Caribbean Utilities Company, Ltd. ($CUPU)

Good afternoon, and welcome to the Annual General Meeting of the Shareholders of Caribbean Utilities Company, Ltd. My name is Claire Stafford, and I'm the Company Secretary and Data Protection Officer for the company. We are pleased to facilitate this hybrid Annual General Meeting. All shareholders, whether present in person or online, will be able to ask questions, vote and participate. Before we call the meeting to order, I will briefly review the procedure for voting and asking questions. Registered shareholders and their duly appointed proxy holders are eligible to vote at this meeting. If you have already indicated your vote via a submission of a proxy ahead of the meeting, you do not need to indicate a vote again. Your vote will be counted among those made by the proxy holders. If you have not voted and would like to cast your vote, shareholders who are present in person may vote by a show of hands at the appropriate time indicated by the Chair. Shareholders who are present virtually who have not indicated their vote via a proxy submitted ahead of the meeting may vote online for each matter brought forward at this meeting. Please note that you must be logged in as a registered shareholder or appointed proxy holder to vote online. Further instructions on voting are available on the left-hand side of the online portal homepage. Only registered shareholders and duly appointed proxy holders will be able to address this meeting and ask questions during the conduct of the formal business. Questions may be asked in person or online at the appropriate time indicated by the Chairperson by raising your hand and using the message tab at the top of the screen on the online portal. We will address questions that relate to any particular motion at the appropriate time in the meeting. General questions will be addressed following the presentations. Persons with questions are requested to approach the microphone or to indicate that you need a microphone so that everybody can hear your question. It is important that microphones are used to post the questions because any participant must be able to hear the query and the response, whether they are participating in the room or online. Questions submitted online will be read allowed and the Chairperson, the President and CEO, the VP Finance, Corporate Services and CFO or other member of management will answer the question as appropriate. I now invite the Chair of the Board of Directors of CUC to call the meeting to order.

Thank you. Thank you, Claire. Good afternoon, everyone. I am pleased to call this Annual General Meeting of the Shareholders of Caribbean Utilities Company, Ltd. to order. My name is Sheree Ebanks, and I am the Chairperson of the Board of Directors, and I will serve as Chair of this meeting. On behalf of my colleagues on the board, officers, employees of CUC, I welcome you all in attendance whether you are in person or virtually -- via the Lumi platform. We are delighted to host the meeting in a hybrid format in person and online to allow shareholders the opportunity to participate from a location of choice and convenience. We thank you all for joining us today. Before we proceed with the formal agenda, I would like to express the Board's immense pride in the dedication and hard work exhibited by our company and employees in serving our customers and the community. This year carries particular significance for our company. In May 1966, 60 years ago this month, Caribbean Utilities Company was founded. It was built by individuals of uncommon vision and determination. This included our own sea fares, who understood these islands and their people, engineers who applied their expertise to build essential infrastructure where little existed and investors who place their confidence in the future of Grand Cayman. We owe those founders of provide debt of gratitude. Their foresight and commitment established the enduring foundation upon which this company has grown and continues to serve this community. On behalf of the Board, I extend my sincere congratulations to management and the entire CUC team on another year of strong performance and operational excellence. The Board remains steadfast in its commitment to ensuring that Caribbean Utilities company continues to deliver safe, reliable and affordable electricity to the people of Grand Cayman, today and for the decades ahead. And not to forget, our commitment to delivering robust financial performance for our shareholders remains steadfast in light of the company's ongoing success. I am therefore pleased to announce that the Board has improved an increase in the annualized dividend, raising it from $0.76 to $0.80 per share. The Governance and Sustainability Committee of the Board of Directors has received a recommendation indicating that the compensation structure for directors despite adjustments made in 2024, and falls below benchmark standards and industry best practices for listed companies. In response to this recommendation, the Board has resolved to propose the shareholders that the compensation structure outlined in the management information circular on Pages 12 and 46 be approved. We are proud to put forward 12 diverse and highly qualified Director nominees for election to the Board, who brings strong leadership skills and relevant experience. You will hear more about our performance over the 2025 year and our plans for the future during the presentations by the President and CEO, Mr. Richard Hew; and Vice President of Finance, Corporate Services and the Chief Financial Officer, Letitia Lawrence. And sitting with me today are Richard Hugh, a fellow Director and the President and Chief Executive Officer; Letitia Lawrence, Vice President of Finance, Corporate Services and Chief Financial Officer; and Claire Stafford, the Company Secretary. Also attending today's meeting in person are the following company directors. Mrs. Jennifer Dilbert, Ms. Jennifer Frizzelle, Mr. Woodrow Foster, Ms. Karen Gosse, Mrs. Sophia Harris, Mr. Mark MacFee, Ms. Kay Menzies, Mr. Gary Smith, Mr. Stuart Lochray and Mr. David Smailes. In addition, we are joined by Director nominee, Mr. Regan O'dea. Welcome, Regan. Ms. Tara Schultz and Ms. Cindy Hislop of Deloitte LLP the company's auditors are also in attendance. There is one Director leaving the Board following this AGM. Mrs. Karen Gosse is retiring from the Board of Directors after 3 years as a Non-Executive Director. Karen, we take this opportunity to sincerely thank you for your service and contributions to the success of the company. Please stand to be recognized. Thank you, Karen. Once the formal business of the meeting has been completed, and Mr. Richard Hew and Ms. Letitia Lawrence have made their presentations, we will hold a question-and-answer session to respond to general questions from the floor or submitted in advance of or during the meeting online. [Operator Instructions] As in past years, shareholders that hold a majority of the issued and outstanding Class A ordinary shares, have appointed proxies to attend and vote on their behalf for the proposals contained in the management information circular sent to shareholders in advance of this meeting. Registered shareholders and duly appointed proxy holders present in person may vote by a show of hands at the appropriate time. And with your approval, I shall ask Ms. Claire Stafford, Company Secretary, to act as Secretary of the meeting and Ms. Erin Powell Clifford, governance and shareholder services supervisor to act as scrutineer. There being no objections, I declare Ms. Stafford appointed as Secretary of the meeting and Mrs. Powell-Clifford as scrutineer.

