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JPMorgan Chase & Co. (NYSE:JPM)

Citi 2013 U.S. Financial Services Conference Transcript

March 5, 2013 3:40 PM ET

Executives

Marianne Lake - Chief Financial Officer

Analysts

Unidentified Analyst

So, five choices, how do you view JPMorgan stock. For me it’s one of my to pick in the sector that’s review is number one, number two, the core holding kind of (inaudible); number three, you like the company lots, you just don’t think that stock is all that interesting, number four, the good relative short against some of the cheaper financial in this space and number five, you think is an absolute short.

Okay. So, here is the core, 45% of the people say the core holding and 24% obvious one of the top pick. So just maybe if you just kind of start off in terms of overall. We are now into the third month of 2013? Any trends like we saw here some trends some of the banks talking about how prices going to be a little bit more rational on the C&I side, [Richard Davis] talked about, he said that people are starting to use their credit card little bit more because the consumer payment trend, anything you see in terms of your results.

Marianne Lake

Yeah. And let me start with just couple of general things before we go into some of the topics we can tell you about what we see in, for example, card spend. So as we look at the macro economic environment, so continuation of positive trends that saw in the last part of 2012. So, whether its unemployment, whether gradual but steady improvement in jobless paying, whether its housing, which we feel in terms of bright spot.

So nice improvement -- improved 6% year-over-year in 2012 and continues in 2013. Demand is strong, supply is tightly growing and housing haven’t been more affordable in my whole life time. So consumer, if you look at the consumer balances as well, most importantly debt service burden, it’s the lowest has been since we’ve been measuring it. So housing is in the right spot.

Credit we talked about, we expect improving credit and moving space this year in 2013 but more slowly than we saw last year. But if I take you through the content, because we obviously get some particular insight when we look at, our content, in our portfolio.

What we’ve seen so far, January and February is strong growth in both months, double-digit growth, in terms of sales growth year-on-year and little bit less strong in February than January. But if you take a look at and we did because we read in many particular article, if you take a look at the wealth segmentation that spend is skewed toward the top end of that spectrum, but even in the [macro] space we are seeing strong growth year-on-year in both January and February. So that’s an encouraging sign but more confidence at the higher end.

Unidentified Analyst

One other comment we got from lot of presenters is 2013 will remain challenging year, it’s always different than what you guys look now. So in terms of is, how you kind of characterize that, because we had some bank say, it looks very challenging, others little bit more optimistic, you guys a little bit more on the optimistic side, is there anyone kind of reconcile that you already think the risk like model or?

Marianne Lake

Yeah. And I think, this were, especially I think these both topic, I’m not -- it is going to be a challenging year on some front. So we talked about the fact that, if you ask me the challenge we face and the industry faces, then I think, I saw in the presentation earlier, is that, the amount of regulation change that we’re, those coming up, while it’s huge plain agenda. There is enormous wealth that you need to get on this, significant uncertainty.

So when we talk about the fact that this isn’t, we don’t face lot of challenging year, is a challenging year on that front. But we see positive signs in terms of economy. We positioned ourselves and we went further invested. We positioned ourselves to grow strongly. We are executing well against that and everything is moving in the right direction. So it would be, now you need to say we don’t have challenges, but we are working through them and there are other positive signs too.

Unidentified Analyst

Okay. Great. Shall we skip up the next one on capital return? The one that seems I think coming up in terms of investors want higher capital return. At the Investor Day you disclosed, you are going to have potential excess capital $28 billion over the next two year, which will get to the equivalent of 11.5% of Basel III Tier 1 common ratio after dividend stays on consensus, but before share buyback.

So for the audience, what level are Tier 1 common you think JPMorgan will be at by 2014. So answer number one will be 11.5%, basically that they don’t touch the dividend, they continue, there is no share buyback and just maintain a dividend, 11% which will be the equivalent of 45% payout based on consensus numbers, 10.5% will be a 60% payout, 10% will be an 80% payout and 9.5% will be 95% payout?

So, how do you, I mean, there is going to be one issue is, you could be sitting at 10.5%, there is still shift in terms of return the capital. So how do you kind of prevent like the capital ratio that can’t continue to creep up?

Marianne Lake

So, I can tell you what I know and I can tell you what I think. And so, you know that we would like increase our dividend. It’s obviously a Board decision and subject to regulatory plan and timing that you guys do this right now, because we are going to find out over the course of the next week or so, whether or not we get our capital plan approve. We told you that we did also buyback lower than last year, so our CapEx lower than last year. And we are going to find out that would take us through the next four quarters.

