Intact Financial Corporation ($IFC)

Ladies and gentlemen, [Foreign Language], good afternoon. My name is Bill Young, and I'm the Chair of the Board of Directors of Intact Financial Corporation. On behalf of the directors, I would like to welcome you to the 2026 Annual Meeting of Shareholders of the company. Welcome to the Annual Meeting of Shareholders of Intact Financial Corporation. It is a privilege for me to chair this meeting and address our shareholders. Please note that this meeting will take place in both English and French. Simultaneous translation is being provided through our webcast, and we welcome questions in either language. In addition, closed capturing is available by clicking on the CC button located on the top right side of your screen when you're in the English or French channel. Should you have any technical issues during the meeting, please e-mail [email protected]. As Chair of the Board of Directors of the company, I will act as Chair of this meeting as per the company's bylaws. I now call the meeting to order. I would like to draw your attention to the forward-looking statements and disclaimer currently displayed on the webcast page. Certain forward-looking statements may be made during this meeting and actual results could differ from these statements. Joining me today are Charles Brindamour, Chief Executive Officer of the company, who will deliver his report later in the meeting; and Stephanie Lee, Senior Vice President and General Counsel, who will act as Secretary of the meeting. My fellow directors as well as members of the senior management of the company have also joined for today's meeting. Timothy Lee, representative of Computershare will act as a scrutineer of the meeting. At this time, I would like the secretary of the meeting to review the procedures for voting and for asking questions.

[Interpreted] Thank you, Bill. If you have already voted by proxy prior to the meeting and do not wish to change your vote, you do not need to vote again. Here are the steps to follow for shareholders and proxy holders attending the meeting today who wish to vote during the meeting. Only shareholders and proxy holders who have logged in as shareholders with a user name provided by Computershare will be able to vote during the meeting. If you are a shareholder or a proxy holder who has not yet voted or if you wish to change your existing vote, you may do so by clicking on the voting button at the top left of your screen. Voting is now open and will remain open until all voting matters have been presented. Those attending the meeting as guests are not able to vote. Following the closing of voting, I will announce voting results for each matter and these voting results will be available on SEDAR+ following meeting. We encourage you to ask questions during the meeting. Shareholders and proxy holders attending the meeting can ask questions in writing or alternatively live via telephone by clicking on the Questions button at the top left of your screen. Please note that to be able to ask questions, you must be logged into the meeting as a shareholder using the user name provided by Computershare. Those attending the meeting as guests will not be able to ask questions. If you wish to ask a question in writing, type the question in the text box, indicate whether it relates to a specific item on the meeting agenda or is of a more general nature, and then click the send button at the right side of the text box. I will read questions received in writing out loud at the appropriate time. If you wish to ask a question in real time via telephone, type your full name and phone number in the message box as well as the topic of your question, and then click the send button at the right side of the text box. An operator will contact you with the number you have provided, and we'll connect your call to the meeting. I will then invite you at the appropriate moment to ask your question. We will address questions regarding specific agenda items at the time these items are presented, but please feel free to send your questions at any time. General questions will be addressed following remarks by our CEO and questions of a similar nature may be grouped together in a single question. If your question concerns a client matter, please include your contact information and a member of our customer service team will be in touch with you following the meeting. Finally, if there are any questions we are not able to answer today, we will reach out to you personally after the meeting to ensure we answer your question. Thank you in advance for complying with these procedures.

Thank you, Stephanie. I have received satisfactory proof that the notice calling this meeting was duly sent to all shareholders of the company under the notice and access regime, the whole in conformity with the bylaws of the company and with the corporate and security laws of Canada. We have received proxies representing more than 77% of the over 177 million common shares outstanding. I hereby declare that notice requirements have been met, that a quorum is present and that this meeting is properly constituted for the transaction of business. I further direct that the Secretary maintain the proxies and record of attendance with the official records of this meeting. The meeting is now open. At this time, I would like to remind everyone attending that the minutes of last year's Annual Meeting of Shareholders, along with the meeting agenda and other documents, including the management proxy circular and the annual financial statements are available by clicking the documents button at the top left of your screen as well as under the Investors tab on the company's website. For the purpose of this meeting, I will ask Stephanie Lee, who is a shareholder, to move all proposals. The first order of business is the receipt of the company's financial statements for the year 2025. Copies of these financial statements were made available to shareholders who requested them, along with the annual meeting documentation. Copies are also available on our website and may be obtained from the Secretary's office or the Investor Relations Department of the company. Can the secretary confirm whether any questions have been received with respect to this matter?

