Good morning, everyone. Welcome to NWS Holdings Financial Year 2024 annual results analyst briefing. I'm Silvia, the head of Group Investor Relations. Thank you for joining us on-site. Please enjoy the breakfast and also engage in the interactive conversation with our C-suite executive. Our senior management will walk you through the highlight of the results, and also the outlook of each of the five business segments and the strategy moving forward. A Q&A session will follow. For those joining us online, please click on the question mark icon on the left-hand side of the screen, and you will be able to key in the question, and our management team will read it from the iPad. Without further ado, let me now pass the time to our Executive Director and also Co-CEO, Mr. Gilbert Ho, Executive Director and CFO, Mr. Jim Lam. Gilbert and Jim, please. Thank you. First of all, thank you very much for coming to our analyst briefing this year. So we will try to keep the presentation short, and leave more time for the Q&A. Only questions relating to NWS, please. No other questions. And we did not suspend, okay? So we still want trading. Okay, our key investment thesis. I think we have been talking about our key investment thesis over the last few years. And we have been very stable on keeping this in key investment thesis. First of all, and probably the most important part is our resilient earnings and cash flow generation capability and visibilities. I think in particular, for FY 2024, you can see from our results, especially our Adjusted EBITDA. It actually demonstrate our business and also a very diversified portfolio of business, actually, earned us a pretty good result, and more I think compared to over the last few years we have a more visible cash flow and also the earnings. Despite a pretty difficult years both in the China economy as well as Hong Kong, so hopefully this key investment thesis as we see we definitely will keep continued. Next one is value creation to enhance shareholders' long-term return. This actually goes back to the optimizations, portfolio optimizations. Yesterday during the press conference one of the reporters did ask us about whether we will have any further disposals. Our answer is actually very simple. I think the major disposals or major portfolio optimizations is substantially completed. From a shareholder's return perspective, I think we will need to see from time to time whether our portfolio need to adjust. Whether it is sizable assets or small assets, the most key decision-making point for us is whether a disposal will create more value for our shareholders, and how that cash flow coming in from the disposals can be utilized. It is important to note that we are not saying that we will not have any further disposal, but further disposal will need to be seen from a case-to-case basis. And also, obviously, opportunistically, because as you can see from basically all our disposals, we do want to have at least a market or above market benchmark valuations when we dispose any of our assets. On one hand, where we dispose our assets, the other hand is about acquisitions. We did a chart in our last year's presentations, how much we did on disposal and how much we did on acquisitions. Because I think a lot of people have been talking about, oh, we disposed a lot of things. We haven't actually did a lot of acquisitions. But the key fact is actually we acquire more than we dispose. We acquire more than HKD 30 billion of assets, including FTLife, now CTF Life, some of the roads over the last few years, the logistics assets, and we dispose, obviously, our aircraft leasing business, our transportation business, so in aggregate, we actually acquire more than we dispose. All of the acquisitions that we have done, obviously, especially CTF Life, can demonstrate value creation to our shareholders. I think the value creations we're talking about, a long-term value creations, not only just a short-term value creations. To us, it is important and to all of us, for all the investors, we need to tell you guys that we're looking at very, not very, but generally long-term returns. But we also, we also do not only disposals, we do value, accretive acquisitions. Third is about our proactive financial management and diversified sources of fundings. Which Jim will talk more about later on. As you can see, our, our average cost of funding is, cost of debt is around 4.7%, which is, relatively low, based on what you can see on HIBOR and, and what you can see from the, from the US Treasuries. This is due to, a very proactive, financial management, where we started doing panda bonds, a, a couple of years ago, and we continue to do our panda bonds. We, we were, we were one of the very first Hong Kong conglomerate to issue panda bonds in China. In fact, the size of our panda bonds is one of the largest now, and we are continuing to apply to the CSRC and Shanghai Stock Exchange for another tranche of panda bond, which pending to be issued later this year. So, while on one hand we're doing panda bonds, on the other hand, we also do senior bonds in the US market because we believe we're not only betting on one source of funding, we're betting on various sources of fundings. Together with the bonds, we also have our bank partnerships, which we think all of them are very important to us. The fourth point is about sustainable and progressive dividend policy. This, we have been using this policy since 2018, 2019. And despite we have COVID and an economic downturn, and for good and for bad, during COVID, we actually increased our dividends. Now, because of our, I wouldn't