Sun check. 1 2 3. Sun check. 1 2 3. Good morning everybody. Welcome to the Hamilton Utilities Corporation shareholder meeting of June 23rd, 2026. As we have quorum present for today's meeting, I'd like to call this meeting to order. I'm your chair Craig Casar, Ward 12 counselor. We have in chambers councelor Francis, councelor Tatison, councelor Pauls, councelor M. Wilson, Council Wang online, councilors Clark, Bey, A Wilson, and Spataphor. Good morning, everybody. And if you want to take a moment now just to look at your device and make sure it's not going to make any noise, please. We'll start with approval of the agenda. Clerk Kelsey, can you advise of items included in the addendum? >> No, chair, there are no addendum items. >> Thank you. Could I have a mover and second to approve the agenda as presented? Councelor Pauls. Councelor Wang, any discussion on the agenda? Seeing none, all in favor? It's a show of hands vote, please. And that carries. Declarations of interest. Are there any declarations from members today? Seeing none, we are on to approval of the minutes of the previous meeting. 5.1 is HUS S26-001 Hamilton Utilities Corporation shareholder minutes from April 7th, 2026. Can I have a mover and second to adopt the minutes, please? Councelor M. Wilson. Councelor Wang. Is there any discussion on the minutes? Seeing none, we'll vote by a show of hands. And that carries. On to items for information. 6.1 is Hamilton Utilities Corporation annual annual general meeting 2026, a Electra, Inc. year in review 2025. May I have a mover and second to extend the presentation time to 20 minutes? Councelor Wang. Councelor Tatterson. That'll be a show of hands vote. All those in favor I can't see online. Do we have >> Y? >> Okay, that carries. And good morning, Councelor McMe. Okay, so that carries. Uh, so we have Julia Camela, chair of Hamilton Utilities Corporation, and Jeff Cowan, chief executive officer of Hamilton Utilities Corporation to provide an introduction to the presentation. And we're just going to take a second to get that set up. Thank you, Chair I'm Julia Camula. I'm chair of the Hamilton Utilities Corporation board. I'd like to take just a moment to recognize my fellow directors that have joined us remotely. We have Lori Tugman. We have Greg McCamus and Elizabeth D. Donado and of course Coun Councelor Wang who's in person. I'll now pass it over to our president CEO Jeffrey Cowan for a very brief introduction before turning it over to Electra for the presentation. Thank you. >> Good morning everybody. I'm Jeff Cowan, president CEO of Hamilton Utility Corporation. Uh Hamilton Utility Corporation is the uh functions as the shareholder that manages the city's uh principal interest, 17.3% interest into Electra Utilities. Uh today we have a fairly standard uh program. Uh we will uh followed by resolutions to uh receive the audited financial statements of Huck uh appoint the auditor for next year and as well as some uh board uh appointments. And without further ado, I will hand uh the mic over to Brian Benz, president and CEO of Electric Utilities. >> Thanks, Jeff. And good morning, everyone. Um just run through our presentation. Um first of all, uh I'm pleased to report that Electra has again had a strong year with stable financial performance and incremental value creation. Since our formation, Electra has provided 30% greater dividends than forecast without the merger scenario. We've made uh major investments into the city's electricity infrastructure, renewing and replacing assets, managing customer demand growth, and enabling resiliency and grid modernization. We've been effective in providing our customers with much better electricity reliability than the sector average and our other utility peers. In Hamilton, we continue to invest in local electricity infrastructure, underground cables, and upgrading uh substations as well as automating the power grid, which reduces the frequency and duration of uh outages and disturbances on the grid. We focus on reliability, affordability for our customers. That is forefront in our mind. For those customers in need, we provide financial support them uh to assist them in paying their electricity bills. >> Good. We got an echo here. Electra's delivery charges continue to be below the sector average and neighboring utilities, and shareholders continue to have stable dividend support from being part of Electra beyond the status quo. This slide is a snapshot of our 2025 performance. Shows total revenue of 825 million. We actually collect over $4.5 billion a year uh across our organization. About $3.7 billion dollars of that is remitted to the independent electricity system operator who make payments to generators like Ontario Power Generation and Bruce Power and our and the transmitter Hydro1. So we collect money on their behalf. We retain 825 million for distribution uh revenue for Electra. And in 2025, that resulted in a net income of $144 million, which was $24 million higher than budget and $5.2 million higher than 2024 net income. Our Ebida for the year, our free cash flow was around $400 million and similarly our capital investments were $391 million. Primarily focused on two areas. One is system renewal expenditures to replace aging assets and system service expenditures to modernize the grid. The second one is system access or system expansion to connect new customers uh