Good afternoon. Welcome to the Cathay Group's 2023 Q3 analyst briefing. Introducing our speakers for today, Chief Financial Officer, Ms. Rebecca Sharpe, Chief Customer and Commercial Officer, Ms. Lavinia Lau. We will begin the presentations by our speakers, followed by a Q&A session. Slides from the presentation will be displayed alongside the live video for your convenience. A copy of the slides has also been sent to you by email. Analysts are invited to submit questions at any time during the webcast via the submission box in the bottom right of the window. Our moderator will then read these out during the Q&A session. We'd now like to invite Rebecca to begin the presentation. Thank you, and good afternoon, everyone, and thank you for joining us today. For those of you who've joined us in previous analyst briefings, we're following a similar agenda. So although it's not a financial results briefing, and therefore we won't be talking about financial information specifically, we'll start by talking through our rebuild journey and the progress we're making. Then we'll provide some color on the ten-month results through to October in terms of operating performance, and then we'll finish with some information on outlook. So if I start with the rebuild journey, we think about the rebuild journey in terms of a number of aspects, being people, fleet, and then the resultant capacity, or rather, flights that we will generate through these two elements. And then, of course, the bottom line in terms of the financial dimension. Those are the four elements we've set out on this slide. It's worth highlighting again that the entire aviation ecosystem, both here in Hong Kong and globally, continues to face resourcing and supply chain challenges as we all rebuild across the globe. In terms of our people, if I start there, there are a number of different dimensions that we need to consider. We do have sufficient pilots, cabin crew and operational employees to support our current flight schedules. We do have a lot of training going on in support of this. Our training activities this year are actually double what they were in 2022, so they're now equivalent to the levels we were operating in terms of training activity pre-pandemic. These levels are necessary as we continue to recertify people who haven't been flying through the pandemic, and to support the promotions for people within our organization, and of course, to train all the new recruits that we've taken on through the years. We estimate that our group workforce will have increased by around 4,000 people through the course of 2023. In terms of remuneration, which of course is another dimension that's important to everybody, we very much believe in this. It's part of our culture. Recognizing people for their support and commitment to the organization is very critical to us. So we're committed to being a competitive employer and to continually review the remuneration of our people to ensure they're recognized, whilst also ensuring that as a business, we're sustainable and competitive in the long term. We announced the Special Appreciation Reward earlier this year, which was up to six weeks of eligible pay for our people, and also we announced the profit-sharing scheme that we introduced to cover the period from 2023 to 2025. So both of these are different dimensions of the remuneration we've changed, changes we've made through 2023. So overall, we're confident that our training and ongoing recruitment plans will ensure we continue to have sufficient resources as we work towards fully rebuilding the organization. If I then touch a little bit on the fleet, you'll see from the numbers here, at the end of October, we had 228 aircraft in our fleet. That's just three more than we had at June when we did the interim results briefing. For those who are sharp-eyed amongst you, the number you'll notice that has changed the most is the aircraft parked overseas. So that has gone down from 25 to 13 now, and this, of course, is part of our journey as we progressively bring back these aircraft to the fleet, to operate. And then in terms of, new deliveries, lease returns, we include those numbers for your reference here, too. The financial information I'll cover a little bit later, and then on the next slide, we'll talk about, flights. So in terms of being on track with our rebuilding, what does this mean? We, as a group, comprising Cathay Pacific, which is our premium airline, and HK Express, our low-cost carrier, we're on track to achieving our 2023 target that we set towards the end of last year. In December 2023, we expect to operate approximately 70% of our pre-pandemic passenger flights, covering about 80 destinations, and on the cargo side, about 85% of capacity. Maybe if I just give that a little bit more color. In terms of satisfying post-pandemic travel demand, our priority has very much been on first and foremost, on the passengers who want to travel, or Hong Kong people who want to travel out of Hong Kong to different destinations, and for visitors coming to Hong Kong. In these two directions, if we look at those specifically, we anticipate that we'll be back to about 95% of pre-pandemic passenger numbers by the end of 2023. As we further rebuild, we will add more transit traffic via the Hong Kong hub as well. A number of you have