There's no questions on this topic, Bill.

Thank you. I confirm that the consolidated financial statements of Intact Financial Corporation for the year ended December 31, 2025, and the auditor's report related to these financial statements have been hereby received by this meeting. The next item of the meeting is the appointment of the auditor. Management, the Audit Committee and the Board of Directors and the company have recommended that the appointment of Ernst & Young LLP as the company's auditor for the 2026 fiscal year and until the next annual meeting. Can the secretary confirm whether any questions have been received with respect to this matter?

No questions on this topic, Bill.

Thank you. May I have a proposal in this regard?

My name is Stephanie Lee, and I am a shareholder of the company. I would like to move that Ernst & Young LLP be appointed as auditor of the company for the year 2026 and until the next annual meeting.

Thank you. I would like to remind all shareholders and proxy holders in attendance that voting is currently open and will remain open until the last voting matter has been presented. We will now proceed with the election of the directors of the company. 13 directors are nominated for election at this meeting. All directors proposed by management of the company were elected by shareholders at last year's annual meeting except for Mr. Thomas Flynn, our new Director Nominee. Please also note that in accordance with the company's advanced notice bylaw, it has been confirmed that no other director nominations were received by the company. Can the secretary confirm whether any questions have been received with respect to the election of the directors?

No questions, Bill.

Thank you. May I have a proposal in this regard?

My name is Stephanie Lee, and I am a shareholder of the company, and I hereby propose the following persons as directors of the Board of Directors of Intact Financial Corporation as of this meeting and to remain in that function until the next annual meeting. Charles Brindamour, Thomas Flynn, Michael Katchen, Stephani Kingsmill, Jane Kinney, Rob Leary, Mike Miller, Sylvie Paquette, Stuart Russell, Indira Samarasekera, Frederick Singer, Carolyn Wilkins and Bill Young.

Thank you. Voting is currently open if you wish to do so and will remain open until the last voting matter has been presented. The next item on the agenda is the vote on the resolution relating to the confirmation, ratification and approval of the amended and restated shareholder rights plan without changes, last confirmed at the Annual and Special Meeting of Shareholders on May 11, 2023, and most recently approved by the Board of Directors at its meeting of February 10, 2026. Can the secretary confirm whether any questions have been received with respect to this matter?

No questions on this topic, Bill.

Thank you. May I have a proposal in this regard?

My name is Stephanie Lee, and I am a shareholder of the company. I propose that the following resolution be approved. Be it role that the amended and restated shareholder rights plan agreement dated April 19, 2017, between the company and Computershare Investor Services Inc., BN is hereby ratified, reconfirmed and reapproved. Also that any director or officer of Intact Financial Corporation is authorized to do all such acts and things and to execute and deliver all such instruments, agreements and other documents as in such person's opinion may be necessary or desirable in connection with the foregoing to give full effect to this resolution.

Thank you. Voting remains open if you wish to vote on any of the matters presented and will close following the presentation of the next matter. The next item on the agenda is the advisory resolution relating to the company's approach to executive compensation. The Board of Directors believes that shareholders should have the opportunity to fully understand the objectives, philosophy and principles that it is used and integrated to make executive compensation decisions. It is the Board of Directors' intention that this shareholder advisory vote will form an important part of the ongoing process of engagement between shareholders and the Board of Directors concerning compensation. The Board of Directors has recommended that shareholders approve the nonbinding advisory resolution. Can the secretary confirm whether any questions have been received with respect to this matter?

There are no questions on this matter.

Thank you. May I have a proposal in this regard?

My name is Stephanie Lee, and I am a shareholder. I move that the following resolution be approved. Be it resolved on a nonbinding and advisory basis and not to diminish the role and responsibilities of the Board of Directors, that the shareholders accept the approach to executive compensation disclosed in the company's proxy circular made available in advance of the 2026 Annual Meeting of Shareholders.

Thank you. We'll now be closing voting. I invite those shareholders or proxy holders who have not yet cast their votes but wish to do so, to complete voting now. . [Voting]

Voting is now closed. I will now ask the Secretary to report the voting results.