expand major transit initiatives and uh and and expand the system more generally the capacity of the system more generally. Our rate base which is the assets approved by the regulator for recovery at the end of 2025 was $4.1 billion. rate base has grown by 5.1% on average per year since 2021, reflecting ongoing investment in our distribution system. Dividends on common shares were 85 million, 2 million higher than the prior year and continues our track record of attractive and growing returns to our shareholders. Our return on equity was 6.8% 8% slightly lower than the deemed ROE allowed by the OEB and that's a result of our rebasing deferral period. Our next rate filing is going to occur with new rates effective January 1st 2027 for the period 2027 to 2031 5-year period and we expect return on equity to move towards the 9% return level over that period. We have sufficient liquidity within the utility, including $800 million of unutilized uh short-term uh revolving credit, which provides flexibility to meet funding needs. Electric continues to be the largest municipallyowned LDC, local distribution company in Canada by customer count with numbers uh of customers totaling 1.1 million serving almost 4 million Canadians, almost 1 in 10 Canadians and one in five Ontarians. In summary, these results demonstrate Electra's continued ability to deliver stable earnings, best for the future, create value for shareholders, all all while maintaining a strong financial foundation. Our dividend policy targets dividends at 60% of shared consolidated modified IFRS, International Financial Reporting Standard Net Income. Dividends in 2025 were 85 million and since 2017 our dividends have grown at an average rate of 8.3% per year. Cumulative payments reaching almost $700 million and u city of Hamilton's portion of that at 17.31% is about $120 million since inception. We expect the dividend uh rate to increase dividend growth to increase at about 11% compounding annual growth rate to 2031 with net income reaching in excess of 200 million by 2031 and um and uh and dividends uh growing accordingly. With respect to our reliability indices, we measure that in two ways. The first measure there is the system average interruption frequency index. That's the number of outages on average a customer sees per year. So you can see that electric it's about one outage per year a customer will see across our 1.1 million customers. The sector average is in that range and we're lower than Toronto Hydro and Hydro 1. The second measure is the duration of the outage system average interruption duration index. How long was the outage? And in Electra's case, it is well below the industry average. So 75 hours is 45 minutes on 8,760 hours in a year. Uh Toronto Hydro is just under an hour. Hydro 1 is almost eight hours and the sector average is about an hour and a half. So, Electra is about half the industry average in terms of the duration uh of outages that customers see in a year. We've made significant investments since the merger in in specifically in the city of Hamilton. These investments include installing automation, so automated switches on our grid that allows us to isolate faults more quickly from our control room, increased vegetation management, wildlife mitigation, tree trimming, etc. voltage conversion in the Hamilton core area. Replacing pin insulators and old porcelain insulators, looping our system more gives us more flexibility and rerouting power and increasing lateral feeder fusing. As you can see the top line there, by 2018 the average city of Hamilton customer saw about two hours of outages and now they're in that if you look at 2014 in that um 45 minute range. So significant reduction in the um in the minutes of interruption per customer in in the city of Hamilton over the last uh several years. [snorts] Corporate Knights is a Toronto-based median research company dedicated to promoting a clean economy and focused on environmental, social, government, governance, ESG metrics for large Canadian corporations. uh they rank the largest companies in Canada with revenues over $1 billion and look at their uh their performance over 25 KPIs including carbon footprint, resource efficiency, workplace safety and diversity measures. In 2025, Can Electra ranked number two in Canada in the transmission distribution business and fifth publicly. Um and um also Electra ranked fifth in sustainability out of 6,700 public sector companies globally by corporate knights. We continue to strengthen communities where we work, live, and volunteer. We've continued to support many local partnerships in health, housing, and well-being which will which will and which we'll provide more details later in the presentation. With respect to our operating costs, uh we have one of the lowest OMA operation, maintenance, and administrative costs per customer value in the Ontario electricity sector at $257. You can see the industry average is at $345. In addition, Electra uh has one of the lowest uh [snorts] percentage increases in OMA per customer since 2016 uh at 6% and you can see the industry average is 4.4%. Similarly, when we look at total cost per customer, this includes operating costs and capital costs. Uh, Electra uh, compares favorably. The industry average is $1,123. Electra's at 96 and that's lower than Hydro 1 and Toronto Hydro which is our peer group. The federal