asked me before, how we go about, how do we decide which flights, which routes to add? And so a little bit of color on this aspect, too. We try to find the right balance between a number of different perspectives. So we think about demand and profitability. We think about capturing cargo opportunities as things change in the cargo market. We balance our resource deployment. Obviously, you've got different aircraft types that have different pilots operating them, different aircraft themselves. And of course, we're looking to optimize flight patterns and think about our schedule integrity. So there are a number of different aspects, again, I share for your reference, to give you a bit of color behind how we are going about this process. The next couple of slides we've included are the financial slides. They're the same as the ones we included in the interim briefing, but I include them here for easy reference, as we've not published liquidity information since the half year. But our liquidity level at 30th of June was HKD 28.9 billion, made up of liquid funds of HKD 24.1 billion, and our undrawn facilities at that point in time of HKD 4.8 billion. As I think I've mentioned before, these were elevated levels compared to historically, what we held in the form of liquidity, and that was the prudent, measured approach that we adopted throughout the pandemic. As we've already announced, we intend to redeem 50% of the preference shares that the government invested in us in late 2020, and that's in the amount of HKD 9.75 billion. This will have an impact on the liquidity level as we actually make the payment. I've also included here fuel and interest cost information. Again, it's not different from the interim results, but I know people often ask about our fuel hedging. And so I include it here, together with the fixed and floating interest rate mix that we have. I can also confirm that we do continue to follow our fuel hedging policy. There's been no change since we last spoke about this. But just as a reminder, this has a clear pricing matrix, which governs the hedges we make. It's based on the forecast fuel consumption and the prevailing price of fuel, and we continue to execute in accordance with that. So for example, you can see at 30th of June, for the third quarter of this year, we are projecting that we had just a bit more than 30% of our fuel consumption hedged at that point in time. In terms of interest rates, we mitigate our exposure to interest rate changes by having some of it in fixed rate and some of it floating. And at the end of June, this amount of fixed was 44%. So those are just a reminder of those aspects, just 'cause I know quite a few of you like referring to them. And now I'll pass over to Lavinia to take us through the October year-to-date operating performance. Thank you, Rebecca. So in the next few, 10 minutes or so, let me walk you through the operating performance of our four different lines of business. So starting with our premium travel, Cathay Pacific. So, in year to date, we have taken delivery of six new aircraft already, and there will be one more coming in December, and that will be an A350-900. So that aircraft is very important as, because it marks the end of our, batch of, Airbus A350 orders, which started all the way from 2016. So with this latest delivery, we'll have completed that order of 48 aircraft. On top of aircraft, we continue to invest in, in all aspects of our brand and customer experience. So I think in the last update back in August, we unveiled our new business class product, Aria Suite, which will come into operation by the second quarter of next year. While waiting for that, we have not been really stopping down. We continue to invest a lot in our customer experience. For example, within the cabin, for those of you who have been flying recently, you should have noticed that we are continuing to enhance our dining proposition in flight. In business class, recently we have added Chinese soup and also, for example, clay pot rice, which have been very popular. Just yesterday, we have announced our new partnership with the Pirata Group, which will provide our premium economy passengers with very homemade Italian cuisine when they travel with us. So these are some of the dining, ongoing dining investments that we are making. In terms of lounges, I think all our frequent flyers are very pleased that by August we have already resumed all our lounges, except the one in Paris CDG, which is still closed because of airport renovation. So having all our lounges resumed is a very important part for our elite members and all our frequent travelers. And apart from investment in hard products, we also continue to invest in our brand because obviously, brand is a very important long-term investment for us. We haven't really been doing a global brand investment for a few years now, since the pandemic, but now we think really is the right time to retell the Cathay story to the world. So I'm not sure if every one of you have seen our global campaign, Feels Good To Move, which was launched in September. In case you have not done so, I would just like to spend 30 seconds to show a trimmed version for you. So our brand purpose is to move people forward in life, and I hope you can see that being captured in this particular campaign. So apart