like you've got a distribution resource that you could potentially leverage, but then the liquidity needs of, you know, institutional or accredited retail investors is quite different than, you know, non-accredited retail investors. So maybe just some thoughts there. Yeah, it said, it and there was a similar question earlier. I think that there is... Is there future potential there? Yes. Are some of their investors already accredited retail? Yes. Is the ambition and capability to expand even more there? Yes. Was it necessary to make the deal work? No. But could that could you see something like that or some kind of manufactured product offering in introducing access in this alternative asset classes to accredited retail that might come in through other EQB channels? Is that possible? Yes. So I'd say it's all there in the future potential and then the growth plans, Geoff, I think, or Graham, I think you were thinking about it in the right ways. Okay. Just looking at that growth in the AUM, looking at 2023 in particular, but maybe even 2022, how much of that growth is from fundraising versus, market performance? Most of it. Most of it is, yeah. We. Again, it's not public information, but you could say it's mostly from new investment. Okay. And then my last question, could you give us some sort of context or color around just the performance track record here? Like, how does ACM sort of rank, sort of with quartile rankings perhaps, and maybe just how does that AUM mix look across multi-industrial and retail? Yeah, when you look at the performance of the funds, again, this is one particular segment of the alternative asset management industry. But from what we've seen, this is on par to ahead performance of other comparables. And you could see some others out there, like, at TD Greystone and some others as well. We've had some various benchmarks, but this we would view as a top performer in the quartile. The AUM, is it, is it fairly balanced across multi-industrial retail, or is there one asset class that's more biased or more heavily weighted? The highest weighting right now that I could disclose, again, it's not broadly public, but the highest weighting right now is particularly in the largest fund, is multi-family. So again, a segment that we know really well and believe in, that's very purpose-driven, right? That's very important to the country. So we understand that very well, and that's become a larger concentration. And then followed as well by industrial, which we also believe in and understand very well, and it's very important to the country. So we like that rank order of the asset classes. Okay, that's it for me. Thank you. Thanks, Graham. Your next question comes from the line of Jaeme Gloyn from National Bank. Please go ahead. Good morning. Jaeme, how are you? Very well, thank you. Just, first question is just on the potential equity issuance. I guess maybe walk me through the I guess the decision flowchart as to, you know, how you're issuing equity. Is it just, I guess, part of the transaction to the founders or what's the decision-making process around issuing equity? Yeah, it's a very—like I said—it's a de minimis rounding error amount, to be honest. This was really for a particular negotiating preference with the founders and existing shareholders. So it's a small amount that was related to their preferences. It's just private placement from Treasury, so there's no big process here. It's a very small amount. Yeah. Understood. Looking at the four funds that ACM has, are you able to give us a sense as to, like, where the growth is coming from across the four funds? And maybe we look at, you know, some of these, the smaller funds, like, are you seeing more growth in certain duration of asset classes or demand from investors? Like, where's that growth coming from across these different funds? The main focus point really would be the CMF Fund. That would be the representing the majority of the assets, and that's where a lot of the growth is coming from. It doesn't mean there won't be more funds to come as well, but that's where you'd see a lot of the marketing and development effort for that. And that's for existing and new investors, and then existing investors contributing even more, but also new coming into that one. And then we've seen some appetite for longer duration as well lately. Okay. And, lastly, you mentioned Greystone. I mean, they're obviously a larger player, but. Yeah. Who would be some of the other competitors for ACM in terms of customer acquisition or I guess the asset acquisition, fund flows, things like that, who would they be bumping up against typically? Yeah, there'd be some in the segment, Jaeme. So there's the various ones. I guess I'm okay to mention. You could think about RBC PH&N being in there, Addenda. There's also Northleaf under IGM. There's a few in the space. And obviously, the focal point on alternative asset management broadly is expanding, but in this, in these particular areas, those will be a few of the names as well. Okay, great. Thank you very much. Thanks, Jaeme. Your next question comes from the line of Stephen Boland from Raymond James. Please go ahead. Thanks. Hey, guys, can you hear me? Yep. Morning. Okay, two questions, I guess. Have you bumped up against ACM in terms of originations? Like, I mean, obviously, they're doing multi-res, they're doing a number of commercial classes. And the second question is: How did this deal come together? Was it an auction? Did you approach them? Somebody approach you? Just trying to get a little context there as well. Thanks. So yeah, no, great, great question. Yes, we do know them well. We