Ladies and gentlemen, welcome to BOC Aviation Limited's 2025 final results conference call. I will now hand the session to Mr. Timothy Ross to begin today's presentation. Mr. Ross, you may begin. Thank you, Ray and welcome everybody to BOC Aviation's earnings call to discuss our final results for the year end of 31 December 2025. With me today are our Chief Executive Officer and Managing Director, Steven Townend, our Chief Operating Officer, Tom Chandler and our Chief Financial Officer, Wen Lan. Please note that some of the information you'll hear during our discussion today may consist of forward-looking statements, which are subject to risks and uncertainties that may cause actual results to differ materially from statements made today. You should not place undue reliance on any forward-looking statements and you should review our results announcements for full details. Please also note that all currency references in today's call are in U.S. dollars. A copy of our earnings announcement is available both via the Hong Kong Stock Exchange and in the investor section of our website at bocaviation.com. A conference call presentation is also available in the investor section of our website. This call is being recorded and will be available for replay from our website within the next 24 hours, as is a transcript of today's discussion. I'll now turn over the call to Steven Townend for his comments. Thanks, Tim and thank you to everyone for joining us for our 2025 full year results earnings call. We're pleased to report net profit after tax of $787 million for the year ended 31 December 2025, equivalent to earnings per share of $1.13. This compared with net profit after tax of $924 million in 2024. However, adjusting for non-recurring income, our underlying profit of $746 million rose 18% and is the highest recorded in our history. As a reminder, our underlying earnings have grown 46% over the past five years, with headline earnings ahead by 54% over the same timeframe. In recognition of the strength of both our balance sheet and our cash flow, our board has recommended a final dividend of $0.3061 per share, payable to shareholders of record on tenth of June 2026. This represents an enhanced dividend policy of paying up to 40% of reported net profit after tax and enables us to increase shareholder returns while maintaining both ample cash flow and balance sheet capacity to support our long-term growth targets. Our total revenues and other income rose 2% to $2.6 billion in 2025. As at 31 December, we had total assets at $26.3 billion and net assets per share of $9.86. For the first time in five years, we achieved our investment growth targets. On this call last year, we guided CapEx expectations for 2025 to around $4 billion and reiterated this in August. Our actual 2025 CapEx was $4.2 billion as we funded aircraft orders, deliveries and pre-delivery payments as the supply of new aircraft from the main manufacturers generally improved. Boeing and Airbus delivered close to 1,400 aircraft, up 25% on the prior year as the value of global aircraft deliveries increased 28% to $100 billion. The first time this level has been achieved since 2018. For the first two months of 2026, the number of deliveries from these manufacturers has tracked last year and we anticipate a total of 16% growth in delivered aircraft value in 2026. Looking further out, based on manufacturer delivery timetables and prevailing market prices, we expect the value of new aircraft deliveries and hence our addressable market, to rise by close to 80% between 2025 and 2030, which supports our long-term growth targets. We've continued to add to our delivery pipeline. Following our largest ever order placed in March last year, ending the year with purchase commitments for an additional 160 aircraft scheduled for delivery between 2025 and 2032 and a total order book of 337 aircraft. The $19 billion in committed capital expenditure that this pipeline represents provides a clear path towards achieving our targeted $40 billion of assets by 2030. Global passenger traffic continues to rise as 2026 opened, up almost 4% in January, albeit tempered by the changed timing for the Lunar New Year holiday that restrained growth in Asian markets. Recent developments in the Middle East could see passenger growth challenged in 2026, with IATA's 4.9% estimate for the year potentially under pressure as closure of airspace and airports in the region affects both passenger and freight volumes. We're also monitoring the impact that higher jet fuel prices are having on our airline customers' cash flows. IATA's $41 billion global profit forecast for 2026 is based on an average price per barrel for jet fuel of $88. Airlines are reporting limited effects so far, either due to hedging already in place or an ability to push through increased fares. Last year, jet fuel expense represented about 26% of the IATA members' cost base, ranking just below labor. We've been actively ensuring our access to significant liquidity since the beginning of the year. We extended our $3.5 billion revolving credit facility with our major shareholder, Bank of China, out to February 2031. We raised an additional $2.5 billion in the loan and bond markets, leaving us with over $8 billion in committed liquidity at present. This certain access to funding, collections that continue to exceed 100% and our sustained strong cash flow generation, will position us well to