say very good result, I would say because of our relatively stable cash flow, we believe it is also time to increase our dividends. I think this goes back to, obviously, this year's relatively good results. And also, we believe this result can continue because progressive and sustainable dividend policies, as I explained to you, all of you guys, many times, it is where we set a benchmark for our dividends. Once we increase, unless there's very dramatic changes, we don't want to decrease it again. So when we increase our dividend, we believe that it is sustainable. This is very important. Not only that we want to give you guys return this year, it is that we have confidence that our cash flow is sustainable. Last and not the least point is, we have very strong support from our parent company, CTF Group. CTF Group, I, I wouldn't explain too much about CTF Group. And if you have seen our my Co-CEO, Brian, he has very good visions on how to build up the company. While we have very good split of how we work, he has the visions on how to bring NWS and going to be CTFS to the next level. There will be more acquisitions, and more focused acquisitions, I would say. And one thing that me and Brian agree is no matter what acquisitions we do, we need to keep our focus on cash flow generation and visibility. So, next is about our corporate structure. As all of you know, we have completed our general offer last year. So, as of now, the Cheng Family, CTFE, is our controlling shareholders, owning around 76.17%. We have administrative-wise, we have got a waiver from the Stock Exchange to restore the free float until the thirty-first of December. I'm not sure Evan is here. I was reading his research notes. And one of the overhang is about the restoration of our free float. Obviously, we have different ways that we can actually restore the free float, and we still have about three months' time. Definitely, we'll do something about that. Now, as you can expect, it's only a very small percentage below the free float requirement, and the Stock Exchange is not too fussed about that. And for two... Oh, I was just talking about you. Who? No, yeah, I was talking about you writing our overhang on the yeah, sorry. Yeah. And I was telling people that don't worry about the overhang because we still have three months, and we definitely can do something about that even without issuing new shares. So rest assured. Okay, so talk about Chow Tai Fook Group. We have various business that we can actually see synergies around. And obviously, our CTF Life is one of the key things that we will and we already set up a task force where we can actually leverage on Chow Tai Fook Jewellery and obviously different Chow Tai Fook businesses that can actually provide a more one-stop-shop experience to our policyholders. Okay, talking about our results, just very briefly. For those of you who probably are new to our business, we have five core segments: our toll road business, our insurance business, our logistic business, our construction business, and our facility management business. For details of the operations, as Silvia will talk about it later on. Oh, hi. Yeah, Silvia will talk about it later on. But just a brief overview on the results. We have, on AOP side, we have 3% increase on our AOP for our toll roads. If we take away the Renminbi depreciations, the increase is actually 7%. Insurance, 54% increase is very significant. Obviously, there has been a very good year for our insurance because of mainland Chinese visitors. Over 60% of our APE is coming from mainland Chinese visitors. Within this 54%, some part of it is contributed by one of our elements because of the adjustment to HKFRS 17. Even taking that away, our AOP increase within the insurance segment is above 30%. Logistic, the AOP increased by 6%. That is excluding all the revaluation gain loss last year's and this year's, so it's purely operating. This increase of 6% was despite some decreases in the AOP contributed by CUIRC. If we're looking at our own logistic assets, especially the seven logistic assets in China and one logistic assets in Hong Kong, maintain very stable. ATL still maintain around 96% occupancy, with around 6% average rental increase. In China, the six properties in Suzhou, Chengdu and Wuhan, we increased our average occupancy to 85%, and still with average rental increase of around 2%. Suzhou still 100% occupied. So it is a very resilient business. We do see some pressures in China because of the economic environment, which Silvia will talk about later on in the operating slides. For constructions, we need to tell you about this. The construction side, we have obviously the NWS Construction Group, which includes Hip Hing, Vibro, and Quon Hing, which is our own NWS Construction Group. But we also have the Wai Kee interest, the 11% Wai Kee interest. Because of the result of Wai Kee, which they have been affected by Road King, if we take that into account, we have a 5% decrease in AOP. But if we take that away, just looking at NWS Construction, our result, our AOP result is actually flat, so maintaining at around HKD 777 million. Last but not least is our facility management business, including our convention center, our Free Duty business, as well as our Gleneagles Hospital. A dramatic increase of over 400%. First of all, is a turnaround or increase in AOP in HKCEC because of the recovery of our convention exhibitions. So we do see in general it's around 80% pre-COVID. We do see it's coming to recover to 100% by the end of this year. Next is Free Duty. Free Duty, although you probably already saw the announcement, we