government recently issued its national strategy on on U electricity grids. Our our strategy on electricity which is powering Canada strong. and it indicated that Canada needs to double its electricity capacity by 2050 in order to stay competitive. Similarly, Ontario's energy for generation, which is effectively um a load forecast plan through the ISO projected that we're going to see a 75% increase in electricity consumption by 2025. Um, the Electricity Distributors Association, that bullet in the middle, estimates that the cumulative investment by all LDC's in Ontario by 2041 will be approximately 103 to 120 billion. when you consider that elector accounts for 20% of that uh of Ontario's electricity asset base and customers. So significant investments into the electricity grid are going to be required over the next decade or so. Electra expects to have almost half a million vehicles on our grid by 2031. We expect to connect more than 150,000 new customers. that's almost like adding not quite but city of Hamilton to our grid uh by that 5-year period. So significant investments are going to be required and um and then to that end we look more closely the load forecast projections within the city of Hamilton we see approximately 200 megawws of uh new load growth that does not include the Steelport facility. Um and areas of growth include the um the downtown area 32 megawws, Pier 10 20 megawws, the industrial zone 22 megawws, the metro links bus terminal 25 megawws, and the water down highway 5 and six uh intersection is another 11 megawws. So significant growth within the city of Hamilton and across our service area. And so with that, we're at the end of our rebasing deferral period. We merged in 2017. We had a 10-year uh moratorium on rebasing. We filed new rates with the Ontario Energy Board last year for the 5-year period, as I mentioned, 27 to 2031. And the total capital ask over that [clears throat] 5-year period is $3.1 billion. The com there's effectively three components to that ask. The first one is 1.8 billion. The 1.8 billion relates to renewing and replacing aging infrastructure. So this is aged cable. Cable in our system can be 40, 50, 60 years old. When it gets that old, you tends to lose its ability u dialectric properties on insulation and you get what are called cable burnoffs. So you need to replace this cable especially in direct buried versus induct structure. So cable replacement, transformer replacements and pole replacements are a large part of that uh rebuild of the infrastructure. We have almost a billion dollars to meet growing electricity demand. So this is expanding capacity to meet new loads uh whether it's home heating uh heat pumps, electric vehicles, new loads that I just described earlier, transit etc. Uh the LRT and population growth. Uh we expect to see significant population growth in our service area over the next 10 to 15 years. So we need to build out substations, expand feeders and pull lines to accommodate the the required capacity. And then the third component is enabling resiliency and modernization. So as more of our customers are installing electrified technologies, we must invest in building a more intelligent and resilient grid. We must integrate new smart grid technologies that can help us restore power faster during outages. the investment. These investments will further strengthen our grid against extreme weather events and potential cyber attacks. Now with this uh capital spend um we need to maintain uh a capital structure. We are rated credit rated by by three institutions DBRS, Standard and Pores and Fitch. and um they they are looking to ensure that we are 60% debt financed and 40% equity financed as we grow our business expand our investment we must maintain that capital structure and so uh the Minister of Energy Steven Leche um recognized that there needs to be sustainable financing for municipal electric utilities across Ontario as we grow the grid. and expand the grid. Um, we need to finance it with 60% debt and 40% equity. That equity has to come from some source. We have uh municipal owners at Electra and those municipal owners must have a funding source. Um, and so we're working with our shareholders now, uh, including Hamilton Utilities Corporation and representatives from the city of Hamilton on how we can, um, develop a sustainable financing model for Electra to fund this this growth that we've just talked about. Um, in capital investments, in 2025, we invested 58.7 million and delivered significant capital renewal projects and upgrades impacting customers in Hamilton, including 29.4 million to replace aging infrastructure, as I mentioned, poles, transformer, switch gears, 16.4 million to connect new customers, 6.2 million to replace rehabilitate underground cables, 3.8 8 million on net new automated devices, automated switching, 2.3 million to replace and upgrade substations within the city of Hamilton. We expect to spend another that number isn't correct. The 31.8 should be 52 million in 2026. And then beyond that, um, we expect over that 5-year period to invest over $600 million in electricity infrastructure within the city to, as I mentioned, renew the electricity infrastructure, add capacity, support growth, and make the grid more resilient. some of the active projects that we're working on. Um, I should say Hamilton continues to be one of the busiest areas