LAND D BANK K ANNUAL AL REPOR ORT T FY201 017 7 LAUNCH: 3 - - PowerPoint PPT Presentation

LAND D BANK K ANNUAL AL REPOR ORT T FY201 017 7 LAUNCH: 3 AUGUST 2017

Land Bank Presentation 2

CONTENT ENT

• 1. Opening Remarks by Programme Director, Mrs. Konehali Gugushe
• 2. Remarks by Land Bank Board Member, Mrs. Sue Lund
• 3. Presentation by The CEO, Mr. TP Nchocho
• 4. Presentation by The CFO, Mr. Bennie van Rooy
• 5. Q&A
• 6. Lunch

Land Bank Presentation 3

• 3. R

. Report of The Chie ief f Execut cutive ive Offi fice cer Presen enter er: : Mr. T . TP Nch choch cho

Land Bank Presentation 4

Introdu

• duct

ctor

• ry

y Ove verview iew

1. Institutional Consolidation Post the 2015 Restructuring 2. Key Perspectives: The Year in Context 3. The Financial Sustainability Trajectory 4. Governance Integrity & Investor Confidence 5. Development Impact Outcomes 6. Looking Forward 7. Conclusion

Land Bank Presentation 5

Institut itution ional Conso solida datio tion n Post st the e 2015 15 Restru ruct ctur uring ing

Giving ng effect to the Corpo porate e Strateg rategy

• Developmental Effectiveness
• Financial Sustainability
• Governance Integrity

Ongo going ing inv nves estmen tment in moder ernisa nisation ion of the Risk Mana nagem emen ent Archit hitec ectur ure

• Credit Risk
• Operations / Enterprise Risk
• Portfolio Management

Attra racting ing and d inv nves esting ing in the Best Talent lent

• Successful recruitment: Specialised Finance
• Successful recruitments: Credit & Portfolio Management
• Deepening Agricultural Economics

Land Bank Presentation 6

• Sector still recovering from the 2 years of Drought
• The sector was in recession
• The excellent rainfalls starting last quarter of 2016 and into first quarter 2017
• Sharp recovery as more hectares were planted
• Pressures have continued on the Poultry industry
• Few assets in our portfolio came under distress
• An industry-wide decline in quantities of animals (livestock units)
• Upward pressures on meat prices (Food inflation: 10.8%)
• Export Performance
• SA Agri exports up at R79bn (R64bn year before)
• Pressures on the financials of the Land Bank Insurance Company (LBIC)
• Drought led to higher claim ratios
• Premium Income basically flat (re: hectares planted)

Key Perspect pectives s on the Agricul cultural ral Sect ctor

• r

Placing the Financial Results in Context

Land Bank Presentation 7

The Impera rativ ive for an Upwar ward d Traj aject ector

• ry in Financ

ancial ial Sustain stainab ability ity

Development Impact Returns Financial Returns

Reliant on Government Grants Financially Self Sustaining Highly Profitable

High High Low

Land Bank

• Growth
• Transformation
• Employment

Land Bank

Land Bank Presentation 8

The Impera rativ ive for an Upwar ward d Traj aject ector

• ry in Financ

ancial ial Sustain stainab ability ity

• Investing in the sector prudently
• Effective Structuring of Credit Risk
• Robust Portfolio Management
• Access to Funding
• Managing Margins & Costs

Land Bank Presentation 9

• We continue to maintain Clean Audits
• The Mid-Year incident by FutureGrowth and the decision on SOE’s
• Our response was swift and effective
• Transparency on our Governance, Policies and Structures
• Prompt action to mace requisite Enhancements
• Comprehensive revisions to our Domestic Medium Term Note (DMTN) Programme
• Our National Scale rating maintained at Investment Grade
• Results: Substantial Capital Raising Capacity
• Over R7bn for the year under review

Govern vernance ce Integrit tegrity y & Inve vest stor

• r Confi

fidence dence

Land Bank Presentation 10

Deve velopment lopment Impact act Outcomes comes Highlights

R2.4bn growth in our Loan Book to the Development Sector (Target: R2bn) R4.8bn in new disbursements (excluding Revolving facilities) New jobs created: 15 360 Poultry sector jobs maintained: 3 500 R100m disbursed under Drought Relief Facility Projects to expand irrigated land: 13 000 hectares Black Brokers Development Programme