have sold our Free Duty business to Avolta. But just for your information, the very strong results of Free Duty partly is due to some one-off elements, including refund of the rates from the governments for two of our sites of over HKD 70 million, as well as some rental concessions gaining from our landlords. So, taking away of all this one-off, there's actually. We maintained our results on duty-free or slight decrease. For Gleneagles, we have a very strong result again, an increase of almost 100% in EBITDA level. And we do expect we are going to break even within this financial year. So looking at the locations, FY 2024, Hong Kong actually increased to 59%, obviously, due to the very strong results of our insurance business. So if we look ahead on our business strategy and outlook on each of our segments. For toll roads, we have started expansions on two of our toll roads. And we do want to actively seek different ways to enhance the return on our existing roads first. The question of whether there will be more acquisitions on toll roads first of all is very opportunistic. I think we will put more focus on enhancing the returns of our existing roads first, like what I said, first of all, is expansions of our toll roads. If we have opportunities to do expansion work, we probably will do that first. The second is increasing our stake in our existing roads. Two of them is actually very risk-adjusted decisions, because when we're talking about enhancing the return of our existing toll roads, because we know our roads, we know which roads that that can actually do better. Rather than going to do new acquisitions, where we have to learn the traffic of new roads, we want to be more prudent in investing in toll roads. That's why we choose the route of enhancing our existing toll roads portfolio rather than going aggressively on acquisitions. But looking ahead on toll roads, we do think that it's going to be steady. Although the current economic environment is not very good, as you can see, the central government has start putting a more strong effort in boosting the economy. And we do believe, from a mid to long-term perspective, the macro economic recovery will definitely benefit our toll road segments, when the truck traffic recovered. So okay, next, on the insurance side. The insurance side, we do see this as one of the core, if not the core, development for our business. We have been talking about, since we do the acquisitions of FT now, FT Life, now CTF Life. We have been talking about collaborations with companies within our group, including New World Group, including CTF Group. I think now we are under the umbrella of CTF. It makes more natural sense that, or actually there is actually more synergies that we can actually see in the retail business of CTF Jewelry, CTF Group, and also the hospitality business of CTF Group. And this is where we already form a task force led directly by the headquarters to facilitate the collaborations that are going to happen between CTF Group as well as CTF Life. And by changing the name of FTLife to CTF Life, we already seen the increase in first of all the customer awareness. And I think more importantly is about the recruitment effort that we need in boosting our agency force. And we do see immediate impact on the recruitment of CTF Life. And also, I think important to say that we will look more on CTF Life as a wealth management platform. I think all of you here from the financial sector would agree that insurance is more than insurance. Insurance is actually one form of wealth management business. From that perspective, we do see that now we have a very strong base of CTF Life, how we can actually leverage this as the centralized wealth management platform to expand from this policyholders or to expand from this customer's portfolio? We will start to look at more collaborations or even acquisitions. First of all, horizontally, in other kind of financial businesses, but that needs to have synergies with our wealth management business in FT Life, like brokerage. We might, for example, do our own brokerage business to support our life insurance business. And also, I think horizontally and vertically, we will look at regional expansions. When I say regional expansions, I think we are not talking about FWD types of regional expansions. We're talking about how we can actually attract more customers, just more than just China, but Southeast Asia, where there are a lot of Chinese presence, where they know about CTF brand. This is how we want to do it. We want to follow the footstep of Chow Tai Fook, because they are spending their marketing dollar anyway. Why don't we just leverage on them and use them as our customers, use their customer base, use their presence as our marketing tools to expand and attract customers from wherever Chinese presence? This is what we want to do. Although now 60% of our APE is coming from Mainland Chinese, we do believe we need more channel, we need more, customers from various sources. That's why we're looking at these horizontal and vertical expansions to ensure that we have endless contributions from customers everywhere. Where you can see Chinese, they will know that CTF Life is part of the CTF Group. They can trust, they can buy insurance from. As I said, looking ahead, Mainland, although we want to have more sources, but Mainland is still one of the key. And the strong association with CTF Group will definitely boost the customers' confidence. And again, is about our agency. We do think that agency is our own workforce, and we want to ensure a very healthy and strong agency force. And