across our customer connections group with significant activity occurring through transit projects, industrial, commercial, institutional layouts and subdivisions. Starting with transit projects, the Hamilton LRT project continues to advance. Metro Links has established the Alliance team in Electra has already relocated over $10 million worth of hydro infrastructure. Looking ahead, our 2026 construction program includes the replacement of more than 250 poles 100 transformers and over 15 km of cable to support future transit infrastructure. Also within uh the city, Electra is supporting the Ministry of Transportation's Highway 5 and six interchange project. This is currently the largest road authoritydriven relocation project in our West region with an estimated $26 million and electrical relocation work required. Beyond transit and transportation infrastructure, Hamilton is experiencing significant residential and commercial growth that continues to drive electrical system investment. Some notable developments include 354 King Street West includes a 26-story residential tower and 12-story hotel. The Sucro Canan refinery expansion representing $135 million investment supporting one of Canada's largest sugar refinery refining operations. 92 John Street, a new 31story mixeduse development consisting of approximately 400 residential units. 48 Ferguson Avenue South, 29tory residential tower delivering approximately 417 units. In terms of local presence, uh, Electra employs, uh, 340 staff in the Hamilton area, working from our Electra Utilities head office downtown at 55 John Street North and our office and service center at 54 Nebo Road. Most of these employees live here. Many have young families who are involved in community activities and support local businesses. Electractor is an active supporter of the Hamilton Chamber of Commerce as well as the Stoic Creek Chamber of Commerce. Electra is also as a staff person as a member of the Hamilton Business Improvement Area board of directors. We support McMasters's Children's Hospital and St. John's Healthcare. In 2025, our electric car's community support program touch many frontline agencies and institutional partners in Hamilton. We put a priority on food security issues, housing, support for youth and families, and mental health programs in disadvantaged communities. Our total investment in community support programs in Hamilton totaled approximately 207,000 for the year. This included support for the temporary outdoor shelter at Barton Tiffany. This investment has been renewed for 2026 as we continue to support frontline social service agencies in Hamilton. So in conclusion, Electra needs to continue to invest in the electricity distribution system that supports each of our customers and is building for the future. The business environment continues to change with announcement of US tariffs being put on goods, off our goods being paused or being doubled. We are continuing to have discussions and advocate with both the federal and provincial government on a model to provide a sustainable financing model to our sector. Our regulatory team has been successful in obtaining annual inflationary increases. The most recent increase for 2025 is 3.3%. Electra's territory is growing. Our assets are aging and we must address the risk of climate change on our system which supports one in five customers in Ontario. Our ratebased application seeks to increase funding for our capital investments over the next five years, grid hardening and growing demand. And we're pleased to report we have reached a tenant of settlement last month with interveners which will be reviewed by the Ontario Energy Board live for rates effective January 1st, 2027. Um and with that uh appreciate your time today and happy to take uh any question. Thank you. >> Thank you very much Brian. We do have a speakers list. First up is Councelor Clark. Go ahead, Councelor Clark. Good morning, chair. Just a couple of questions. Um, how is Electra managing the demand for electricity given the the rise in electric vehicles, electrification, the mush sector, and now these high megawatt data centers? How how does Electra manage the demand? >> We have a um we have a a load forecasting team. So the team looks at uh at trends, historic trends, but also future trends. We have data in our system that looks at the number of for example electric vehicles on our current grid which is about 80,000. Um we look at uh demographic trends um and industry trends for EV adoption rates. Um and we also try and and look there's different areas. You look at demographic profiles because the adoption rate is not the same in every area. So you look at where the adoption rate may be higher and where there could be um potential constraints on the system. So we we plan capacity ahead of that load growth. As you can imagine, you know, electricity infrastructure takes some time to build, including uh for example, substations, you need land acquisitions, you need um you need leave to construct approval from the Ontario Energy Board, uh and then you need an EPC, etc. Um so there's lead time that's built into our forecast. And um and so that's sort of on the EV side. Then there's the organic growth side. We work with the municipalities in terms of where development is occurring, how it's occurring, and similar sort of load forecasts in terms of what we would