Thank you. I have received the scrutineer's report. The voting results will be filed on SEDAR+ following this meeting. The following are the voting results. Ernst & Young has been appointed as auditor of the company for the year 2026 and until the next annual meeting by at least 94% of votes cast. All directors nominated for election have been duly elected by an average of at least 98% of votes cast and will hold office until the next Annual Meeting of Shareholders or until their successors are elected or appointed. The company's amended and restated shareholder rights plan was ratified, reconfirmed and reapproved by at least 96% of votes cast, and the advisory resolution on our approach to executive compensation was approved by at least 52% of votes cast.

Thank you, Stephanie. Concerning our advisory resolution on our approach to executive compensation, the level of support is below our historical results. We take this outcome seriously, and we appreciate the feedback we heard from shareholders. We recognize that this year's vote to place in the context of the CEO's one-time special 2025 performance stock option grant. The Board approved this grant for 2 core reasons: managing CEO retention as a strategic priority and incentivizing the CEO to continue driving record performance for shareholders. It reflects the Board's confidence in Charles' leadership, which was echoed by shareholders voting close to 100% for his reelection as a director. The value of this grant is entirely contingent on the achievement of highly demanding share price performance requirements. It delivers value to the CEO only have shareholders first experienced significant and sustained share price appreciation. Shareholders' feedback on key topics, including executive compensation is extremely important to us. Over several years of constructive and supportive shareholder engagement, shareholders consistently highlighted Charles' exceptional performance as CEO and the importance of his retention. The Board and the Human Resources and Compensation Committee remain committed to an executive compensation program that is strongly aligned with the performance and long-term shareholder interest. We will continue to engage with shareholders on this and other key topics through the company's established shareholder engagement program. Thank you. We have now completed the official business of the meeting, and will now hear reports from myself and the Chief Executive Officer. This will be followed by a question-and-answer period. As a reminder, if you are a shareholder or a proxy holder and wish to ask a question, you can submit a written question or enter your name and phone number to be contacted and ask a question in real time via telephone by clicking the Questions button at the top left of your screen. I'll now deliver my report. In 2025, Intact once again helped customers get back on track, delivering strong financial results and advanced our long-term global strategy. We continue to build on our market-leading position in Canada. We advanced our global strategy and specialty lines with the rebranding of our UK&I business to Intact Insurance. We became a global company under one unified brand, strengthening our position in the U.K. and Ireland. Intact's 2025 financial results show both resilience and long-term strength. The business remains well positioned to absorb both near-term and long-term pressures and to manage and deploy capital with discipline. We achieved these results against the backdrop of disruptive global trends including geopolitical tensions, accelerated AI evolution, significant market volatility and the continued impact of climate change. Our success in navigating risk exposure is supported by strong governance. As cyber and AI risks have grown in prominence, the board has spent significant time assessing these risks, and we continue to do so with climate. We are confident in Intact's proactive approach to navigating these market realities. Having the right people on the Board is key to effective oversight and risk management. We are pleased that Tom Flynn, former CFO and Chief Risk Officer and a large Canadian bank is joining us on the board. Tom's experience in risk management and his long-standing relationships with regulators strengthen our bench. This addition enhances our ability to oversee strategy and risk with rigor. Now a few words about shareholder engagement, which is core to the Board's mandate. Throughout the year, our engagement with shareholders focused on 6 themes. First, executive compensation and CEO retention; second, capital deployment and M&A; third, climate and sustainable investing; fourth, board composition and planning and priorities: fifth, strategy and growth; and sixth, data and AI. The shareholders we met with were highly engaged. They were keen to understand how our early investments in AI helped make Intact a global leader in pricing and risk selection. They expressed continued satisfaction with our disciplined approach to capital deployment and M&A. And as I touched on earlier, their constructive feedback over the last several years has helped to inform our plans for executive retention and compensation with the importance of retaining Charles a CEO being consistently raised as a strategic priority for our shareholders. Leadership continuity is essential to Intact's execution of our strategy. This succession pipeline becomes more and more important as our organization grows. Our approach is working. Across the business, Intact has an average of 5 successors for 250 of our senior executive roles to ensure continued outperformance. Our strength in the market also helps us attract top external talent globally across our business units. To further support our leaders development in 2025, we launched Edge. Edge stands for executive, development, global, experience. It's a training program for senior leaders across our markets. The goal of Edge is simple: to continue to future-proof Intact's track record of outperformance which we recognize as driven by our people. Our focus on leadership development reflects our broader commitment to investing in our people who are key to our success. On behalf of the Board, I want to thank each of Intact's 32,000 employees for advancing our strategy and delivering for customers, brokers and our shareholders. I also want to thank the Intact leadership team especially our CEO, Charles Brindamour, for delivering the calm, focused leadership that disruptive times demand. To my fellow board members, I'd like to express my gratitude for your engagement, counsel and thoughtful oversight. In a complex world that has tested every business, your stewardship has helped Intact thrive and maintain the trust of our shareholders. Finally, to our shareholders, customers and brokers, on behalf of everyone at Intact, thank you for your trust in this year of constant change. With your support, we entered 2026 with momentum, a strong balance sheet and a winning team. As the new world order is rewritten, Intact continues to transform from Canadian champion to a global player, strengthening Canada's future and contributing to overall stability. We are proud of the role Intact is playing, and we are grateful that you are with us on this path. Thank you. I will now invite Charles Brindamour to deliver his remarks.