Madam Chair, I would like to report that the proper notice of this meeting, together with the form of proxy and the management information circular dated March 20, 2026, have been sent to each registered shareholder of record on March 20, 2020, and the record date for the meeting, and have also been sent all other persons entitled thereto, the mailing of the materials has been certified by a TMX Trust, Canada. Additional copies of these materials are available online. Accordingly, unless there is an objection, I will dispense with the reading of the notice of the meeting. Are there any objections? I direct the Secretary of the company to keep a copy of the notice with the records of this meeting. I have been provided with a report of attendance and it shows that there are shareholders of a total of 61.2% of the Class A ordinary shares represented at the meeting in person or by proxy, and that this represents a quorum of over 61.2% of the Class A ordinary shares held by shareholders represented by the proxy at the meeting appointed management of the company as their proxy holder. Accordingly, I declare the meeting properly constituted for the transaction of business. As you are aware, only the holders of Class A ordinary shares or their duly appointed proxy holders present in person are entitled to vote at this meeting. Now before moving on, with the transaction of business of the meeting and the subsequent discussion of Caribbean Utilities company, I would like to remind everyone that certain information discussed here today, and you can see the fine print on the screen -- is discussed here today, whether as part of remarks or in response to questions may constitute forward-looking information and therefore, subject to potential risks and uncertainties. Actual results could differ materially from the conclusions, forecasts and projections discussed in this meeting as certain material factors and assumptions were applied in drawing conclusions. Additional information about these and other important risks and uncertainties, material factors and assumptions that may cause results to differ materially from any forward-looking information can be found in CUC's public disclosure record, particularly our MD&A and annual information form filed on SEDAR at www.[ sedar+ ].ca. We have preselected certain shareholders of the company and/or their representatives to move and second the formal motions during the meeting in order to expedite matters. We will now move to the reading and approval of the minutes of the Annual General Meeting of Shareholders held on May 12, 2025. And I believe that Ms. Judith Bennett has a motion that the minutes of the meeting be taken as read and approved.

So moved.

Mr. Daniel Tomlinson will second the motion.

I second the motion.

Any to the contrary? The motion is carried. The first item of business is the presentation and consideration of the audited financial statements of the company for the year ended December 31, 2025, and the auditor's report thereon. The auditor's report and the financial statements are contained in the 2025 annual report, which was mailed prior to the meeting to shareholders that requested it. Online copies of the 2025 annual report are available for any shareholder wishing to review the financial statements and the auditor's report. It is proposed that there is no formal presentation of the auditor's report today. and with your approval that the report of the auditors will be taken as read. There being no objections, I believe Mr. Alvin Calub has a motion approving the financial statements of the company for the year ended December 31, 2025.