capitalize on any of our airline customers' additional financing requirements in the coming months. Meanwhile, we are focused on delivering the 42 aircraft that we currently have scheduled for this year, as well as adding to this number through targeted purchase and leaseback financings. I'll now hand over the call to Tom to speak to our operations and business development and then Wen Lan will present a more detailed review of our P&L and balance sheet. Thank you, Steven. Our operational and business development report is as follows: We delivered 51 aircraft and two engines to 14 different airline customers during 2025, of which 44 aircraft were operating lease and seven were finance lease. We also signed lease commitments for 74 aircraft. As at the end of December, our total portfolio stood at 815 aircraft and engines comprising 451 owned aircraft, 11 owned engines, 16 managed aircraft and an order book of 337 aircraft, representing a record committed capital expenditure of over $19 billion. The additions to our portfolio this year continue to all be fuel efficient, latest technology aircraft, including 20 A320neo family, 23 737-8, 7 787-9 aircraft and our first A350-1000. Manufacturer delivery delays have largely stabilized and as a result, aircraft delivered broadly as expected. In fact, we've seen some deliveries brought forward from the delivery months previously advised during 2025. Our industry remains capacity constrained and still faces the effects of lower than planned aircraft deliveries for the last five years, creating a cumulative effect for the shortage of supply versus demand that isn't expected to be resolved until the end of the decade. Airbus and Boeing are both planning to increase production over the next few years, which will increase pressure on the supply chain and we will be monitoring carefully the signs of any further delays. For 2025, we only transitioned three used aircraft to airline customers. The low number of transitions is due to the high demand for lease extensions, including 21 leases that were previously scheduled to expire during this period, as well as an absence of repossessions. We continued through 2025, as we ended 2024, with 100% of our aircraft and engines on lease. The only major lessor to achieve this metric. The weighted average age of our owned portfolio was five years at the end of December and continues to be one of the youngest in the aircraft leasing industry. We have among the highest proportion of latest technology, most fuel efficient aircraft in our fleet of any operating lessor, 84% at year-end. We also continue to have one of the industry's longest weighted average remaining lease terms for our owned portfolio at 7.8 years. The aggregate appraised value of our operating leased fleet, which excludes the value of committed lease revenue, also continues to rise and represented an 18% premium of $3.4 billion to that fleet's net book value. We sold 35 aircraft from the owned fleet in 2025, an increase from 2024's 29 aircraft sales, as we capitalized on the prevailing strong demand for used aircraft. These aircraft had an average age of 9.3 years, similar on average to those sold during the prior year and more than four years older than the average fleet age. Despite focusing on lower yielding leases and older aircraft with shorter remaining lease terms, the level of demand for used aircraft drove gain on sale margins higher, especially in the second half, ending at 15% for the year, comfortably ahead of our long-term 9% average. In second half 2025, we maintained the gains in our yield metrics that we reported in the first half. Lease rate factor rose 30 basis points compared to 2024 to 10.3%, which was in line with the first half 2025. This despite the delivery of more larger aircraft at the end of the year. The back-loaded nature of these deliveries grew the net book value of the fleet but only contributed a limited amount of income for the period, with the full year effect being seen in 2026. Net lease yield likewise rose 30 basis points to 7.5% as our funding costs remained stable. We have continued to increase the efficiency of our operations with the ongoing digitalization of our business through the implementation of state-of-the-art IT systems, combined with training our staff to adapt to more digital ways of working. This digitalization activity will continue through 2026 as we add an increased focus on data analytics to help inform our asset management activities and decision-making. This will help us to enhance both our efficiency and agility as we continue to grow our business towards our targeted $40 billion of assets by 2030. Turning to ESG, we have a highly diverse employee base. Our 211 colleagues at the end of 2025 featured 20 nationalities. At the end of last year, half of our employees were women, with 29% in management positions, a 9 percentage point increase from 2024. We have two board members that are female, exceeding the Hong Kong Stock Exchange's current minimum gender requirement. We continue to focus on strong governance and compliance with further enhancements in both areas. With respect to sustainability, we've engaged with industry bodies to promote the use of sustainable aviation fuel as part of the aviation industry's transition towards net zero, as well as procuring SAF certificates for the first time as part of our decarbonization program. We lifted our engagement with our local