from rolling out in Hong Kong, we are now progressively rolling a similar campaign in other parts of our key network as well. So in terms of actual performance, as you can see, as you can expect, our passengers number continue to improve as we continue to add more flights back into our network. So for the month of October, Cathay Pacific, we actually operate more than 7,000 flight sectors, which is more than doubling that of what we had been operating by the end of last year. In terms of destinations, our Cathay Pacific alone will be—w e have added eight more destinations since the beginning of this year, and we'll end the year with around 66. As we continue to add more flights back to the system, I think it is pleased to know that we continue to maintain a pretty high load factor. So, I think in the summer peak, the loads were particularly high, and since then it has softened somewhat. But still, if we look at the first four months of the second quarter, we are still seeing a pretty high load factor of 86%. Compared to pre-pandemic, it is still a very pleased result. Then turning into cargo. So similar to premium travel, again, we continue to invest both in terms of our solutions for our customers and also in our brand. I think in last time, I also talked about the different special solutions that we have been investing in, whether it's in, for example, refrigerated products, fresh produce. And then, recently, we have also invested a lot in the mail solution as well, which have brought us new opportunities. And in terms of the brand, we know how that particular campaign had also received very good response from our customers, globally. And on top of that, we are really very pleased to know that, as you can see from this slide, throughout this year, we have been receiving different awards from very prestigious publications and organizations from around the world. I think this is a very good recognition of all the efforts that our cargo teams have put in to really deliver what we want to with our customers. So for cargo, in terms of capacity, as you know, we have always been operating our full freighter capacity, even during the pandemic years. But now, as our passenger network continue to rebuild, obviously, the belly capacity part of that formula also starts to kick in. And so overall, our cargo capacity has continued to rebuild this year. In terms of with that increase in our capacity, we are also carrying more tonnage compared with last year. But I do want to mention a point that, in the past couple of months, we do continue to see, ongoing supply chain challenges, whether it's actual, engineering resources or spare parts, which sometimes, lead to some ad hoc cancellations, which could not really be avoided. And recently, we have also seen some, weather challenges, whether it's volcano ash or snowstorm in Anchorage, which, unfortunately, caused us to cancel some flights. But overall, we are continuing to grow our cargo capacity. So as I mentioned, overall, the cargo demand has softened a little bit. But in terms of overall, our demand is still much higher, than pre-pandemic times. So, in terms of load factor, you can see that, just for the first four months of the second half, we still stand above 60%. But, obviously, as you know, the cargo peak has only started from October. So in November and December, we do expect the load factors to push up a bit, and that will enhance the overall second half load factor. Then moving to our third line of business, lifestyle, which is the non-air part. So, in this pillar, there are two main portions. So, the anchor program under lifestyle is still our Asia Miles reward currency. And on that part, I'm pleased to say that, overall, the Asia Miles currency continues to grow, and in the past few months, we have seen very good performance, especially from the payment pillar. Together with our different bank partners, including our own co-brand card and other conversion partners, we have run different campaigns in the past few months, and that bring in good mileage sales. And other than that, we continue to expand our partnership in the other areas as well to support the overall program proposition. We are also expanding our footprint outside Hong Kong. So for example, just recently, we have announced our partnership with Neo Financial, which is a fintech company, a startup in Canada. So this is the first time we actually partnered with a startup to introduce a co-brand card, and we expect that that will provide a very good digital experience to our members. Other than that, we are also expanding our shopping proposition within the region. So knowing how keen our members, especially those in Hong Kong, love to travel around the region, we have sought partners in popular places, for example, Japan, Korea and Bangkok, and allowing them to offer miles when our members shop with them. So overall, our proposition outside of Hong Kong is being continuously enhanced as well. So apart from mileage sales, we also continue to raise our profile in the product sales side. So if you go to our Cathay Shop, you'll see that we have introduced more of our Cathay branded merchandise. While during Mid-Autumn Festival, we have our own mooncakes as well. So we'll continue to expand that line of business as well. Also, we have also partnered with some of