I move to the financial statements of the company for the period ended December 31, 2025, and the report of the auditors and the statements be approved and adopted.

Thank you, Calub. Ms. [ Dominic Morales ] will second the motion.

I second the motion.

You have heard the motion, and now we have an opportunity to ask any questions you may have. Are there any questions online?

No, there are none.

You have heard the motion and if there is no discussion, I shall ask all those Class A ordinary shareholders in favor to signify by raising their hand. It is now in order to proceed with the foregoing resolution to be presented by Ms. [ Victoria Powry ].

Further move that all actions taken, including interim dividends declared by the directors and paid by the company for the period ended December 31, 2025, are hereby sanctioned.

Ms. Christi Archer Lopez will second the motion.

I second the motion.

Thank you. Are there any questions? You have heard the resolution of all Class A ordinary shareholders in favor, signify in the usual manner by raising your hand. Any to the contrary? The motion is carried. In accordance with the Articles of Association of the company, the number of Directors elected to serve on the Board shall be 11 and unless changed by the vote of holders of more than 50% of the shares of the company entitled to vote at the Annual General Meeting of Shareholders. The Governance and Sustainability Committee and the Board of Directors have considered the needs of the company and the appropriate size of the Board. The Board assesses the diversity and inherent skills of its members against the governance and technical requirements needed to fulfill its function on an ongoing basis and recommended changes. At this time, it is in the interest of the company and the shareholders to resolve to maintain the Board at 12 directors. With the retirement of Mrs. Karen Gosse, one new nominee is proposed for election as director, Mr. Regan O'Dea. Mr. O'Dea is an executive leader with strong legal, governance and regulatory insurance and risk management experience. A detailed profile for Mr. Odie is included on Page 18 of the management information circular. The addition of Mr. Odie, an experienced business executive will increase the collective diversity, experience and knowledge of the Board. Together, the 12 nominated individuals have sufficient experience and knowledge to fulfill the duties of the Board. I believe Ms. [ Georgette Reed ] has a motion to place before us. I would ask that each nominee rise as their name is called.

Madam Chair, I would like to nominate the following 12 individuals as directors of the company to hold office until the next annual election of Directors or until their successors are selected. Mrs. Jennifer P. Dilbert, Mrs. Sheree Ebanks, Ms. Jennifer Frizzelle, Mr. Woodrow Foster, Ms. Sophia Harris, Mr. J. F. Richard Hew, Mr. Stuart Lochray, Mr. Mark MacFee, Ms. Kay Menzies, Mr. Regan O'Dea, Mr. David Smailes, Mr. Gary Smith.

I declare the nominations for 12 seats on the Board of Directors closed. Thank you. Mr. Hugo Munoz will second the nominations.

I second the motion that these individuals be elected Directors of the company to hold office until the next annual election of Directors and until their successors are elected.

Thank you. You have heard the motion and now have an opportunity to ask any questions you may have. Are there any online?

No questions.

All Class A ordinary shareholders in favor, signify in the usual manner by raising your hand. Any to the contrary? The motion is carried. I therefore declare that these individuals shall be directors of the company until the next annual election of directors and until their successors are elected. So the next item of business is the appointment of auditors. As set out on Page 12 of the Management Information Circular, the Board has recommended that Deloitte LLP be appointed as the auditors of the company. It is now in order to proceed with the resolution to be moved by Ms. [ Michelle Scott ].

I move that Deloitte LLP be appointed auditors of the company until the next Annual General Meeting of Shareholders or until a successor is appointed, and that their remuneration as such be fixed by the Board of Directors.

Thank you. Ms. Mechon Ebanks will second the motion.

I second the motion.

You have heard the motion and now have an opportunity to ask any questions you may have. Any questions online? All Class A ordinary shareholders in favor signify in the usual manner by raising your hand. The motion is carried. Our next order of business is a consideration of a resolution amending the compensation for the members of the Board of Directors. The Governance and Sustainability Committee of the Board of Directors has reviewed the compensation of the directors and committee members. The last amendment for director compensation was approved by the shareholders in May 2024. The committee and the Board recommend the amendments as set out in the management information circular dated March 20, 2026. I will dispense with the reading of the resolution, which is summarized on Page 12 and in the schedule on Page 46 of the Management Information Circular. Ms. [ Namita Abraham ] will move the approval of the resolution relating to the amendment of the compensation for members of the Board of Directors.