Land Bank Presentation 11

Deve velopment lopment Impact act Outcomes comes Financing Models for Improved Effectiveness

“Full Service” Financial Intermediaries Value Chain Financing Partnerships Joint Ventures / Investment Partnerships Equity Empowerment Finacning (For Growth )

Land Bank Presentation 12

• Institutional synergies to deliver Land Reform projects on a sustainable basis
• Promoting more Joint Ventures / Investment Partnerships with established Commercial

Agriculture

• Better use of Blended Financing Techniques
• A National Agricultural Insurance subsidy scheme
• A Special Programme for Youth Enterprise Development, premised on Skills & Support

Looki

• king

g Forwar ward The Country can do better to enhance Growth & Inclusivity

Skills Land Markets Management Support Capital

Land Bank Presentation 13

• Ministry of Finance and the Treasury Team
• Sector Departments: DRDLR, DAFF & DWS
• The Board of Directors
• Our Funders
• Our Channel Partners (Financial Intermediaries)
• The Employees of the Land Bank

Conclus clusion

• n

Our Sincere Appreciation

Land Bank Presentation 14

• 4. An

. Annual l Fin inanci cial al Result lts Presen enter er: : Mr. B . Bennie nie van Rooy

Land Bank Presentation 15

CONTENT ENT

• 1. Salient Features
• 2. Statement of Profit & Loss and Other Comprehensive Income
• 3. Statement of Financial Position

Land Bank Presentation 16

Salie ient Featur atures es Group

Published basis Like-for-like basis Salient features Var % FY2017 FY2016 Var % FY2017 FY2016 Net interest margin 0.3% 3.1% 3.0% 0.3% 3.1% 3.0% Impairments 9.8% R 81.5m R 74.2m 9.8% R 81.5m R 74.2m Operating expenses (14.4%) R 595.2m R 695.5m 5.9% R 564.1m R 532.8m Cost-to-income ratio (23.1%) 56.8% 73.9% (5.0%) 53.8% 56.6% Profit for the year +100% R 367.0m R 182.0m 0.7% R 398.1m R 395.5m

• Banking Operations

+100% R 316.3m R 94.0m 13.0% R 347.4m R 307.5m

• Insurance Operations

(42.4%) R 50.7m R 88.0m (42.4%) R 50.7m R 88.0m Cash (40%) R 1.52bn R 2.5bn (40%) R 1.51bn R 2.5bn Net loans and advances 12.6% R 41.0bn R 36.4bn 12.6% R 41.0bn R 36.4bn Impairment ratio (19.1%) 5.5% 6.8% (19.1%) 5.5% 6.8% Non-performing loans (19.3%) 7.1% 8.8% (19.3%) 7.1% 8.8% NPL coverage ratio

• 77.1%

77.2%

• 77.1%

77.2% Total assets 9.7 % R 45.4bn R 41.4bn 9.7% R 45.4bn R 41.4bn

Land Bank Presentation 17

Salie ient Featur atures es Bank

Published basis Like-for-like basis Salient features Var % FY2017 FY2016 Var % FY2017 FY2016 Net interest margin 0.3% 3.1% 3.0% 0.3% 3.1% 3.0% Impairments 9.8% R 81.5m R 74.2m 9.8% R 81.5m R 74.2m Operating expenses (15.9%) R 570.0m R 678.0m 4.6% R 538.9m R 515.2m Cost-to-income ratio (26.1%) 54.4% 73.7% (8.2%) 51.4% 56.0% Profit for the year +100% R 316.3m R 94.0m 13.0% R 347.4m R 307.5m Total comprehensive income +100% R 305.8m R 71.8m 11.0% R 314.6m R 283.5m Cash (42.9%) R 1.2bn R 2.1bn (42.9%) R 1.2bn R 2.1bn Net loans and advances 12.6% R 41.0bn R 36.4bn 12.6% R 41.0bn R 36.4bn Impairment ratio (24.7%) 5.5% 7.3% (24.7%) 5.5% 7.3% Non-performing loans (19.3%) 7.1% 8.8% (19.3%) 7.1% 8.8% NPL coverage ratio

• 77.1%

77.2%

• 77.1%

77.2% Total assets 10.1% R 43.8bn R 39.8bn 10.1% R 43.8bn R 39.8bn Total CAR – Basel Standardised Approach (5.9%) 17.7% 18.8% (5.9%) 17.7% 18.8%