our travel insurance partner to offer some insurance products, which are very relevant to our partners. So for example, we have recently introduced an annual insurance coverage, which allow unlimited travel for our members during a particular insurance year. So all this, hopefully, will continue to allow us to build closer ties with our members on a day-to-day basis. So last but not least, the fourth pillar within our portfolio is HK Express, our low-cost travel carrier. So similar to Cathay Pacific, I think HK Express continues to work very hard in building their flight frequencies. So in fact, they have set up a target to reach 130% of their 2019 flight levels by the end of 2023, and they are really on track to achieving that. They also continue to expand the network. For those of you who love traveling to Japan, you notice that they have been adding back a lot of the secondary destinations in Japan already. In terms of aircraft, they have just taken delivery of their second brand-new Airbus A321neo aircraft, and there will be two more to come within the year. They have also just celebrated their 10-year anniversary, which is a very great milestone. In terms of destinations, I just mentioned, they are continuing to add. In October, they have added a new point, Manila, and also just recently, they have announced that actually they will be expanding their footprint in Chinese mainland as well, with the addition of Beijing Daxing Airport from January next year. Which is a good thing, as obviously, Chinese mainland is a very important market, and this will be the—Beijing Daxing will be the second destination there after Ningbo. So I think this gives some flavors of how we are doing in the four different lines of business. And with that, I'll pass back to Rebecca. Thank you, Lavinia. So Lavinia has covered the four lines of business. So if I'd now touch on briefly the subsidiaries and associates on this slide. As has been the case throughout the whole pandemic and the rebuild, the operational performance of our subsidiaries generally reflects the nature of the business they support. So if they're more closely aligned with the cargo story, their numbers have typically been more aligned with cargo results, and on the passenger side, they're more aligned with the passenger results. This is also the case to a large extent for our major associates, being Air China and Air China Cargo. So just a reminder that we incorporate these two companies' results three months in arrears. So the period first of October 2022 to the thirtieth of September 2023, is the period that will be incorporated in our full year results for 2023. Air China publishes quarterly information, and so you may have recently seen their publication for Q3 2023, in which they reported a profit for the third quarter. The final slide in this section is about our sustainability journey, which, for the aviation industry, is extremely challenging. We believe, I think I've mentioned before, but we believe that progress can only really be made in this area by working together with governments, industry bodies, suppliers, customers, partners, and also other airlines, and we're endeavoring to do this as part of our journey. As part of our sustainable development strategy, we continue to raise ESG-linked financing on the deliveries and purchases of our aircraft. As part of our journey and ambition to be a sustainability leader rather, it's good to be able to share that we've received a number of awards recently, including the Best Practice ESG and Best ESG Report awards from the TVB ESG Awards, and the Distinction Award of the Hong Kong Management Association Sustainability Award 2023. The other topic I would like to cover in conjunction with our sustainability journey is sustainable aviation fuel. As some of you may be aware, sustainable aviation fuel was mentioned in the recent policy address for the first time, and we very much support the Hong Kong SAR government's intention to drive the use of sustainable aviation fuel or SAF, we refer to it as, in short, in Hong Kong. Maybe I just explain very briefly why we support this. In order to achieve our goal of net zero carbon emissions by 2050, there are a number of key levers that the aviation industry will use in order to achieve this goal. They include more fuel-efficient planes, so as we purchase more new aircraft, that obviously contributes to reducing our carbon footprint. It includes operational efficiencies that can be done, and also new technologies, although these may be somewhat further away. The use of SAF will be the most important lever for Cathay in order to connect Hong Kong as our hub to the Americas, to Southwest Pacific, and to Europe, in the long-haul markets, effectively. That's why we've set an ambitious target to make use of 10% SAF on our flights by 2030, as an important step in our goal of 2050 net zero carbon emissions. But this ambitious target can't be achieved by Cathay alone. The only way we may be successful is for other key stakeholders to take action also, so including policymakers, the supply chain, as well as customers. Thus, we're very supportive of initiatives that are introduced that will promote the use of SAF and help develop the related supply chain. And we do look forward to the development of further positive policies relating to