have seen them before, highly, deeply respected in the industry. So certainly some shared relationships. There's some overlap, but it's different approaches, different businesses. We don't view this as a competitive issue. It's actually net beneficial from our perspective, but very, very highly respected and well, well-known to us. And then the second question on the process. This was a very structured process, again, as part of longer-term succession planning, and the strategic kind of step forward for the original founders and the existing shareholders. So this has been a structured process over the past many months. It was a extremely competitive process. We're very pleased to have the bidder coming out on top of this, particularly with our cultural alignment, like I said, and focus on customer service and our belief in our ability to help them achieve their growth potential. So we're very pleased about how the process concluded. Okay, thanks, Chad. And the second question, I guess, is, you know, we're trying to find some stuff on CR. You mentioned some stuff in the public domain. I'm just wondering if what is the actual management fee they charge for their funds? Can you disclose that or not? No, there's not as much out there now. You can obviously, you can go to their website and you find some information. It's fairly dated. This is obviously available more for, there is prospectus information. There's information specifically for their investors, but the ranges are pretty much on par what you'd expect. You know, I can give you, like, just broader ranges anywhere from kinda, like, you can see imagine things in kinda like, you know, kind of 66-120 basis points type ranges. They vary across the board, but they're it is in prospectus information. Okay. And then the last one for me is certainly the, you know, you mentioned in the slide deck, you're gaining, you know, 2,000 customers. Is the intention at some point to, you know, if they've given a mortgage to somebody, that you try and cross-sell into some other products? You know what I mean? Like, where's the synergy there in terms of... And I know you said you don't really need it to make it accretive, but where would the longer-term synergy be here between your organizations? Yeah, that hasn't been the big priority. So even though this, I wouldn't focus on that yet, you know. Is there future potential for a lot of things? Yes. Maybe there's a potential for, you know, some referrals down the road. But again, we're not looking at this as a cross-sell. Again, EQB Inc. totally separate from Equitable Bank. You know, those business lines are not crossing over. But could the capabilities and distribution partnership of ACM expand dramatically over time? Sure. And we'll certainly help them explore their potential, but it certainly, the deal does not rely on that in any way. Okay, sorry, just one more. And just in terms of it sitting at the holding company, you know, is that- Yeah. Gonna require that, you know, you've got a dividend less, less up to the parent company in terms of, of capital, and that obviously would strengthen your CET1 ratio, which is healthy already. But, does that change the funding dynamic for you with the bank owned under the holding company and now this other sub under the, the holding company? I think the only thing I'd say, there's certainly some operational effectiveness, but in general, you know, I would view this still as capital neutral, but there is some operational effectiveness with it there, yes. It's really, like I said, it has to do really with how this is regulated. Again, different regulation with the CSA side, and it just makes a lot more sense under EQB Inc., and that's the driving force. Okay. Thanks, Chad. I appreciate that. Great. For sure. Have a great day. Thank you. We do have a follow-up question coming from the line of Jaeme Gloyn from National Bank. Please go ahead. Yeah, thanks. You did mention that most of the growth over the last year has been coming from fundraising and so new money in the door. I was just curious if you're able to provide a little bit more color as to the trend in that fundraising. Is it consistent with prior years, or are you seeing a slowdown, or are they experiencing a slowdown? And then is there anything you can mention around redemptions and pace of redemptions that ACM is seeing? Yeah, I'd say it's a great question, Jaeme. I'd say we're quite consistent with last year on new fundraising. It's a great pipeline. The name continues to grow, and we haven't seen any change in redemptions versus the historical patterns. So I'd say it shows the resilience and the effectiveness of the business, and they're focused on service and returns. So I'd say it's all consistent with no slowdown from that perspective. Okay. Thank you very much. Thanks, Jaeme. Mr. Westlake, there are no further questions. Back to you for closing comments. All right. Thank you, Laura. Andrew Moor and I look forward to speaking with you after we report our Q4 and full year 2023 financial results on December 7. As a reminder, those results are for the 10-month period ending October 31st, as we convert our fiscal year to be directly comparable to peers, and our new year will now start on November 1st. Also, per our press release yesterday, I'll take the opportunity to again welcome our new Chief Risk Officer, Marlene Lenarduzzi, who officially joins Equitable Bank on October 10th and brings incredible leadership and deep banking experience from her long career at Bank of Montreal. Thank you for joining us, and have a great day. Thank you, sir. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.