now, with the name of CTF Life, we think that will actually help to us to boost the CTF life recruitment effort. Logistics side, we will proactively seek high quality well-situated logistic warehouses. And in addition to that, we will look at, again, we have been talking about this over the years. We will look at modern logistics, meaning, broadly speaking, data centers. I think, on going back one step, we will not be operators of data centers. We will simply be the landlord. From our perspective, now, especially in Greater China, China especially, is a time where we can actually do bargain buy. And people like us, where we have the money, is actually a very good time to actually shop around in China. We do believe the long-term economic recovery of China. We do believe no matter logistics and data center is one of the key focus in China for the China economy. That's why we are willing to do acquisitions when we see the right fit. So the outlook, I already said, we think that the Chinese government will definitely boost the recovery in China, and logistics will be one of the key things that actually support the growth of the entire economy. And the e-commerce, as well as import-export in China, we already seen that the demand of logistics centers are still in a very robust situation. So long as you're situated at the right place, the occupancy and the rental still very good. We will talk about the logistic side later on, in the operational slides as well. Constructions. We have been shifting our focus from the private sectors, namely the residential and commercial, to governments. Needless to say, because of the difficulties in the Hong Kong property market. So when you're looking at the split, we have. I think we increased our split in the government's sectors, government institution sectors, from 31%- 48%. So we deliberately increased our work from the governments to offset the downturn in the property private property sectors. And obviously, we use digitalizations to improve our efficiency to enhance the productivity as well. On the outlook side, because of the acquisitions of Hsin Chong Aster, I think that actually boost our E&M capabilities, and actually we're placed in even better positions, especially in design and build projects, which mainly come from the governments. So now we have exactly the same capabilities as one of our strong competitor, Gammon, which they have a full suite of different capability, including E&M, and now we have that capability as well. We do believe we have a very strong construction team, where we can actually win any of the projects. Obviously, we are building the Kai Tak Sports Park, and also one of the most difficult building that can ever build, the Henderson. So you can already see the private market and the public market already have confidence in our construction businesses. Last, facility management. Our Hong Kong Convention Center, I'm not going to talk too much about that. I already said that we believe at the end of this year, it's going to go back to the pre-COVID level. Free Duty, I'm not going to talk about that. We already sold that. GHK, the results is very encouraging, and we have been expanding its network, what we call the satellite clinics, in Hong Kong side mainly, to support the growth of GHK. On one hand, to be a patient feeder for GHK, and on the other hand, is more about channeling different patients, for example, health screening, to offsite area where we can actually free up more space for our clinical hospitals. So this is the general business strategy and outlook. I'll pass on to Jim to talk about the financial updates. Okay, financials. In fiscal year 2024, we recorded an overall AOP of HKD 4.2 billion, which represent an increase of 21% year on year. For those who are new to our company, AOP stand for Attributable Operating Profit, which represent net profit of our business units before the unallocated corporate expenses. Adjusted EBITDA increased by 24% to HKD 7.2 billion. Adjusted EBITDA is a proxy of our cash flow, and it captures all the dividend that we actually collected from our joint ventures and associated companies. We do have quite a lot of joint venture associated company, which are mainly in the toll road sector, as well as ATL in Kwai Chung Container Terminal. Profit attributable to shareholders increased by 44% year-on-year to HKD 2.1 billion. Yesterday, the board approved the final ordinary dividend of HKD 0.35 per share, which represent a strong increase of 13% year-on-year. Early in the year, we already paid our interim ordinary dividend of HKD 0.30. So if you add up the interim and the final ordinary dividend, that amounted to total ordinary dividend of HKD 0.65. So based on yesterday's closing price, that can be translated into a dividend yield of 8.5%. On top of that, you know, we announced earlier a one-off special dividend, which was paid out in April of HKD 1.79. So the total dividend that we paid out in fiscal year 2024 will amount to HKD 2.44. Balance sheet position. We have total available liquidity of HKD 26.8 billion as at 30 June 2024, which comprise of cash on hand, HKD 14.8 billion, and committed undrawn banking facility of approximately HKD 12 billion. The net debt to adjusted EBITDA multiple is 2.1x. Net gear ratio is 35%. We had a net debt balance of HKD 15 billion against total assets of HKD 155 billion. In order to cope with the strong rise in Hong Kong dollar interest rate, which is HIBOR, which went up by almost 55% year-on-year from last year's average of 3% to around 4.7% in fiscal year 2024. And also the depreciation of the renminbi, which