Madam Chair, I moved out the resolutions as set out at DA in the Management Information Circular dated March 20, 2026, relating to the amendment of the compensation structure for the Board of Directors to be approved.

Mr. [ Jason Burke ] will second the motion.

I second the motion that the compensation for the members of the Board of Directors of the company be amended.

You have heard the motion and now have an opportunity to ask any questions you may have. Are there any online?

Nope.

All Class A ordinary shareholders in favor, signify in the usual manner by raising your hand. I now invite Mr. Richard Hew to deliver the President's report to our shareholders and Ms. Letitia Lawrence to deliver the report of the CFO on our financial performance at this time.

Thank you, Madam Chair. Ladies and gentlemen, shareholders and colleagues, thank you for joining us at the 2026 Annual General Meeting. As we reflect on 2025, I am proud to share the accomplishments that defined this year for Caribbean Utilities Company, Ltd. This was a year of transformation, one where we strengthened our culture, elevated our customer experience and advance our sustainability commitments and positioned our company for continued success in the future. 2025 was a year of major progress in our long-term strategy. Together, the battery energy storage system and the generation units, life cycle upgrades delivered strong results, improving fleet efficiency by 3.2% and reducing fuel consumption by 2.2 million imperial gallons, extending asset life and preparing our generating fleet for future dual fuel capability. Our EV charging network expanded to 25 public stations with 62 plugs, supporting the country's growing electric mobility sector. Our transition towards renewable energy continues to gain momentum in the Cayman Islands. The company participated in the issued final request for proposals on July 3, 2025 by ERCO for a 22.5-megawatt dispatchable photovoltaic plant, incorporating battery storage to ensure dispatchability and grid stability. The company's participation in the RFP process was with the bid submitted on October 2, 2025, and it reflects its ongoing commitment to sustainable growth, carbon reduction and customer affordability. On April 29, 2026, ERCO advised that the company's submission was shortlisted as a top-ranked bidder in accordance with Section 4.5 of the RFP. And has progressed to the final quantitative evaluation phase. The company is preparing to participate in the mandatory interconnection feasibility as part of the ongoing evaluation process. Our company continues to make strategic investments that are delivering real measurable benefits for our customers. The battery energy storage systems completed in 2024 and the life cycle upgrades completed in 2025, have already proven their value resulting in $7.9 million in fuel cost savings in 2025. These efficiencies translate directly into savings for our customers. and demonstrate the impact of investing in modern technology. As we look ahead, CUC will also continue investing in the transmission and distribution infrastructure that strengthens our grid and supports a high level of resiliency and reliability our customers expect. At the same time, we remain committed to advancing sustainable energy technologies such as utility scale solar that will lower energy costs and create direct savings for our customers. Our drive towards modern technology, renewables and sustainability is a drive towards affordability for our customers. Our employees are at the heart of the company and their achievements in 2025 were extraordinary. Participation in our engagement survey rose from 60% to 93%, and our engagement score increased to 3.89 out of 5, reflecting a workforce that is motivated, connected and aligned with our mission. We invested nearly 23,000 hours of training, strengthened our diversity, equity and inclusion initiatives and continue to build a workforce that reflects our community with 79% Caymanian employees and our remaining employees representing 17 nationalities. For CUC scholarship recipients completed their studies and joined us full time, reinforcing our commitment to developing Caymanian talent. Our employees' commitment translated directly into exceptional service for our customers in 2025. We achieved a record system average interruption duration index of 1.2 hours, outperforming the North American utility average benchmark and setting a new company record for reliability. Customer satisfaction reached its highest level ever, 80% in May, averaging 78% for the year. We expanded customer education programs and launched our AI chat agent, improving accessibility and responsiveness across all service channels. Our commitment to delivering world-class service remains firm, and we continue to place reliability and affordability at the center of every decision we make. As we strengthen our operations and invest in the future of energy for our community, ensuring that our customers receive safe, dependable an accessible service will always be one of our highest priorities. I now invite Ms. Letitia Lawrence, Vice President, Finance, Corporate Services and Chief Financial Officer, to deliver our financial results for 2025.