Land Bank Presentation 18

350 300 250 200 150 100 50 R million

Organisational review

31.1

Published basis Like-for-like basis

347.4 316.3 +10%

Profit for the year Var % FY2017 FY2016 Published basis +100% 316.3 94.0 Organisational review (80.9%) 31.1 162.7 IRFS 9 – FV designation to amortised cost (+100%)

• 50.8

Like-for-like basis 13.0% 347.4 307.5

FY2017 The Bank’s performance during FY2017 was impacted by additional costs incurred in relation to the Organisational Review as undertaken during FY2016. Although these costs are not significant, a “like-for-like” comparison is required to fully appreciate the results achieved in FY2017

350 300 250 200 150 100 50 R million 307.5 50.8

Organisational review IFRS 9: FV designation to amortised cost

162.7 +227%

Like-for-like basis Published basis

94.0

FY2016

Stat atement ement of Profit fit & Loss ss and d OCI Profit fit for the ye year Published on a like-for-like basis

Land Bank Presentation 19

• 50

50 100 150 200 250 300 350 400 450

• 54.6

Opex

• 10.9
• 23.7

FY2016 Impairments

• 7.3

NII 307.5

• 16.5

122.4 Other income 30.4 FY2017 Discontinued

• perations

13.0% R million 347.4 Indirect tax & other NIR/E

Profit for the year (like for like) Var % FY2017 FY2016 Net interest income 10.8% 1,256.9 1,134.51

• Interest Income

19.5% 4,234.8 3,543.7

• Interest Expense

(23.6%) (2,977.9) (2,409.2) Net impairment charges (9.8%) (81.5) (74.2) Operating expenses (4.6%) (538.9) (515.2) Profit for the year 13.0% 347.4 307.5 Net interest Margin 0.3% 3.1% 3.0% Cost-to-income ratio (8.2%) 51.4% 56.0%

1 – FY2016 amounts have been reclassified to split out PRMA liability interest expense

Profit for the year – FY2017

Net interest income

• Consolidation of the Bank’s earnings base resulted in 11% growth of the gross loan book
• This, together with more appropriate risk-based pricing resulted in a an increase in net

interest income of 10.8%

• In line with expectations, actively lengthening of the Bank’s funding profile resulted in

increased funding costs

• Net result is an increased in Net interest margin from 3.0% to 3.1%

Impairments

• IFRS 9 models now in place for a 2nd consecutive reporting period
• Impairment charges have stabilised and are more predictable.

Operating expenses

• Excluding R31.1 million as a continuation of once-off costs relating to the organisational

review conducted in FY2016, operating expenses marginally increased year-on-year

• Cost-to-income ratio decreased from 56.0% to 51.4% (published basis: 54.4%)

Stat atemen ement of Profit fit & Loss ss and d OCI Profit fit for the ye year (like-for for-lik ike) ) Performance analysis

Land Bank Presentation 20

Stat atement ement of Finan ancial cial Posit sition ion Bank

Like-for-like basis Salient features Var % FY2017 FY2016 Cash and cash equivalents (42.9%) 1,211.3 2,120.6 Net Loans and Advances 12.7% 40,975.6 36,353.4 Investments 76.2% 983.2 557.8 Assets of disposal group classified as held-for-sale 31.8% 197.1 149.6 Other assets (26.9%) 451.8 618.1 Total assets 10.1% 43,819.0 39,799.5 Capital and reserves 6.0% 5,364.6 5,058.8 Liabilities 10.7% 38,454.4 34,740.7

• Funding liabilities

11.4% 36,918.8 33,156.0

• Provisions

(47.7%) 107.1 204.8

• Liabilities of disposal group classified as held-for-sale

6.1% 920.9 868.1

• Other liabilities

(0.8%) 507.6 511.8 Total equity and liabilities 10.1% 43,819.0 39,799.5

Land Bank Presentation 21

7.1% 83.7% 9.2%

Stage 3: Non-performing loans Stage 2: Under-performing loans Stage 1: Performing loans

13.1% 8.8% 78.1%

Loan book – FY2017 Loan book – FY2016

9.7% 9.0% 81.3%

Loan book – FY2015 NPL by Business Line – CDB (16,8% of Loans)