[Interpreted] Hello, everyone, and thank you for joining us today. 2025 was certainly a year of remarkable disruption. We saw trade wars, redefined geopolitical alliances and a new world order. AI moved from novelty to necessity, starting to reshape the economy and workforce, and the climate emergency continue to break records. While Intact was not immune to these changes, like many businesses, we faced volatility in the markets and pressure on operations and supply chains. And our teams were on the front lines of extreme weather. And yet, against this backdrop, Intact had another strong year. Our success in 2025 was not luck or coincidence. It's the result of a deliberate long-term strategy. And today, I want to talk to you through the 4 principles that anchor our strategy. First, you need to be very clear on what success looks like. Second, you must build a game plan that's outside in. I should cut the noise and focus on the long term. Third, your plan needs to build on your strengths. And finally, strategy is nothing without a winning team. And it's important to leverage your people and over-index on talent. So let's start with that first principle, clarity on success. To succeed as a business, you need to know where you're going. And for Intact, success means 3 things: First, we want our customers to be our advocates. Ultimately, it is our customers who decide who wins in the marketplace. Second, we want our employees to be engaged. We cannot succeed if our employees are not proud of their work or motivated to give their best. And third, success means being one of the most respected companies wherever we operate, not just for our financial results, but also for investments in communities. We aim to outperform the industry's return on equity by 500 basis points and grow our net operating profit per share at an annual rate of 10% over the long term. We are committed to achieving net 0 emissions by 2050 which means cutting emissions from our operations in half by 2030. And we want 3 out of our 4 stakeholders to recognize us as a leader in building resilient communities. When objectives are clear, they guide every decision and that drives outperformance. The second principle of a good game plan is that it must be outside in. By that, we mean that we focus on deep trends that will matter for decades, not quarters. Let me highlight the ones we're most focused on. Let's begin with geopolitics. Last year, we saw a change in the global trade agenda. And while tariffs had less of an impact than anticipated, they'll persist for years. This will slow economic growth and put pressure on inflation. As of early May, the Middle East conflict is ongoing and will likely last for at least a number of months. This conflict will exacerbate the pressure on growth and inflation that we're already building in the system. And so as a firm, remaining focused on facing inflationary pressures will be paramount. And further, making sure we're prepared for a range of scenarios, including heightened cyber attacks is also part of our response. But beyond cost pressure, the geopolitical environment is increasing business risk and financial market volatility. Changes in U.S. policy have brought long-standing social and political tensions to the surface. And so uncertainty is up, which means that the cost of doing business and deploying capital also goes up. The U.S., though, is still a tremendous place to invest in, but we must adapt to these changes. This brings me to the next trend. As geopolitical and economic conditions evolve, so do customer expectations. Customers want value for money, speed, simplicity and a personalized digital experience. That's why we invest heavily in our digital channels. [Interpreted] More digital activity means more data, and that's good news for Intact because it's one of our core competencies. This exclusion of data is also accelerating the use of artificial intelligence, including generative AI. For over 10 years, Intact has been using data and AI to strengthen its competitive advantage in pricing and risk segmentation. Today, we are also investing in AI to improve customer service, software engineering and efficiency, but more AI also mean more cybercrime. The global cyber risk insurance market is expected to double by 2030. We have, therefore, redoubled our efforts to protect our systems and customer data. At the same time, this environment presents a significant business opportunity, and this is why we continue to offer cybersecurity and insurance solutions across all of our markets. Another trend is the changing landscape of competition, general management agencies, wholesalers, and brokerage firms continue to grow faster than the industry as a whole. Our global specialty solutions positions us well to capitalize on this trend. We are also paying attention to the major trends shaping the retail landscape, AI-powered assistance such as ChatGPT are changing the way consumers search for information and make purchasing decisions. Thanks to the strength of our brands, our advanced AI capabilities, our robust digital channels and our extensive distribution networks. We know we can adapt and emerge stronger than ever. The defining trend [Foreign Language] consecutive year. Insured losses from natural catastrophes exceeded USD 100 billion. Addressing this crisis requires an all of society approach with both the public and private sectors, playing a role. We need to invest more in adaptation, because every