SAF in the future. Moving on to some commentary on outlook. So starting with financial results, as you'll be aware, many other airlines have reported good results, and we can see the sector as a whole, the industry as a whole, is returning to profitability. For us, you'll remember that as a Cathay Pacific group, our rebuild journey started that bit later than our industry peers. You'll recall that in the first half of this year, we reported a consolidated profit of HKD 4.3 billion. The strong performance in the first half of this year from the airline and subsidiaries has continued into the second half. The results from associates, as I noted earlier, have improved, although overall, for that 12-month period from October 1 to September 30 that we include, will still be a loss overall. However, with respect to the group consolidated picture, so taking the airline and subs, plus the associates, we expect that the second half of this year at the group consolidated level will be a profitable result that will surpass the first half group consolidated result. And therefore, overall, for 2023, we expect to deliver a profit. This will be the first profitable year for us since 2019. With respect to the financial aspect of the rebuild journey that we announced. You'll recall, we announced earlier that we intend to redeem all of the HKD 19.5 billion preference shares that the government invested in us in 2020, and that we'll try to do that by July 2024. We also announced the mechanism that we'd use in order to do this, and that that would be by way of capital reduction. So the capital reduction was approved at the extraordinary general meeting on the 11th of October, and it was completed earlier this month. So that's the first step in the process of the redemption. We, therefore, can now go ahead and buy back 50% of the preference shares as planned, in the amount of HKD 9.75 billion next month. The plan remains in place to redeem the remaining 50% by the end of July 2024, obviously subject to operating performance and the market conditions. Additionally, for your reference, we have paid a total of HKD 1.8 billion in preference share dividends this year to date. We remain very grateful, of course, to for the support of our shareholders through the pandemic and subsequently, and to the government that for their help during our most difficult point in our history. If I now look a little bit at outlook for the travel side of our business or the passenger part, demand continues to be very strong. The whole aviation ecosystem, both here and globally, continues to face constraints which is interplaying with that strong demand. As I stated at the start, as a group comprising Cathay Pacific, our premium airline, and HK Express, the low-cost carrier, we are on track to achieving our 2023 rebuild target set out late last year. In December 2023, we expect to operate 70% of our pre-pandemic passenger flights, covering about 80 destinations. In 2024, we'll continue to work on, towards fully rebuilding our flights. Now, as I've mentioned a couple of times, this is happening in the context of various constraints that are affecting the entire global aviation industry, notably the recruitment and training of customer-facing employees and supply chain challenges. We have leveraged the Hong Kong SAR government's Labour Importation Scheme for the aviation industry and undertaken targeted approaches to mitigate these issues that we're facing. We do not underestimate the magnitude of this challenge. We are turning on all the taps to recruit people to support our rebuilding journey. We began recruiting in 2022. You might have mentioned that, when I've done these presentations before, we talked about beginning to recruit people, last year. We've grown our group workforce by around 4,000, or will have done by the end of 2023. We plan to continue to grow the group workforce by more than 5,000 people next year, a further, roughly 25% from where we are now. Additionally, for your interest, we've taken back or welcomed back close to 2,000 people who were previous Cathay Group employees, who've decided to return to the company and help support our rebuild journey. Now, of course, we need to train all these people. So our training activities, I mentioned earlier, are more than double 2022 levels this year, and next year they'll double again in terms of compared to 2023. We've been rapidly ramping up training capacity as a result of meeting this demand for training. That's included things like more instructors, more training classes, including classes on the evenings and weekends. We've secured more simulator resources and are operating more simulator events. And we're doing all this whilst also ensuring that the very high standards of our training that we operate to are maintained. So in another sort of slight, different dimension, that's sort of the people and the training. In terms of the destinations, we have resumed the cargo route, that was last month, and Colombo and Chennai will be resumed early next year, and we'll be operating a seasonal service to Christchurch starting next month. Lavinia talked about the investment in lounges earlier. The most recent, recent investment in lounges is our lounge at Shekou. Now, this is our first lounge that's not at an airport, so it underlines our commitment to