communities in 2025, with over 180 employees or close to 90% of our total workforce, participating in a total of 16 CSR events. Globally, we've taken part in and originated events that impact positively across a wide spectrum of age and need. Examples include support of a Parkinson's disease foundation in New York, assisting elderly with grocery shopping in Singapore and helping at a special needs school in Dublin. That concludes the overview of our operations and business development for the year ended December 2025. I'll now turn it to Wen Lan for a deeper review of our financial performance. Thank you, Tom. As Steven mentioned earlier, we recorded a net profit after tax of $787 million for 2025, equivalent to earnings of $1.30 per share. Total revenue rose 2% to $2.6 billion compared with 2024, increasing for all core business activities, with significant growth in contributions from our financing activities and from gains on aircraft sales. This reflects the scheduled growth in near-term aircraft deliveries and higher underlying aircraft valuations respectively. Operating lease rental income increased to $1.9 billion, reflecting an improvement in lease rate factor to 10.3%. Finance lease revenue again contributed strongly, up 25% to $271 million, as finance lease receivables amounted to over $4.1 billion and transactions completed earlier in the year lifted revenues. Our gains on aircraft sales rose by 81% to $230 million compared with 2024, as we sold 35 aircraft compared with 29 the prior year and as robust demand for used aircraft lifted our sales margin. Other interest and fee income was ahead by 77% to $136 million in 2025, driven primarily by our focus on assisting our customers with pre-delivery payment financing. Other income of $110 million fell 63% compared with 2024, mainly due to the substantially lower Russia-related insurance settlement received. Looking at our cost base, our two largest expenses continue to account for 90% of the total. Depreciation, our largest expense, was steady at $782 million as we continued to sell operating leased aircraft from the owned fleet and their replacements delivered towards the end of the period. Finance expenses, our second-largest item, rose 4% to $738 million, while our cost of debt was unchanged compared with 2024 at 4.5% per annum. Our gross debt increased by around 3% to $17.2 billion. Use of internally generated cash flow and lower interest rates for our floating rate loans accounted for the stable funding costs. There was no impairment of aircraft values in 2025, with all aircraft on lease and underlying market values generally firming. Elsewhere, our effective tax rate rose to 15.9% in 2025, reflecting the imposition of minimum corporate tax rules in most of the jurisdictions where we're based. This was up from last year's 11.1%, where the rate benefited from the write-back of internal losses. Moving to the balance sheet, we ended 2025 with total assets of $26.3 billion, funded by total debt of $17.2 billion. Total equity rose $478 million to $6.8 billion as at 31 December. This was mainly attributable to retained profit for the period, which was partially offset by $288 million in dividend payments. We raised $4.3 billion in new financing, comprising $1 billion from the debt capital markets, with a further $3.3 billion from facilities with our banking group of over 60 banks. This, combined with record operating cash flow net of interest of $2.2 billion, saw us fund our $4.2 billion of CapEx and repay $3.1 billion in maturing bonds and loans. Our total debt was little changed from the end of last year and our gross debt to EBITDA ratio was also stable at 2.5 times as retained earnings continued to rise. Rating agency S&P leaves our outlook to stable and both S&P and Fitch reconfirmed our A- credit rating during 2025. In 2026, $1.9 billion in notes and loans are scheduled to mature and we have already paid $900 million of those. With our robust cash flow and committed liquidity, we are confident that we can fund our target CapEx and any remaining debt obligations. I'll now hand the call back to Steven for his closing remarks. Thanks, Lan. We're extremely pleased with our achievements in 2025, where we generated growth across all of our business areas and in our asset base to produce the best underlying earnings in our history. This would not have been possible without the efforts of our staff and our board, as well as the support from our investors and business partners to whom we extend our thanks. Not only have earnings risen but so too has the value of our aircraft assets. The gap between the market value of our aircraft and their book values increased to $3.4 billion, which represents a premium of almost HKD 38 per share. Today, demand for new aircraft remains strong, both for traffic growth as well as the replacement requirement for a global fleet that has aged rapidly in recent years. Manufacturers continue to increase production levels, which drives a significant lift in airline funding needs. With an industry-leading order book and today around $8 billion in available liquidity, we are ideally positioned to capitalize on both of these trends. With that, I conclude our review of the industry, our company's financials and our outlook and I'll pass the call back to Tim. Thanks, Steve. This wraps up management's formal commentary. We now have time for Q&A and out of fairness to others, request that each participant