depreciated about 8% in fiscal 2023 followed by another 4% depreciation last year. We have substantially increased our renminbi debt over the past two years. Renminbi debt now accounted for about 60% of our total debt. It represented about 65% of our total renminbi assets. Because most of the renminbi borrowings are actually fixed rate, so it also increased our fixed rate debt to total debt to over 50%. There are two benefits of increasing the proportion of debt in renminbi-denominated debt. The first one is that, you know, we had about RMB 30 billion of renminbi-denominated asset as at 30 of June year 2024. So by increasing the amount of renminbi-denominated debt, it can help to, you know, protect our equity from any depreciation in the renminbi exchange rate against the Hong Kong dollar. And also because renminbi-denominated debt, in general, are of much lower interest rate as compared with either the Hong Kong dollar denominated or US dollar-denominated debt, it help us to control our average borrowing cost at only 4.7% last year, despite a 55% increase in HIBOR. In fiscal 2024, we have fully redeemed the outstanding amount of our E2019 perpetual capital security, which amounts to about $1 billion. We issued two new tranches of panda bond in the NAFMII market in Beijing. And with these two new tranches of panda bond, the total issuance of panda bond amount d to RMB 3.6 billion. We still have a remaining quota of about RMB 1.4 billion with this MTN program. In addition, we have submitted an application to the CSRC and the Shanghai Stock Exchange in June for an extra quota of RMB 5 billion for corporate bonds. We are still pending the approval from CSRC and Shanghai Stock Exchange. If we got the approval, you know, then we'll be able to issue some extra panda bond towards the end of this year. Also recently, we issued $400 million of guaranteed senior notes at a coupon of 6.375%, which allow us to further diversify our funding sources as well as to extend the average maturity of our debt profile. This table shows the reconciliation between our net profit and our adjusted EBITDA. So as you can see, the key reconciling items would be the so-called non-cash item, including depreciation and amortization as well as the cash dividend that we collected from our joint ventures and associated companies, including the growth companies as well as our stake in ATL. The left-hand chart shows the movement of our profit for the year and AOP throughout the COVID period, which started in fiscal 2020. As you can see, we've been able to gradually increase our profit for the year despite the headwinds caused by the COVID-19. And the right chart shows the movement of our total equity and total assets throughout the same period. Overall, you know, our total asset and total equity has been relatively stable. The reduction in total equity in fiscal 2024 was caused mainly by the redemption of our 2019 perpetual capital securities, as well as the payment of a special dividend of HKD 6.4 billion. Okay, moving on to the movement of our net debt and gearing ratio. We acquired FTLife for consideration of over HKD 21 billion in fiscal year 2020, and hence the relatively high gearing back then. Since then, we've been gradually there has been a gradual decline in our gearing ratio because of the strong cash flow of our business portfolio. And then in fiscal year 2024, the gearing ratio increased to 35%, which is consistent with our goal to increase the return on equity, and to, you know, to reward the shareholders with extra cash. So the right-hand chart just show the movement of net debt to adjusted EBITDA ratio, so it's a similar trend. Currently, the ratio stood at 2.1x, which is within our target range of below 3x. Our target gearing ratio would be 40%-45%, either for simple future. As mentioned, you know, we focus a lot on shareholders return, and we've been showing continuous improvement in our ROE over the past several years. ROE stood at 6%, and we'll continue to work towards, you know, increasing the ROE. Improving return profile, as well as our dividend policy, has contributed to the strong performance of the stock price. If you look at, you know, the year to date, we've been able to significantly outperform both the Hang Seng Index as well as the peers. Our dividend policy, we've been paying dividend non-stop for 21 consecutive years. Since fiscal year 2019, we have adopted a so-called progressive and sustainable dividend policy, which, as Gilbert mentioned, once we raise the DPS, we try. Once we raise the ordinary DPS, we try not to cut it in the future. And over this period, we've been successfully increasing our ordinary dividend from HKD 0.50- HKD 0.65 in fiscal year 2024. As mentioned, we pay out a special dividend of HKD 1.75 in fiscal year 2024 as well. Okay, so I pass on to my colleague, Silvia, to talk about the performance of each individual segments. Thank you, Jim. So I will be very brief because I would like to allow more time for Q&A, so I will only go through the key data. So we own 14 roads in mainland China, and then total is over 900 kilometers. So for the roads, the key data you have to look at is the average daily traffic flow. It goes up 7% year-on-year. So it looks like that in the second half the pace has moderated, but it's all because in first half we have a very low comparison base, cause at that time it's still COVID, but in second half it's normalized. So the growth in the second half is actually a normal growth. During this period, our one of our seven major roads, which is Guangzhou City Northern Ring Road, the concession has come to expire in