becoming a leading premium international carrier of choice in the Greater Bay Area, because it's a lounge at a ferry port. If I then talk a little bit about cargo. As our passenger network rebuilds, of course, this will progressively increase the capacity for cargo, such that we expect to reach 85% of pre-pandemic levels by the end of this year. However, we do anticipate the supply chain and weather challenges that Lavinia alluded to earlier, continuing to affect the capacity as we go forward. The cargo market dynamics are changeable, being more closely linked to the global economy, so we see demand changing for amongst the different sectors that we serve. For example, e-commerce remains a bright spot for us. Our approach, therefore, is to be as flexible as possible to adapt to these changes, such that we can optimize our schedules accordingly. Finally, if I summarize, try and capture in one slide everything we've talked about for the past 20 or so minutes. We are on track and committed to our rebuild journey, and we're doing more than just returning to where we were pre-pandemic. We're looking to build a better Cathay than we had before. We do acknowledge there'll be challenges along the way, but we believe that our measured and responsible approach is our route to success. As I said at the start of the presentation, and as we capture on this slide, there's a number of aspects to our rebuild, and key to that is our people and our fleet. I won't repeat what I've said a few minutes ago, but we really are pulling out all the stops to deliver the recruitment and training targets necessary to fully rebuild. Also, you can see on this slide, we've included, for easy reference, the new aircraft we have on order. I'm often asked about this. It is in line with the interim report, but we've also now announced the 32 narrow-body aircraft. So you can see that this means we have 72 new aircraft joining our fleet progressively over the next few years. In terms of financial outcomes, we'll continue to repay, or rather pay, the Preference share dividends as they fall due. We intend to buy back the 50% of the preference shares at HKD 9.75 billion next month, and the remainder by the end of 2024, subject to market conditions. We expect to generate a consolidated profit for the year as a whole, which will be the first profitable year since 2019. With that, I'll pause, and I think we can open up for questions. Thank you. Thank you, Rebecca and Lavinia, for your presentations. We'll now hand over to our moderator, General Manager, Corporate Affairs, Andy Wong, to begin the Q&A session. Thank you. We've received a number of questions from our online audience. The first one coming from DBS Bank is a two-part question. So part one, please share some color on the higher net profits expected in the second half of 2023 compared to the first half. Thank you for your question. So maybe just a little bit more color. In terms of when we think about our consolidated profit, we look at the sort of two aspects to it. So we think about the airline plus subsidiaries, and we think about the associates, which are quite significant in our numbers, and those are the two sort of dimensions. So from an airline and subsidiaries perspective, the first half, strong performance will continue into the second half. And then at the associates level, the overall loss for the year, we're anticipating to be a loss, rather, the overall result. But we've, as I noted, and you can refer to in the published documents that are available, the quarter three for Air China was a profit, so we're expecting that that will be, by default, a stronger result. But overall, yes, we're expecting a consolidated profit for the full year. Thank you. So moving on to part two, is on workforce. So what is the workforce now compared to 2019? And is the group still ramping up hiring aggressively? Thank you. The workforce numbers now, I don't know specifically off the top of my head, the absolute number, but in terms of, yes, ramping up, we are. I think, as you heard me talk about through the presentation, for the whole of 2023, we'll have added approximately 4,000 people to our workforce, and which is a step change of roughly about 20%, I think, from last year. And then we have plans to recruit or, and add rather, another 5,000, approximately, or more, slightly more than 5,000 for 2024. So yes, we've got plans to significantly continue to increase the workforce from the start we made in 2022. Thank you. Next question is from Bloomberg Intelligence. It's on the preference shares. So the question was: Should we interpret with the first 50% of the redemption of the preference shares at HKD 10 billion and liquidity at HKD 30 billion? So the company is returning to more normal pre-pandemic liquidity at about HKD 20 billion, i.e., HKD 15 billion cash and HKD 5 billion on undrawn facilities. Thank you. That's a very mathematical question. I can't obviously talk about specific numbers that have not been published. But yes, if you sort of look back through our historical numbers, you'll see that we do carry liquidity at lower levels than we did through the pandemic, and at June, the liquidity number at HKD 28.9 billion and then HKD 9.75 billion to pay in the preference shares. The intention, I think I've mentioned before, is to bring down the liquidity