5 10 15 20 15.7% 3.0% 14.5% 17.0% Direct 0.0% 16.1% Total Indirect FY2016 FY2017 5 10 15 Indirect 10.3% 5.6% 2.8% 4.3% Total 7.4% Direct 7.5% FY2016 FY2017

NPL by Business Line – CB (83,2% of Loans)

Stat atement ement of Finan ancial cial Posit sition ion Loan Book: Performance

Land Bank Presentation 22

1 2 3 0% 20% 40% 60% 80% 100% 1.6 FY2015 77.1% 0.8 77.2%

• 11.1%

1.7 FY2017 1.0 0.8 2.0 74.8% FY2016 Specific impairments Portfolio impairments Coverage 5 10 15 20 25 30 35 40 45 0% 1% 2% 3% 4% 5% 6% 7% 8% 3.1 7.3% 3.4 FY2015 FY2016 30.7 FY2017 6.8% 5.5% 30.5 3.7 5.1 3.4 4.0 36.3 Impairment ratio Stage 1: Performing Stage 3: Non-performing Stage 2: Under-performing

Loan Book and Impairment ratio Loan Book Impairments and “Coverage” Land Bank’s IFRS 9 models have now been in place for a 2nd consecutive reporting period and Impairment levels have stabilised and are more predictable :

• Impairment ratio of 5.5% (FY2016: 6.8%); and
• NPL coverage ratio of 77.1% (FY2016: 77.2%)

Although total impairment coverage has remained unchanged year-

• n-year, the Impairment Ratio for FY2017 has reduced to 5.5% as a

result of reduced “Specific” Impairments, in line with decrease in the NPL portfolio. The reduction in the NPL portfolio is largely driven by two successful workout solutions for two previously “legacy distress” clients, as well as more favourable weather conditions during the year which has cushioned the impact of the drought on the Bank’s NPL portfolio.

R billion R billion

Stat atement ement of Finan ancial cial Posit sition ion Loan Book: Impairment Coverage

Land Bank Presentation 23

0% 5% 10% 15% 20% FY2017 RWA 18.8% 17.7%

• 5.9%
• 1.9%

0.8% 0.0% FY2016 Profit Guarantee

The year-on-year decline in CAR is as a result of increased RWA’s Following the Land Bank’s voluntary introduction of a number of the Basel Accord’s capital and liquidity risk management practices during FY2016 the Bank’s balance sheet has been significantly strengthened. The Basel-like principles includes:

• Total Capital Adequacy Ratio (TCAR) – Basel II standardised approach
• Liquidity Coverage Ratio (LCR) – Basel III; and
• Net Stable Funding Ratio (NSFR) – Basel III

Approved deviations: CAR

• Inclusion of Government guarantees as Capital Supply

LCR

• High quality liquid assets
• Roll-over rates

Stat atement ement of Finan ancial cial Posit sition ion Capital and Liquidity Management: CAR, LCR, NSFR

0% 5% 10% 15% 20% 1.1% FY2016 17.7% 18.8% 5.7%

• 5.9%

11.3% 6.3% FY2017 10.9% 1.2%

Guarantee Total CET 1 Capital Target CAR Tier 2 Capital

Total Capital Adequacy Ratio

Land Bank Presentation 24

0% 20% 40% 60% 80% 100% 100% 40% 0% 60% 80% 20% FY2016 80.0% FY2017 FY2018/Q1 +9.7% 90.0% 86.7% 79.0% 94.0%

The Bank’s cash requirements are driven by LCR. Land Bank has access to a number of liquidity facilities which it taps into from time to time, of which:

• R2.15 billion Committed
• R0.50 billion Uncommitted

At the time of this presentation all committed facilities are undrawn

Stat atement ement of Finan ancial cial Posit sition ion Capital and Liquidity Management: CAR, LCR, NSFR

Net Stable Funding Liquidity Cover Ratio

80% 40% 0% 240% 0% 40% 60% 100% 60% 80% 20% 20% 85.0% FY2017 +54.5% 70.0% 55.0% FY2018/Q1 60.0% +169.9% 229.4% FY2016 LCR Target LCR

Cash

800 1,800 600 400 200 1,200 1,600 2,000 1,000 2,200 1,400

+70.4%

• 42.9%

FY2018/Q1 2,063 FY2017 1,211 2,121 1,369 FY2015 1,228 FY2015 FY2016 R million NSFR Target NSFR +8.4%