March. But despite this, our AOP still grow by 3%. What we have done in the road segment is that we continue to expand the roads that we currently own. So currently, we have the expansion works on the Beijing-Zhuhai Expressway and also Guangzhou-Zhaoqing Expressway. So once the expansion is done in 2027 or 2028, we'll be able to apply for the extension of the concession. And currently, our average remaining concession period is 12 years. Some analysts did tell me that it's difficult to look at the insurance business, but actually, these are all the data you need when you look at the insurance business. So, for the AOP growth, is a very impressive growth of 54%. It's mainly due to the contractual service margin expansion of 15%. So this is a very important data because it's in the case that the future profit that we can book, because it will be booked over the insurance contractual period. And also the value of new business growth, which shows the new business, it grow at 37%, and the margin is 27%. So in terms of APE, it grow at 77% is because of the pent-up demand and also of because of the attractive product offering. So currently, we rank number 10 in the market. And also the solvency ratio, which is 289%, this is much higher than the regulatory requirement of 100%. It shows that this is very well capitalized, and we, at the end of this holding, do not need to inject further capital for it to grow further. So around 60% of the APE comes from mainland Chinese visitor. And the embedded value grows 10% as well. This is also higher than the peers. And also, one of the data is the investment yield is 4.5%, is also higher than the major peer. So the ATL, which is we contribute 70% of the AOP of the logistics segment. This is in the Kwai Chung, so this is in the center of Hong Kong. It explains the high occupancy rate at 96%. It goes down a bit from 99.8% last time, but it all because, well, we are having a negotiation with the key tenants. So we can see that the average rental growth is actually very impressive at 6%, despite the difficulty the logistics encountered in Hong Kong. And then, for the seven logistics properties in Chengdu, Wuhan, and Suzhou, they account for over 10% of the AOP, and the average rental growth is 2%, and the occupancy is at 85%. So when investors talking about oversupply of warehouse in mainland China, it's actually it depends on location. But for all our locations of all our logistics properties, they are all in a very prime location. That's why we can still keep at a high level of occupancy. So construction, i f we exclude the Wai Kee contribution, the AOP is actually flat. From this year onwards, Wai Kee will be reclassified in the other strategic investment segment. I would like to draw your attention on the new contract award, which goes up 300% year-on-year, despite the difficulty in the Hong Kong property segment. As Gilbert has said that we have shift our strategy to be focused on government, instead of in the private sector. Also the acquisition for Hip Hing Aster Building Services, it will help us to enhance the competitiveness when we deliver the design and build projects. It will help us to lower our cost, and then hopefully can bring us more projects win. So facilities management is turning from AOL to AOP. It's all because of the HKCEC is a very big contributor. The number of events move up 8% year-on-year. And then for GHK, so EBITDA goes up 93%, and we hopefully to see it turn around from AOL to AOP in very near future. And you can see that inpatient, outpatient, and day cases, they all have double-digit growth, and the occupancy is around 65%. And what we have done is, we opened several clinic in over Hong Kong, and then hopefully to divert the patients to our hospital. So I will pass over to Karen to talk about the ESG. Karen, please. Thank you. I'm Karen. I look after ESG in NWS Group. So I think I won't go into details because I was told that I got five minutes. So I think most of the information can be found in our ESG upcoming ESG report. But just two key things that I want to draw your attention is this year is a new journey for us in terms of sustainability, I think in terms of the whole business. So we have successfully achieved all the target that we have set in 2018. So this year, we have introduced a new ESG framework for NWS Group. So this particular ESG framework called, like, Breakthrough 2050. So this framework is more ambitious, is more aligned to our business. So, a good ESG framework is all about integration, it's all about how we connect to our business. So we build upon our ESG framework on our five core values. It, So basically, this is the guiding principle of our business. So, we just add a lens on ESG to make sure that when we do our business, we think about ESG. So it covering all the aspect on environmental, social, and governance. No, no, give me the clicker. Thank you. So, Okay. Sorry. The clicker? Up, up, up. Sorry. Up. One slide. Yep. So, I won't go into details, but, when we developed this framework, we kind of like, we have done a lot of stakeholder engagement. So we derive a lot, all the target is basically what our stakeholders focus the most. We will keep track on those targets, and then we also have other supplementary KPI. So we'll be, in our sustainability report, we'll provide more quantitative tracking for us to kind of like have a better tracking on our performance. So our performance can be seen from our overall performance on different ESG ratings. You can see that we all, like, achieve above average performance average. For MSCI and Hang Seng, we have consecutively achieved