dollar invested can prevent $2 to $10 in direct losses. Intact has been leading on this front for over a decade. Climate is a deep trend where we can win while helping society. Now to the third principle of a good game plan, it must be built on your strength. Our strategy is centered on where long-term trends and our strengths intersect. [Interpreted] We are a global leader in the use of data and AI for risk selection. Our hundreds of AI experts have developed nearly 600 models. These models generate over $220 million in profits each year, and we are on the track to exceed $500 million by 2030. Our in-depth expertise in claims management and our robust supply chain also gives us a significant advantage. We have the largest claims team in Canada, 38 Intact service centers and on-site or restoration company has nearly 2,000 specialists. In 2025, we expanded on-site presence in Quebec through the acquisition of Excellence Renovation. This should enable us to increase our operations in this market by nearly 50%. We also own Jiffy Canada's #1 app for home improvement projects. Jiffy for its part, doubled its presence across the country in 2025. Another of our unique strength is our solid expertise in capital and investment management. We manage over $42 billion in assets ourselves. In 2025, our investment return increased -- our investment returns rather increased by 5% over 12 months. Over the past 5 years, our investment portfolio has outperformed those of our industry peers by approximately 100 basis points and strong performance means opportunities. Since Intact was founded in 2009, our footprint has grown tenfold. We see many areas where we can leverage our strengths. We want to strengthen our leadership position in Canada. We are already the largest property and casualty insurer in Canada with a market share of nearly 20%, and we believe we can grow our Canadian operations by 50% by 2030. So focusing on distribution is essential to achieving this goal. BrokerLink is a powerful driver of broker-led growth. The company reached $5.1 billion in annualized premiums in 2025 and is targeting $10 billion by 2030. As for direct-to-consumer distribution, belairdirect is gaining momentum, thanks to the strength of digital channels. It reached $4 billion in direct premiums in 2025. The strength of our brands also matters. Intact Insurance remains the most recognized insurance brand in Canada and belairdirect ranks the third. Overall, we delivered an exceptional performance in Canada in 2025. We outperformed our peers in both revenue and net income demonstrating our ability to grow and deliver strong results at the same time. Our next opportunities in the U.K. and Ireland. We have access to a GBP 25 billion U.K. commercial lines market, and we own just 6% of it. So the room to grow is significant. In 2025, RSA and NIG rebranded to Intact Insurance, bringing more than 5,000 employees under our global brand. Our ambition is to double the UK&I business by 2030. And to get there, we focused on making it easier for brokers to do business with us. They're noticing. They voted us the #1 insurer in the U.K. for commercial lines claims and 90% say they value our specialized expertise, up 5 points year-over-year. [Interpreted] In the Commercial Specialty Solutions segment, the opportunity is significant. We have access to a market worth over $500 billion. We aim to reach $10 billion in annual direct premiums by 2030. Currently, we are already approaching $7 billion. By leveraging our strength, we have maintained strong performance across all our business segments. But our greatest strength is our people. Now 32,000 people worldwide. Our strategy on this front is built on 3 pillars: being a best employer, attracting top talent, and enabling our people to thrive. In '25, we achieved best employer status in Canada, the U.S. and in the U.K. and Ireland. Over 25% of employees were promoted or changed roles internally and 70% of leadership roles were filled from within. And thanks to our people and a strong game plan. Intact is now better positioned than ever to be there for customers and deliver for shareholders in good and bad times. Overall, we've built a machine that can withstand risks, shocks and industry pricing cycles. Our track record over the past 15 years through the cycle is solid. Our net operating income per share has grown at a compounded rate of 14% over the last 5 years, 12% over the last 10 and 15 years. Our ROE outperformance has been almost 700 basis points on a 5-, 10- and 15-year basis. Our book value per share grew at a compounded rate of 13% over the last 5 years and 10% in the last 10 and 15 years. That consistency delivery shows that external factors did not inhibit our ability to deliver ROE outperformance or double-digit earnings growth annually over time. Remaining focused on profitable growth, protecting underwriting margins and allocating capital with discipline [ Winsteday ]. This gives me a high level of confidence for what's ahead. And it's with that mindset that we closed a successful 2025 and face into the next decade. So I'd like to end by thanking our teams because you're a dedicated execution of our game plan has brought us the strong position we're in today. Also like to thank brokers, customers, investors, for your ongoing trust. And there's no doubt in my mind that with your support will continue to help people, business and society prosper in good times and be resilient in bad times. Thank you.