levels to more typical levels as the operating conditions continue. So whilst I can't specifically confirm your precise calculations, overall, I can say yes, the intention is to reduce liquidity levels and part of the repayment to the preference shares will do that. Thank you. Next question, moving on to the cargo side of the, our business. So the question was, much has been made of the fact that cargo yield are still high compared to pre-COVID levels even though they are down significantly in 2023. Does management consider in forward planning that cargo yield can stabilize at these higher levels, or will continue normalizing towards the 2019 pricing? In terms of volume, do contracted levels at the first quarter of 2024 show historical pattern of a drop because it's post-Christmas, or a different demand profile? Thank you. Thank you for the question. Obviously, cargo yields always a topic of interest for our analysts. What I can say is, yes, like you have mentioned or as I've shown in the slides, cargo yield have definitely softened from the heights of 2021 and 2022. But, I'll have to say that they are still higher than what we had got in 2019. So going forward, I wish I have a crystal ball, but I don't have one. So I guess what we can only say is that we'll focus on what we plan to do in terms of maintaining or actually pushing our yields. So as I've mentioned, in the past couple of years, we have been investing heavily in our special solutions, which obviously command higher yield than general cargo. So these include temperature sensitive, handling sensitive, time sensitive cargo solutions. So we'll continue to focus on this so as to maintain our yield going forward. But just on this particular peak, like, we have entered into the peak season, I can say that, even though we've expected our, our yield to continue to soften, actually this particular peak season, especially in the past couple of weeks, we do see a pleasant surprise in, in terms of the overall demand, especially from, from the e-commerce goods, which had been strong for a while, but, particularly strong during this peak. So, so that actually brings some, good news to, to our overall cargo demand. So, hopefully, that momentum will continue, but also, like I said, we'll continue to work on what we can control, which is to continue to focus on special solutions and continue to promote our brand. Thank you, Lavinia. Staying with you, if I may. Our next question is on passenger side of the business. It's mainly on the Chinese mainland carriers. The question is, Chinese mainland carriers' upcoming winter and spring schedule will see a high international capacity deployment, anticipated to be around 70% of the 2019 levels. The question is, have you seen forward passenger yield softening? Thank you. So Hong Kong's role is to be an international aviation hub, and we are also here to act as the gateway between Chinese mainland and the rest of the world. So yes, I think, when direct capacity between Chinese mainland and parts of the world, especially U.S. recently, have not recovered yet to full capacity, we have seen that Hong Kong has been benefiting from that. And obviously, we as the home carrier, we are also carrying a lot of these connecting traffic from Chinese mainland to other parts of the world and also vice versa, reverse back into Chinese mainland. So yes, if the capacity, direct capacity continues to build up between mainland and rest of the world, definitely there will be an impact on our yield. But we also have a lots of other traffic flows that we can tap onto, from Southeast Asia, from SAMEA to the rest of the world. So, well, whether that will have a—I think that will have an impact on our overall traffic mix. But in terms of actual impact to yield, I don't think I can specify at this particular point. But obviously, we are very closely watching all these movements in Chinese mainland, and we'll continue to adjust our own pricing and inventory policies accordingly. Thank you, Lavinia. Next question on dividend. Short question: So do you consider resuming the dividend for ordinary shares? Thank you. Thank you for the question. We're grateful to the Hong Kong SAR government and our shareholders for their support during, in particular, with the recapitalization, and during and post the pandemic. We've paid HKD 1.8 billion this year in preference share dividends, and next month, we'll buy back 50% of the preference shares in the amount of HKD 9.75 billion. So we will consider paying dividends for the ordinary shares at the appropriate time, subject to the operating environment and our financial performance. Thank you. Okay, next, I think we can lump the two questions together, is very much on fares and also customer experience. So the question was, how is the ticket price trend into the summer of 2024? Is it possible to see a decline, on a year-to-year basis? And the second question, I think, is very close to heart to many of our passengers. So question to Lavinia, are there plans to expand the complimentary Wi-Fi beyond the first class in the near future? Thank you. Okay, so let me address the first question first, which is everyone's favorite. I got that question every time I speak with the media or the analysts. So but I have to repeat that in terms of fares, the way I see it, there are two different