need to expand existing feeders or substations to accommodate that growth. Data center low is more of a oneoff uh request. We take that on a request by request basis. Um and uh we did did just connect a facility in Vaughn which was owned by Microsoft 96 megawws. Uh but obviously looking at how communities view this as well is an important component of that. So those are sort of the three areas that we would look at counseling. >> Thank you for that. Uh chair, may I ask a second question? Does does higher demand for electricity with lagging growth in power production from Ontario power generation does will that impact the price that your customers pay? >> Um I would say the expansion of the nuclear fleet. So, um, Ontario Power Generation just refurbished four reactors at Darlington. That costs came in 125 million under budget, but it's still a multi-billion dollar plan. Um, they're now building small modular reactors, 300 megawatt small modular reactors. There's an anticipated expansion at Bruce. as they do this that the commodity price of electricity will likely increase over the next five years. Now, we're pass through agents for that. So, we're price takers that's set by the uh Ontario energy board and managed through the independent electricity system operator. So, they're likely with the nuclear refurbishment and expansion is going to be commodity price pressure over the next 5 years. Um, so I'm taking by the answer to the question that the increasing demand and the increasing cost to generate that power will affect customers electricity bills. >> Yes, likely it will. >> Thank you. What what's the impact on this shareholder especially when it comes to trying to finance all of the the increased um capital that's required to to share the loads across the city? Well, as we expand our, as I mentioned, as we expand our our capital um net capital spend on an annualized basis, the that capital needs to be financed at 40% equity. So likely what would happen is there would be a capital call um to maintain that structure and so the municipalities would have to invest equity because the balance sheets growing the returns are growing as well. Um but there has to be a funding source of equity over the medium term in order to maintain our capital structure. So that's the main impact and that's that's what we're working with uh Hamilton Utilities Corp and as I mentioned uh the municipal leadership staff on in terms of a solution. We want to bring uh something forward in 2027 as to how we would fund Electra's growth going forward. So there will be an increase request for funding from the shareholder. >> That's one potential way to do it. We're examining other options. You could bring in you could bring in third party financing, for example, a pension fund, which would help fund that growth um and still, you know, maintain your dividend. So that's that's one option. >> And when will the shareholder be aware of what the expectations are for the municipality? And that's my last question. Uh chair. >> Um so we're working we have established an oversight committee as I mentioned um and the the members of Huck including the chair and the CEO Julia and Jeff are part of that. Um, so probably come to ground with initial recommendations towards the end of the year and I would say in Q1, the new year with the new council, we'd come in with um um a review u a presentation on sort of the the issue and then a proposed plan going forward and work with you over the course of the year on what that plan looks like. >> I look forward to that information. Thank you, chair. Thank you very much, Brian. >> Yeah, thanks for those questions and answers. Next up, councelor Wang. >> Thank you, Brian, for your presentation. I just have more questions after uh councelor Clark's questions. So when it comes to perhaps a couple of clarifying questions first, uh on slide 13 of 23, the middle bubble says 103 to $120 billion in cumulative gross um capital additions. That's for Electra servicewide. That's not just for Hamilton. Is that correct? >> That's for the entire LDC sector. So that would include all 50 LDC's in the province. So that's Hydro1, Toronto Hydro, uh, Electra, Hydro Ottawa, it's all of them. So that's that that represents over 5 million customers. Electra's 1.1 billion of the 5 million. >> Okay. So then if we're looking at slide 15 where you're talking about the 2027 to 2031 strategic priorities, you outlined three different areas. 1.8 8 billion for the renewing of infrastructure, 0.3 for the resiliency, and 1 billion on meeting the demand. So that's just for Electra then, right? >> That's for Electra, right across our service area. >> Okay. And then just so that I'm understanding too, Hamilton is 17% shareholder in Electra, right? >> Yes. >> So I think that that's where the crux of my questions are. I'm trying to understand how much money we're looking at because if the if we're trying to keep the debt equity ratio 60 to 40 and we're looking at building out that 40% equity I'd really like to understand like do you have a ballpark figure as to how much you're looking for then >> um to maintain so just on the on the investment itself the 3.1 billion that's across our service areas. But I mentioned later on that the total investment in Electra or sorry in the city of Hamilton was over 600 million. >> So that is um that's over 20% of the of the total of the 