Thank you, Charles. We will now address any general questions from shareholders and proxy holders. As a reminder, if you wish to ask questions, you can submit a written question or enter your name and phone number to be contacted and ask a question in real time via telephone by clicking the question button on the top left-hand side of your screen. Questions of a similar nature may be grouped together in a single question. If your question concerns a client matter, please indicate your contact information and a member of our customer service team will get in touch with you following the meeting. Finally, if there are any questions we are not able to answer today, we will reach out to you personally after the meeting to ensure we answer your question. Can the secretary confirm whether any questions have been received.

Yes, Bill, we have a shareholder on the telephone, [ Matt Price ], who has a question.

Can you hear me?

Yes.

Good afternoon, everyone. My name is Matt Price. I'm the Executive Director with Investors for Paris Compliance. We've been analyzing and reporting on Intact net 0 activities for a number of years. And thank you for the opportunity to pose a question today. I would like to first congratulate Intact on continuing to reduce the finance emissions in absolute terms with over $50 billion in investments. Intact has a unique opportunity and responsibility in this regard, and we hope to see similar progress for Intact on the underwriting side, measuring and setting targets for insurance-related emission. . My question I'd like to Mr. Brindamour statement about Intact's positioning, including a slotting activities around adaptation. Indeed, with climate damages already amounting to tens of billions in Canada each year, adaptation of the urgent necessity. But what is the company's position on the state where you're adapting to. Missing from Intact's public statements as anything about societal emissions reductions without which at a patient becomes a losing proposition. This extends to the insurance bureau of Canada, which Intact support of its dues. With that economy-wide reductions, not only do we not know where, how and what scale to make adaptation investments, but there is a point at which the world becomes uninsurable. You'll note that when you watch Mad Max movies, you won't see any insurance brokers. My question to Mr. Brindamour. Given the Intact's business fundamentally depends on a stable climate, why the relative silence on the need for societal emissions reductions?

Matt, thank you very much for your question. The energy transition and the importance of going to net 0 is very high for us. That's why we're committed to get to net 0 by 2050. We're committed to reducing our emissions by 50% by 2030, and we've made good progress on this front. Investment emissions down 44% over 2019. Operations emission, down 33%, again over 2019. We've launched a range of products that support the energy transition. We're engaged with emitters. We're also building a renewal energy global business to be an agent of change on the energy transmission or the energy transition or on mitigation. So for me, the actions we're taking are, I think, more important than what we're actually saying. We are part of many discussions on the energy transition and the importance of going to net 0 with elected officials, provinces, the federal government and on global platforms. We're also part of research on this front. But one thing that is clear to us is that the need to adapt has never been more important and not enough people talk about that, and that's why we choose to concentrate on adaptation. If you look, Matt the amount of energy that is going to the mitigation side and to the energy transition per se, you'll notice that for every dollar invested in adaptation and preparing our country for the burden of natural disasters that will increase, there's about $24 invested in climate mitigation and the energy transition. We think that is very good that we're investing in the energy transition, and then moving society to net 0. But I think not enough people are focused on adaptation and that is the area we choose to focus on because a strong voice is needed on adaptation. And so we absolutely believe in both as proven by the actions that we're taking. But when it comes to public statements and the space we want to occupy in terms of advocacy, we feel more energy needs to go from adaptation because not enough people are talking about adaptation. Thank you for your question, Matt.

Stephanie, are there any other questions?

No further questions, Bill.

Thank you. We have now completed our agenda for this meeting. I declare the meeting closed, and thank you for attending. Have a great day. [Foreign Language] [Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]