components as to what drives the current fare levels. Firstly, is the overall supply and demand. So at this point, I think overall, even though we are ramping up very quickly, overall, we are seeing demand is larger than supply. But that will continue to normalize or balance out, as I've just mentioned, or Rebecca and I have both mentioned. We are continuing to add back more and more of our flights, so by the end of this year, it will be 70% already, and we'll continue to rebuild next year. So as there is more and more supply and demand balance, I'm sure on that part of the formula, the fares will continue to normalize a bit. But I think it's very important also to remember, there's a second element to the whole fare question, and this is actually the cost of offering these services. I think over the last couple of years, and very obviously, that we can see post-pandemic, there have been inflations really along the entire aviation supply chain. So from all of our suppliers, whether it's our catering suppliers, engineering suppliers, ground handling suppliers, and all of them are actually, of course, all of them have different challenges within their own realms, and a lot of them actually then are reflected in cost escalations to the airlines. I don't think this is just for Cathay. When I talk to my counterparts in other occasions, I think this is a global issue, global resource and supply chain issues, which is becoming a challenge for all of us. So I think, as long as these cost escalations continue to be there, I think we have to factor those in in our overall cost. But yes, too early to tell as to what the 2024 prices will be. But I just have to maybe remind everyone that it's always—w e always tend to, we'll always remain competitive in the market. At the end, we are a commercial airline, so there will always be good deals in the market. Like now, November is traditional non-peak season, so if you go buy some tickets now, I'm sure there will be very good deals around. Thank you. So the follow-up question was, Wi-Fi. Oh, sorry, I missed that part. Wi-Fi. Yes, obviously, we'll continue to look at Wi-Fi very seriously because this is something that our customers, especially our premium customers, tell us is very important, a part, even though a lot of people might have preferred that we never introduced Wi-Fi in the first place, but now that it's in there, yes, there's always this question as to whether we'll extend it, complimentary Wi-Fi, to other passengers. So right now, we do offer complimentary Wi-Fi, but only to our first class passengers. So going forward, we will definitely study the opportunity or whether or how we can actually extend our Wi-Fi proposition. But I think this needs to be really a very careful decision, because our investment in Wi-Fi is not a small amount, and we also want to ensure that if we want to extend that complimentary service, we need to make sure that the performance level of Wi-Fi is satisfactory. I think the short answer is yes, we will continue to study, but no, I don't have any further details to share right now in terms of how wide we will make our complimentary Wi-Fi become. Thank you. We have time for a couple more questions. One is on parked aircraft. As we are bringing back a lot of the parked aircrafts, are they actually going to be in the fleet, flying, operating, or are they going to be parked elsewhere outside of Hong Kong? The parked aircraft that are being brought back to Hong Kong are being brought back to be operated, so they will all be flying, and will continue to progressively reduce the number. So I think on the slides we showed, we'd still got 13 aircraft parked overseas, and that will continue to progressively reduce over the next few months. But yes, the ones we bring back are maintained, and then they fly again. Okay. Rebecca, thank you. So maybe the last question, I believe there are questions on trying to clarify on the 95% of the passengers that we carried. So the question is, how can we achieve 95% of the passengers being carried by end 2023, and now it's only 60%? I believe we need a little bit more elaboration on the numbers. Thank you. Okay, maybe I can give it a go, and Lavinia can supplement as necessary. So, when we're looking at this to provide a bit more extra color for people, when we're talking about the 95%, we're talking specifically about passengers who fly out of Hong Kong, so Hong Kong-based people, potentially, and visitors that fly into Hong Kong. So in addition to that, you have passengers that are transiting. So if we look at that group of passengers, specifically the ones that are flying out of Hong Kong and into Hong Kong, and their destination or start point is Hong Kong, then that is the group of passengers that's 95% of 2019. But on top of that, you have transit passengers. So, as I said earlier, though, the number there, the percentage there is smaller, but we're gradually adding that back as we rebuild. That's all the time we have. Thank you to our speakers and moderator, and thank you for all your questions. This concludes today's webcast. A copy of the presentation slides will be available to download on the Investor Relations page of our website later. If you have any further questions, please email them to ir@cathaypacific.com. Thank you for joining us. Have a good day.