Thank you, Richard. Good evening, everyone. It's my pleasure to present the financial performance of Caribbean Utilities Company, Ltd. for the year ended December 31, 2025. This year's results reflect disciplined cost management prudent capital investment and continued operational efficiency, strengthening our financial position and supporting long-term value creation. CUC delivered strong results in 2025. Operating income increased by 10%, supported by a 2% rise in kilowatt hour sales, z-factor revenues for approved capital projects and a 4% base rate adjustment effective June 1, 2025. Net earnings rose to $47.4 million, up 11% from 2024, with earnings attributable to Class A ordinary shares reaching [ $46.3 million ] or a record $1.10 per share. In February 2026, DBRS reaffirmed CUC's credit rating at A low with a stable outlook, reflecting our constructive regulatory framework, strong credit metrics and the stable economic conditions of the Cayman Islands. In January 2026, S&P revised its outlook for the company following his revision of Fortis Inc. and its subsidiaries to stable from negative. The stable outlook reflects S&P's expectation that the company will continue to effectively manage regulatory risk, advanced physical risk mitigation initiatives and for the company to maintain financial discipline such that funds from operations to debt remains above 15%. Total operating revenues were $284.4 million, with electricity sales revenues increasing 5% to $128.5 million. Fuel factor revenues declined by 12% due to improved efficiency and lower global diesel prices. Total operating expenses decreased by 5% and finance charges fell 17% to $4.9 million, further supporting earnings growth. Two major initiatives for the company, the battery energy storage system and the generating units life cycle upgrades delivered meaningful benefits including $2.2 million of imperial gallons of fuel saved and $7.9 million in fuel cost savings. These improvements contributed to a 13% reduction in the average fuel cost per kilowatt hour directly lowering costs for our customers. These savings have continued into 2026 as customers realize an estimated fuel savings of approximately 0.5 million imperial gallons or 5% reduction equivalent to a reduction of an estimated amount of $1.85 million in fuel costs for the first quarter of 2026. Operating income for the first quarter of 2026 totaled $7 million, an increase of $0.6 million compared to operating income of $6.4 million for the first quarter of 2025. This increase was primarily attributable to lower depreciation expense, reflecting the approved [ license ] extension of 8 of our generating units. In March 2026, ERCO approved CUC's proposed business case to extend the useful lives of several generating units that were previously scheduled for retirement in 2026 and 2027. As part of CUC's overall strategy to address the projected capacity shortfall arising from increasing demand and the planned retirement of 37 megawatts of thermal generation. The approved plan extends the operation of 8 generating units through December 31, 2028, with a 10-year extension of the depreciation period for the effective units and associated inventory spares, extending their depreciable lives through December 31, 2038, resulting in lower monthly depreciation expense on these units beginning in the first quarter of 2026. The full first quarter 2026 report can be found on the company's website. These achievements that I've just described are central to our sustainability journey. In 2025, we released both the sustainability report update in our inaugurable green finance report, underscoring our commitment to transparency and measurable progress. The company completed limited assurance engagements on Scope 1 greenhouse gas emissions and on the allocation of proceeds from our gain finance instruments, providing independent verification of our environmental reporting. These reports detail how $50 million in green financing has been allocated to projects that reduce emissions, strengthen grid resilience and support the Cayman Islands national energy policy. They also highlight an estimated 8,512 metric tons of CO2 avoided, demonstrating the real environmental impact of our investments. In 2025, CUC invested $88.9 million in capital projects, including generation upgrades, grid hardening and resiliency initiatives. Total assets increased to $879.6 million. Shareholders' equity rose to $412 million, and operating cash flow remained strong at $85.6 million supporting continued investment and dividend growth. As part of our long-term infrastructure strategy, we submitted our 2026 to 2030 capital investment plan to the regulator on October 15, 2025. This 5-year $484.8 million plan focuses on grid modernization, enhanced resiliency and meeting the island's growing energy needs. These investments will further strengthen reliability, support the energy transition and deliver long-term value for customers and shareholders. In addition to these investments, over the next 5 years, the company anticipates the opportunity to also invest in the Cayman Islands energy transition through participation in competitive bids facilitated by ERCO. Successful outcomes in these bids would represent a significant catalyst for shareholder value, enabling the company to expand its renewable energy portfolio and support customer affordability. The integration of new renewable projects would also enhance operational efficiency, aligned with Cayman's national energy policy targets positioning the company as a leader in the regions and transition. In May 2025, the Board approved a 3% increase in the quarterly dividend, raising it to $0.19 per Class A ordinary share, reflecting our commitment to a sustainable returns supported by strong fundamentals. As Ms. Sheree noted earlier, we are pleased to advise that earlier today that we announced that the Board had declared an increase in the quarterly dividend from $0.19 to $0.20 per Class A ordinary share. This is our fourth consecutive year of dividend increases and represents a 5% increase from [ $0.07 to $0.06 to $0.08 ] per share on an annualized basis. The dividend is payable on June 15, 2026, to shareholders of record on June 1, 2026. The 2025 was a year defined by disciplined financial management, operational excellence and strategic investment with a strong balance sheet, improved fuel efficiency and a continued focus on affordability and CUC is well positioned for the future. As we advance the energy transition and invest in a more resilient grid, we remain committed to delivering long-term value to our customers, our community and our shareholders. I will now hand the mic back over to Mr. Hew.