A and AA+. And S&P is our data availability is very high, and also our score is all above industry average. So I think a good framework is all about governance. Governance is the basis for a good integration. So this year, we also make some changes on our ESG governance. We have combined our previous corporate governance committee with our sustainability committee to an ESG committee. So the changes is really help us to strategic, more strategic to align our core values and our strategy to our corporate strategy. So it better allocate our resources, and it is, it provide more robust governance, because you can see that, our ESG committee is chaired by INED, and also, most of the member is at INED. So we understand that for ESG, we shouldn't just, like, working on, in our own, like, little silo. We need to be, like, more extensive and understand from the external point of view. So in terms of operation, we also integrate ESG to our operating process. For our enterprise risk process, we also add the ESG element. Whenever, like, operation business, they consider the risk part, they have to think about the ESG. Because the key trend on ESG is all about how we identify the ESG risk and capture the opportunity. We want to make it part of our day-to-day work when we do our business. Another key thing is our climate strategy. I know that everybody talk about net zero. As NWS, we have committed to achieve net zero by 2050, but it's all about how we do it. As a conglomerate, it's diverse, it's difficult, it's not easy, because we have a very diverse portfolio. We think we take the bottom-up approach, because you can see that we have construction, insurance, so, and different business unit. It's so complicated to have a consolidated target. So last year, we have started this assessment, and then we take the step approach. First, we complete the feasibility study for our insurance business segment, as well as the construction one. So the idea is basically they make up more than 97% of our emission. So once we have set the target for these two business unit, it basically will cover 90%--over 90% of our emission. So this year, we are going to extend that to our remaining business units, so then we will consolidate our holistic reduction pathway for NWS Group. So I won't go into details, as Chairman Gilbert has talked about the business a lot, but what I'm trying to say is, how we're trying to doing more with less? Because we're in ESG. In ESG, we talk about resources a lot. So we have been adopt a lot of technology innovation in our operation to make the process is faster, better, and we can produce less environmental impact. So for construction, we have adopt, employ a lot of new BIMs, MIC construction technology, which is not new, but what we are talking about is getting more, we are mainstreaming to our business. So you can see that, this is one of the highest MIC office building in Hong Kong, so which is like a marker and a milestone for MIC. So, we won't go so into detail on all the technology, so you can find all the showcases in our sustainability report. Just one highlight that, for our toll road business, we have obtained the highest LEED Platinum certificate for one of the at Hangzhou Ring Road. The service center is the first in mainland China to obtain this platinum certificate of LEED. When we trying the in situ redevelopment of the site, we have adopt a lot of green features. So for example, gray water recycling, EV charging station, and PV system. We understand that as a responsible toll road operator, we have to support the transition of the sector as well. We have introduced a lot of new technology in our operation to ensure that the traveler and our client can enjoy the services while it's more environmentally and social friendly. So same as our insurance, we also try to review our product and make it more with greater coverage and kind of like support our client as well. So for the logistics sector, which can be seen that we are expanding the business. When we do our investment, we try to incorporate the environmental and social aspect when we try to select the investment. So this is one of the demonstration that when we acquired a new warehouse in China, we kind of like put that in mind, and all the newly acquired warehouses obtained the Green Warehousing Certificate, which is the highest certificate in China as well. So, we know that we are not living in a hole, so our people is the key thing of our business. So, we also support their training, development, and also we take seriously on their health and safety. So, I think another key thing is about ESG is about partnership and collaboration. So we know that we cannot just expand our business and don't look after our community. So we know that we have to create more partnership to build our community capability. So we have been using our charitable arm, the NWS Charity Foundation, to build more capability for our community as well. We have refined our charitable giving and community investment policy this year. We want to be more strategic to build a capability of the community through, like, Empower for Change, which means that, people talk about we cannot hire people, but there's a lot of people is available for hiring, but basically, we need to give them the tool to grow. So we have been partnered with Treasury. We have Treasury Institute, also NGO, to develop different program to support the gap in the community, as well as it will eventually benefit our business as well. So I won't, like, go into details, but if you have any question about ESG, so we can have a chat later. So thank you.