3.1 billion and Hamilton is 17.3%. So it's disproportionately higher on a I'll say a percentage basis than the other service areas. So 600 million on 3.1 billion terms of the equity requirement. Um it depends on the the credit metrics. It depends on how we there are other tools we can look at. So uh we can look at debt in the hold co we can look at sale of non-regulated assets that can reduce the amount but in the next five years we're looking at it I'll say at a minimum of $200 million of new equity and probably closer to $4 or $500 million of new equity. >> Okay. >> So that has to come from some source in order to maintain that capital structure. >> Okay. So, let's just use the biggest number that you just laid out, 500 million. Um, how does this work and how do your projections change according to the new landscape? Because I know Stephen Leche put out that pulse report. There's a new bill 40 on securing affordable energy for generations. Um, there's also potential federal financing from the Canada Infrastructure Bank. So, all of this is changing the landscape in terms of financing. How how do the two kind of work together? Um because if let's say we're looking at a $500 million investment here given that the other orders of government are also putting stuff forward, how does that work? Then >> those are tools that we can use to potentially reduce the amount of equity required whether it's the Canadian Infrastructure Bank or rate relief, etc. And we're looking at all of those options now to try and minimize, you know, the equity requirement um and um and get a sustain sustainable funding model in front of council by the first quarter. >> Okay. Well, that's good to know. We'll keep you to that. I'll I'll definitely email you and just keep on saying, "Hey, what about that uh what about that plan there?" Okay. Okay, my last question for you, chair, is around um I guess the projections and the and the load monitoring because just as you said to councelor Clark, um there are things that are kind of in the pipe that are fairly standard and very um predictable, but then there are other things like again if we hear vaugh with a 92 megawatt um data center coming online, how does how do those sort of um blips and one-off cases kind of factored into the projections and especially here in Hamilton. >> Well, we look at it um we look at it sort of top down. So what is the transmission capacity? So you know the high voltage wires that support or feed into the city of Hamilton. Then we have um we tap off what are called transformer stations which are step down transformers that lower the voltage but take capacity off that transmission grid. Those transformer stations are not always loaded at full capacity. So sometimes there's existing capacity on those transformer stations. Now you're looking at you know your load projections over time. Some of that some of that capacity is allocated uh to new development etc. Some of it is not. So you know you're you're you're constantly sort of relooking at the requirements for um uh businesses or homes subdivisions data centers uh who are connecting to the grid and looking at your available capacity and the new capacity that you need to build. And that's where that's where in our in our um plan for 27 to 31, we do have expansions of transformer stations and substations and lines in feeders to accommodate the load growth in the areas where we expect it to occur. >> Okay. Thank you, Chair. I think just the the area that I get a little bit concerned about is just truly how much capital do we really need because again we were hearing numbers between essentially 200 to 500 million. Uh 200 million is already a big number. 500 million is an even bigger number. So I think that where I'm just um struggling with is just understanding what is the real capital need here um given our growth trajectory and how we're growing the growing the city. But I thank Brian and his leadership and his team for um giving us whatever information that he can provide today. Ideally, we can see more of these informations sooner. Thank you. >> Fair enough. Thank you. >> Thanks, Councelor Wang. At this point, I don't see any other speakers. Just going to do a quick look around. Not seeing any. Okay. So, thank you very much, Brian. Appreciate the presentation and the answers. Uh may I have a mover and a seconder to receive the presentation for 6.1. Councelor Wang, Councelor Francis, all [clears throat] those in favor. That's a show of hands. And that carries. Thank you. We are on to seven items for consideration. We have 7.1 shareholder resolutions. May I have a mover and a seconder to put the shareholder resolutions on the floor, please? Councelor Wang. Councelor Pulse. Is there any discussion on the resolutions? I'll pause to see if anyone goes on the speakers list. I'm not seeing any. So, this will require an electronic vote. And the vote is up. >> Thumbs up from council pulse. Thumbs up from Francis and Tyson. >> Council Sphapora, are you able to vote? And that carries 11 to zero. Thank you everybody. And there being no further business for this meeting is adjourned at 10:13. But please don't go anywhere as we have another meeting to conduct. Thank you. We'll have anyone online will have to go into a new link for the new meeting. >> Five or 10 minutes. >> Yeah. And we'll take five or 10 minutes to transition. Thanks everybody.