restricts themselves to one question and a follow-up, unless time permits for additional queries. I'll hand the call back now to the operator to start the Q&A session. Thank you. We're now beginning a question and answer session. In the interest of time, participants are limited to one question each. If you have any follow-up question, please join the queue again. Participants with a question to pose, please press star one on your telephone keypad and you will be placed in the queue. To cancel the queue, please press star two. Once again, star one on your telephone keypad now. Our first question, Ms. Perry Yeung from UBS, please go ahead. Thank you very much for the opportunities. I just have one question related to the situation in Middle East. Now we've seen the jet fuel price been going so high and that obviously will weigh on the profitability of the airlines. I'm just curious from management perspective, if you have any colors in terms of the credit risk that we are and where we are in terms of the airline customers that we are having. Also the exposure in terms of the Middle East, both from the delivery perspective and also the existing lease. Thank you. Hi, Perry. It's Steven. I guess firstly to answer your question in terms of our exposure to the region. We've got 25 aircraft with six different airlines. It's about 8.7% of our fleet in the region, all with strong airlines, who are all currently up to date on their lease payments. Importantly, all of our aircraft are still fully insured. In terms of fuel price, clearly it has gone up. Airlines broadly haven't seen the effect of that yet because, in most parts of the world, the price that they pay is based on the average of the previous month. It would only be if it stays at current levels for the rest of this month that it'll really start to hit their cash flows from April onwards. We haven't seen the full effect of this yet. Clearly, the effect will be determined by how long this spike lasts. At the moment, we don't know as much as I don't think, you know either. You know, we have to work with our customers. Fortunately, we're heading into this with airlines on the back of a lot of liquidity from their side. You know, we will work with them to support them. You know, it will create opportunity as well. As you've seen, when you've been with us through other volatile periods. Our ability to deploy some of that liquidity quickly to support our customers has been ways that we've grown our balance sheet substantially during these volatile periods. What's always important as you go through this is that you have your airlines leased to a diverse group of airlines with strong credits. I think we have one of the better ones in the industry. Thank you. Our next question, Mr. Douglas Runte from Deutsche Bank. Please go ahead. Yes, thanks very much and thanks for the early morning wake-up call. Still dark here in New York. A question on engine costs, maybe a broad one. There was a lot of discussion at ISTAT Americas is about the relentless rise in both overhaul costs, LLPs and the length of time required to do overhauls. A survey, a large number of people said that rising maintenance costs for engines were a material risk for lessors. I'm wondering, how do you look at, you know, high single-digit, low- to double-digit rises or increases in engine maintenance costs? Is it something that we should expect for the foreseeable future? Is it a risk, an opportunity? How are you preparing for it? Yeah. I'll answer that one, Doug. It's Tom Chandler. There are obviously two key aspects to the overhaul costs. One is the actual cost of the shop visit and the other is the time between shop visits and the utilization the airline can get from the engine. One of the things that we've seen in the early years of both the new aircraft programs is the durability of the engines wasn't what was expected and therefore, the time between the shop visits has been lower, which has been driving up the effective cost per hour. Now, both CFM and Pratt & Whitney are putting more durable builds into the engines now that we'll be delivering over the next 12, 24 months, coming through into the system. That helps address the durability point. There obviously have been some supply chain pressures coming out of the COVID period, which has seen input costs increase for both manufacturers and that's been certainly one of the factors that's been leading to those price increases. As the supply chain stabilizes and as the effects of that moderate, we would also expect to see over time those price increases on LLPs and on the overall moderate as well. Great. I guess I'm thinking financially, where you have EOL payers, should I be assuming that EOL, effectively an unsecured exposure to an airline counterparty, is effectively gonna grow by 8%-10% a year? It seems to be an increasingly large lump versus what we as an industry might have assumed five or 10 years ago with reliable CFM56s. Hey, Doug, it's Steven. I think when you look at this, yes, those payments will get bigger. You know, that is just the nature of the period of higher inflation that we've had and of some of those cost increases that Tom just talked about. For airlines, it's an increased incentive for them to extend leases rather than return aircraft and that's what we've already been seeing in the numbers that Tom talked about earlier. It also means that as an industry for leasing companies, we need