Thank you, Letitia. Our commitment to the Cayman Islands community remains central to who we are. In 2025, our employees volunteered across numerous programs, including meals and wheels, earth day cleanups and youth education initiatives. We continued our long-standing support for local youth sports, including the track and field, swimming and primary school football and cricket leagues. We continue to support the learning of young Caymanians and sponsored [ Salil Parkinson ] to attend this COP30 Summit in Brazil, giving her the opportunity to engage with global climate leaders. Our commitment to ESG initiatives continues to be a top priority, and we completed limited assurance engagements on our Scope 1 emissions and on the allocation of our green finance proceeds, strengthening transparency and renewing reinforcing our commitment to sustainability. Our culture of safety and responsibility remains our highest priority. In 2025, we implemented a comprehensive health and safety plan, expanded mental health initiatives and delivered contractor workshops to strengthen safety across our operations. We maintained compliance with ISO 14001 and ISO 45001 standards, demonstrating our commitment to environmental and occupational health excellence. This year, we also took a bold step forward in our identity. After nearly 6 decades of service to Grand Cayman, we introduced a refreshed brand, one that reflects who we are today and the future that we are building. Our new brand represents reliability, innovation and our commitment to a cleaner, more resilient energy future. It honors our Caymanian history while embracing the evolving needs of our customers and our country. This rebrand is more than a new look. It is a renewed promise to empower our community with safe, reliable and sustainable energy delivered by people who care deeply about the Cayman Islands. As we look to the future, our focus remains clear, advancing the renewable energy transition, strengthening grid resilience, enhancing customer experience, investing in our people and focusing on projects that will deliver affordability for our customers. Our employees are the driving force behind our success and their achievements in 2025 have positioned us to meet the evolving needs of our customers and our country. To our staff, thank you for your dedication. To our shareholders. Thank you for your continued confidence in our vision. Many thanks to the executive team and to the directors, the senior management. Thanks to the Board of Directors, together on our refreshed brand and renewed purpose and as we celebrate 60 years of power in Cayman, we will continue to build a smarter cleaner and more resilient energy future for Grand Cayman. Please enjoy this short video to celebrate our 60th anniversary and our rebrand. [Presentation]

Thank you, Mr. Hew and Ms. Lawrence. At this time, we would like to open the meeting for questions of myself, Mr. Hew or Ms. Lawrence. Claire will read the questions received online. The relevant member of the panel will respond. Responses to all questions will also be posted following the meeting. So are there currently any questions from the floor? Seeing none. There being no further questions from the floor. I now ask that Claire read any questions received online.

There are no questions.

There being no further questions. Are there any other matters of business to come before this meeting? There being none, I believe that Mr. [ Robert Worms ] has a motion that the formal portion of this meeting be terminated.

Madam Chair, I move that the meeting be terminated.

Ms. [ Trishana Scott Sinclair ] will second the motion.

I second the motion.

All in favor, signify in the usual manner. Any to the contrary? The motion is carried. I now declare that the 2026 Annual General Meeting of the Shareholders of Caribbean Utilities Company, Ltd. is terminated. On behalf of the Board of Directors and the management team at CUC, I would like to thank you all for attending this Annual General Meeting of Shareholders.