Land Bank Presentation 25

0% 20% 40% 60% 80% 100% 47.4% 31.8% FY2015 50.3% 18.6% FY2014 62.4% 7.8% 20.8% 31.1% 29.7% 37.7% FY2013 52.3% 7.8% FY2012 42.6% 56.6% 11.2% 5.8% 41.1% FY2009 45.6% 80.9% 56.5% 2.3% FY2011 55.0% FY2010 2.3% 2.1% FY2016 FY2017 21.4% 28.3% 50.3%

Institutional investors PIC & CPD Banks

Diversification of investor base

The Land Bank’s investor relations strategy is bearing fruit. Renewed investor confidence is evident with the Bank seeing increased support from existing funders as well as new investors/ funders. Furthermore, the Bank has also managed to lure back investors that had previously left the Bank. The Bank has a well diversified investor base across local debt and capital markets, as well as foreign funding relationships with Banks and multilaterals.

FY2017 @ Nominal Related Parties DFI SOE Commercial Bank Foreign Banks Institutional Investors Multi-lateral Investors Agri Companies Total Drawn Facilities

• 2,000

400 500

• 2,900

< 1 Year 10,748 450 1,778 2,953 120 4,720

• 906

21,675 1 – 3 Years

• 1,250

525 6,372

• 8,147

3 – 5 Years

• 65
• 375

77 2,760

• 3,277

5 – 7 Years

• 364

71 579

• 1,014

7 – 10 Years

• > 10 Years
• 77
• 955
• 1,032

Total 10,748 592 1,778 6,942 1,193 14,931 955 906 38,045 % Distribution 28.3% 1.6% 4.7% 18.2% 3.1% 39.2% 2.5% 2.4%

Stat atement ement of Finan ancial cial Posit sition ion Funding: Investor Base

Land Bank Presentation 26

5.0% 10.0% 5.0% 30.0% 50.0% 7 years 10 years 5 years 3 years < 1 year

Funding Profile Medium Term target Land Bank has made great strides in extending its maturity profile, thereby reducing refinancing risk and improving general liquidity levels of the Bank. The extension of the maturity profile has been done in a well co-

• rdinated, responsible and cost-effective manner, protecting the

Bank’s net interest margins. It is expected that the Bank will achieve it’s Medium-Term target funding profile by 31 March 2018. Notes on summary of the Bank’s funding activities for FY2017 FY2017 was a good funding year with the Land Bank achieving average roll-over rates as follows:

• Excl. PIC/ CPD:

73%

• PIC/ CPD:

100%

• Total:

85%

Debt excl. Call Bonds and Facilities FY2017 Total maturities R34.8bn Debt rolled over R28.6bn New funding raised R7.7bn

Stat atement ement of Finan ancial cial Posit sition ion Funding: Strategy and Execution

Significant funding transactions concluded post year-end Post year-end the Land Bank concluded the following significant funding transactions.

• A R1.3bn agricultural development facility with the World Bank;
• A US$300m facility from international banks in collaboration with

the Multilateral Investment Guarantee Agency (MIGA).

Land Bank Presentation 27 Amortised Cost - RttM Total

• Excl. PIC/ CPD

31 Mar 2017 R’m % R’m % Drawn Facilities 2,922 7.7% 2,922 10.7% < 1 Year 21,353 56.4% 10,884 39.8% 1 – 3 Years 8,230 21.8% 8,230 30.1% 3 – 5 Years 3,279 8.7% 3,279 12.0% 5 – 7 Years 1,011 2.7% 1,006 3.7% 7 – 10 Years

• > 10 Years

1,044 2.8% 1,044 3.8% Total 37,840 100% 27,366 100% Amortised Cost - OttM Total

• Excl. PIC/ CPD

31 Mar 2017 R’m % R’m % Drawn Facilities 2,922 7.7% 2,922 10.7% < 1 Year 18,504 48.9% 8,034 29.4% 1 – 3 Years 7,233 19.1% 7,233 26.4% 3 – 5 Years 5,176 13.7% 5,176 18.9% 5 – 7 Years 2,606 6.9% 2,601 9.5% 7 – 10 Years 290 0.8% 290 1.1% > 10 Years 1,109 2.9% 1,109 4.1% Total 37,840 100% 27,366 100%