to be more careful as to which airlines you give that end of lease payment option to versus collecting cash maintenance reserves along the way, because we're going to be looking at these bigger numbers in future. Great. Thanks very much. I'll respect the two-question rule and thanks for the robust disclosure on the call. Thank you. Our next question, Mr. Jason Sum from DBS Bank. Please go ahead. Hi. Good evening, everyone. Can you hear me? Yes, we can hear you, Jason. Hi. Yeah. Thank you for the presentation and congratulations on your results. Just have one or two questions. Just have a follow-up question on the Middle East. Wanted to get a sense if, you know, right now the situation still seems to be stable from your end but wanted to see if you can provide any color if you expect airlines affected by the Middle East conflict to, you know, defer or potentially postpone scheduled aircraft deliveries given that, you know, your financials could be hit by the crisis. If so, what would your plans be with regards to redeploying those assets or those aircraft? Yeah. Okay. Thanks, Jason. I think the straightforward answer to that is that it's still way too early to be able to call that. You know, we have not yet had any delivery issues. We've delivered aircraft on schedule. We've not had any notice from any airlines that they wish to defer deliveries. But again, as I said in my response to one of the earlier questions, that will clearly depend on how long this runs for. At this stage, I don't think any of us have an answer to that. Okay. Yep. Sure. Understood. Just one quick follow-up question on the kind of M&A activity that we've been seeing in the leasing sector. Yeah, we've definitely been seeing an uptick in M&A activity across the sector recently. Was hoping you could provide some color on how you view the prospect, you know, of greater concentration among the largest lessors and what do you think that could mean in terms of competition and returns across the industry? I think as we said before, we see this as a continued pattern of consolidation across the industry. I think, you know, as a global industry, we're still actually very fragmented and so it's a logical part of the process as the industry matures that we see further consolidation. You know, we've just seen that Dubai Aerospace Enterprise is going to acquire the leasing business of Macquarie Group. I think there will be the others as we move forward, you know. We will look at that as we always have done and if we see the right opportunities, then we will consider it carefully. As you know, to date, our growth has been entirely organic and we've managed to achieve the growth and the targets that we've set ourselves. Yeah. Okay, great. Appreciate all the color. Thank you so much. Thank you. Our next question, Mr. Parash Jain from HSBC, please go ahead. Thank you. Hi, Steve. I have one question in two parts. Thank you for raising the dividend payout. Can you help us, like, how to think about the trajectory given your gross debt to equity around 2.5 times, with respect to your CapEx target of 2026? Like what we have seen during COVID, do you think that who knows how long the crisis will last but it will create a purchase and leaseback opportunity. In that case, how high can you go at your current level? Otherwise, going forward, how shall we think about what could be the potential dividend payout if you deliver as per your plan? Thank you. Okay. Thanks, Parash. I'll try and unpack all of that. We're increasing our dividend and we're moving our policy up from one that was previously up to 35% of net profit after tax to one that's now up to 40% of net profit after tax. Clearly, dividend policy is not just driven by the short term. Dividend policy is something that you do for the longer term. First of all, fundamentally, we are very comfortable that that's a level that we're happy with and able to achieve that growth target that we've talked about in the longer term of going to $40 billion by the end of 2030. What we also, I think, have built into this is the flexibility that if opportunities arise from what we're seeing right now, you know, we can accelerate that growth and we can do more of it at the nearer end. We're comfortable that this increase in dividend, you know, doesn't restrict us from doing that in any fashion. You know, if you look at, as you say, our current debt to equity level of 2.5 times, you know, we very comfortably in the past run at 3.5 times, so that's a full turn of equity, you know, before we would need to concern ourselves about that within a very short period of time. We have plenty of firepower, both in the balance sheet capacity and in our liquidity to take advantage of any near-term opportunities. I think the question is more on the other side, that do you think that 2.5 is more than comfortable? Do you want to lever it up? As I think you and I have discussed many times before, Parash. I would be perfectly comfortable running at a higher level of debt to equity than we are currently. You know, historically, we've run more like 3.5 times. Taking it back up to that level, we're fully comfortable with doing that. Okay. Thank you so much. Have a good rest of the day. Thank you. Our next question, Mr. Jason Sum from DBS Bank, please go ahead. Hi. Sorry, I just have a few more, two more follow-up questions. Could you give us an update as to what percentage of your lease portfolio is still on leases signed during COVID? And what's the expiry profile of those leases over the next few years? I think, Jason, it's about 10% that's still remaining. It evolves in a few different ways. Firstly, you know, we've got it down to that level, not just because leases have expired but because also we've been selling planes with the leases attached. You know, a number of the aircraft that we sold last year, particularly in the first half, were some of those low-yielding leases. What we're also seeing, as we talked about earlier, is this increased prevalence of airlines extending leases. You know, when those leases are coming to expiry, where we're also being successful is we're keeping the aircraft on lease with the same airline but increasing the lease rates as well. It's a gradual process which doesn't need to wait for all the leases to expire for us to be able to turn over that remaining 10%. Yeah, understood. Just one quick follow-up question. Wanted to get a sense, if you could help provide, what are the drivers behind the very strong margins on aircraft sales in the second half of 2025? How sustainable are these margins from here on? I think there's always two fundamental things behind that. Firstly, if you look at the aircraft valuations, as we talked about, you know, in our own fleet, you know, we have that $3.4 billion of, if you like, hidden value, where the value of our aircraft is much higher than the book value that's shown. That feeds through into the broader market. The second element is always the liquidity available to buyers and most of the debt markets are very liquid and that enables them to fund their acquisitions very cost effectively. The third element has been that simple supply and demand for aircraft. You know, while there is that ongoing shortage and people see the excess of demand over supply running through to the end of the decade, then it does mean that your aircraft assets are very attractive to those buyers. Yep, got it. That's really helpful. Thank you. Thank you. Our next question, Mr. Douglas Runte from Deutsche Bank. Please go ahead. Yes. Thanks for taking the follow-up. I'm wondering if you can talk a little bit in more detail about your financing plans in 2026 and what options you might consider and in what quantity. You obviously have quite a few arrows in your quiver. What seems most attractive now? In particular, is aircraft ABS a possibility for portfolio sales given the reopening of that market dramatically? I think if we break down into the different elements of that, Douglas, in terms of remaining debt maturities this year, it's about $900 million, I think, remaining that we've got to refinance, throughout the rest of the year, not a huge amount. Obviously we continue to generate strong cash flow and it's really then what we need to fund the CapEx as it comes through. You know, as you've seen already this year, we've raised $2.5 billion, of which $500 million of that was a seven-year bond that we did right at the beginning of the year. More recently, we closed $2 billion of bank facilities. We have a lot of liquidity available, which will see us through, I think, a lot of the near term. If we find those additional CapEx opportunities, then we will raise more financing. At the time, we'll look at is the bond market more constructive or is the loan market more constructive? I think, you know, what we've seen in the last couple of months, as you see from the volumes that we've done, was that the loan market was slightly more constructive. In terms of ABS, the ABS market for us, I know that you know, Douglas but maybe for some of the others on the call, the ABS market is not a source of funding for us. The ABS market for us would be to replace cheaper unsecured funding with more expensive secured funding. The only time we use the ABS market is when, as part of that transaction, we can sell the E-notes or the equity in the capital stack as well and it becomes a portfolio sale. It's something that we're always looking at. It's a market that we've tapped before in 2015 and 2019. You know, I don't think anybody has yet fully reopened that E-note market. If we feel there's an opportunity, then you know, clearly we will look to go back to that market because it's been a very strong market for us in the past. Great. Your insurance comments were, I guess, both surprising and very pleasing. I guess it's surprising that after Russia, the primary insurers hadn't lit the fuse and exercise notice periods on a war exclusion. I guess is the insurance that you referenced the original insurance, both primary and contingent or is someone else stepping in? No. It's, I think in this respect, aviation has been treated differently to shipping. You know, while we've maybe seen some notice periods shortened, there's been no removal of insurance or lifting of insurance and it's still the primary provider that is in place. Great. Thank you for that. Let's hope it's not necessary. Great. Operator, thank you very much. I think, we have seen all the calls come in at this point, all the questions come in. At this point, we'll close off discussion for today. We'd like to thank everybody for joining. We welcome any further questions, so please don't hesitate to contact either myself or Kelly by phone or by email. We look forward to speaking to you in the near future. Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you for participation. You may now disconnect.