7.7% 2.8% 0.8% 6.9% 13.7% 19.1% 48.9% Drawn Facilities > 10 Years 7 - 10 Years 5 - 7 Years 3 - 5 Years 1 - 3 Years < 1 Year

FY2017 – Original time to Maturity (“OttM”)

21.8% 2.8% 56.4% 7.7% 8.7% 2.7% < 1 Year > 10 Years 1 - 3 Years Drawn Facilities 3 - 5 Years 7 - 10 Years 5 - 7 Years

FY2017 – Remaining time to Maturity (“RttM”)

Stat atement ement of Finan ancial cial Posit sition ion Funding: Profile – Remaining vs. Original time to Maturity FY2017

Land Bank Presentation 28 Amortised Cost - RttM Total

• Excl. PIC/ CPD

FY2018/Q1 R’m % R’m % Drawn Facilities 500 1.3% 500 1.8% < 1 Year 20,348 52.3% 9,937 34.8% 1 – 3 Years 7,713 19.8% 7,713 27.0% 3 – 5 Years 5,923 15.2% 5,923 20.8% 5 – 7 Years 990 2.5% 990 3.5% 7 – 10 Years 2,472 6.4% 2,472 8.7% > 10 Years 985 2.5% 985 3.5% Total 38,931 100% 28,520 100% Amortised Cost - OttM Total

• Excl. PIC/ CPD

FY2018/Q1 R’m % R’m % Drawn Facilities 500 1.3% 500 1.8% < 1 Year 17,105 43.7% 6,604 23.2% 1 – 3 Years 7,964 20.5% 7,964 27.9% 3 – 5 Years 6,300 16.2% 6,300 22.1% 5 – 7 Years 3,598 9.2% 3,598 12.6% 7 – 10 Years 2,361 6.1% 2,361 8.3% > 10 Years 1,193 3.1% 1,193 4.2% Total 38,931 100% 28,520 100%

16.2% 20.5% 43.7% 1.3% 6.1% 3.1% 9.2% 3 - 5 Years 5 - 7 Years 1 - 3 Years < 1 Year Drawn Facilities > 10 Years 7 - 10 Years

FY2018/Q1 – Original time to Maturity (“OttM”)

2.5% 2.5% 1.3% 19.8% 52.3% 15.2% 6.4% 3 - 5 Years 1 - 3 Years < 1 Year 5 - 7 Years > 10 Years 7 - 10 Years Drawn Facilities

FY2018/Q1 – Remaining time to Maturity (“RttM”)

Stat atement ement of Finan ancial cial Posit sition ion Funding: Profile – Profile – Remaining vs. Original time to Maturity FY2018/Q1

Land Bank Presentation 29

5 10 15 20 25 30 35 40 45 38.4 FY2012 FY2016 4.9 21.4 15.3 2.5 1.0 14.2 1.7 FY2015 FY2014 FY2013 FY2011 FY2009 FY2008 36.5 FY2017 FY2010 13.7 26.2 2.3 2.0 32.1 16.1 35.5

Commercial Development

The Bank broadly defines “Development” as loans to HPDI’s, commercial/ corporate operations where “Black Ownership” is > 50%, and/ or BBBEE Level 4 or better contributors. At present the “Development Book” approximates 11% of the Bank’s total loan book, R4.9bn of R43.3bn. Included in the “Development Book” is approx. R949m which extended through the Bank’s CDB WFF product, i.e. intermediary support model which has very low levels of NPL’s.

R billion

Stat atement ement of Finan ancial cial Posit sition ion Funding: Application of funding to lending activities

Land Bank Presentation 30

5 10 15 20 25 30 35 40 45

7.3 FY2016 31.6 6.2 6.3 FY2015 32.7 FY2017 36.1

CB CDB

There has been no material change in the make up of the Bank’s Loan Book year-on-year with approx. 83.2% of the Bank’s loan assets allocated to Corporate Banking.

R billion 52.4% 47.6%

Direct Indirect

The Bank services the agricultural sector through two service delivery channels, wiz:

• Direct
• Indirect, i.e. Intermediary, or SLA partners

Stat atement ement of Finan ancial cial Posit sition ion Funding: Application of funding to lending activities (Continued)

THA HANK NK YOU! U!