In 2014, we are also going to be subject to the C Card process. We are going to hit on 9.5% Basel III Tier 1 common by the end of the year that’s our strong intention. And so to a degree it’s going to be dependent upon and we have full understanding how the final rules take down, understanding whether AOCI is in, how the capital conservation that will work and working with the regulators on what the 2014 pick up rate we’ll advise. So we’ll make our decision when we know how things take out towards the end of this year and we like to return capital back to shareholders, so we will probably do that.

Unidentified Analyst

Sure. Shall I ask next question. So next question refers to that what do you expect current dividend to be after C Card results were announced. So $0.30 is currently where JPMorgan is that’s a 22% payout ratio, $0.31 to $0.34 will be equivalent the 23% to 25% payout, $0.34 to $0.36 will be 25% to 26%, and $0.37 will be 27% or higher?

Right now about 50% of the people are looking for 25% to 26% payout and then it looks like equally distributed between 23% on choices two and choices four, any kind of thoughts on that?

Marianne Lake

Obviously it’s a Board decision and we like to increase the dividend. So we should expect us to time to do that overtime.

Unidentified Analyst

So the banks are, once you get on December 7th -- March 7th banks will allowed to kind of disclose what their stress test results were, are you going to disclose right after the 7th or you are going to wait to the 14th, how are you thinking about that?

Marianne Lake

Yeah. I mean, our -- as you know our general philosophy is to be sale disclosure if we think that disclosure is helpful, we are still working through internally whether we think it’s helpful for us to put out results at the same time as we put this out 31st results. There is a possibility we will do that, we are just trying to work out whether do you think that’s most helpful disclosure, in any case will only the outcome by the 14th.

Unidentified Analyst

Okay. Next one. So next is with respect to share repurchase, how much you expect in share, by the way, JPMorgan has said that they will be requesting less than what they had last time, which is roughly now $3 billion a quarter or call $12 billion. So choice number one is, you are expecting them to come out with less than $5 billion in share buyback, number two is $5 to $47.5, number three is $7.5 to $10, number four is $10 to $12, and number five is over $12? I think that was a last one. It’s (inaudible).

Marianne Lake

Great consensus in the room. So, we are going to come in anyway.

Unidentified Analyst

Okay. Right. So let just move on to risk management. Shall I skip up the next question? So I asked you one that what was the big theme last year, so for the audience, what are your thoughts post the lend it well, everyone you agree with the last that you said that JPMorgan is going to emerge a better company of this, two, you kind of view is one-off event, you still view JPMorgan is best-in-class on risk management, three is, we probably gave JPMorgan much credit on risk management you know that skeptical now, four is JPMorgan might be better risk management but this shares the company is too large and too complex effectively control, and the fifth is, going matter of time before we see another large block.

So it was tie for 30% thought probably gave JPMorgan too much credit on risk management and 30% also thought JPMorgan might be go with management little bit too large and complex effectively control. And that’s an issue that when we discuss with investors for all large banks that their concern about, you get to size whether its number of products, geography, isn’t really just too hard to kind of manage?

Marianne Lake

No. Obviously what happened in the summer of last was, and if you asked one that we glad to see, and we work hard fixing and learn little bit of lesson. But remember was in the CIO office, it wasn’t in parts of our client facing businesses, we look very closely all rest of our businesses and look to every pieces we found relating to how that occurred and how we are fixing, and we didn’t find any similar results as well. So I don’t think its necessary reflect the organization being too large and too complex, we just had an issues and we found it, we fix it and we are moving on.

Unidentified Analyst

Okay.

Marianne Lake

Risk management, risk management is something we pay huge amount of attention. We have an independent risk function. We are working very hard and making sure we are running the space in safe and sound way. We are working very hard with our regulators in terms of the issues they’ve identified. So we are working very hard and making sure we continue to improve things, we are not holding ourselves out investing part, so we are working very hard and making sure we do like things.

Unidentified Analyst

So the question people always ask is kind of (inaudible) now you are CFO at the time on results. So as you start to seeing and now you kind of since you have time, what do you most worried about, what are you -- what are you looking to check into that maybe people weren’t doing in the past.

Marianne Lake

So from my experience I have been sitting at finance management table in the firm for a number of years both in [Mike Cavanagh] is the CFO of the consumer business is also in the investment banking. So it’s more if I have a completely new mandate necessarily to what’s been going on and that’s part of that overall key comments and my own way responsible anyway before coming into them.

So, I have sort of known new things than I’m not looking for most recent changes. Let’s talk about being in kind of indigence and when you talk about new regulatory changes and you need to work very, very carefully through that. We need to test in fact everything we are doing and we are organizing ourselves around that you would expect us to.

So we are organizing ourselves around that like we do in a merger. And so we’ve been working through the next piece against that. And from CIO perspective, it’s about being diligent. It’s about doing the result but not having the right team and disrupting to our mission so.

Unidentified Analyst

So, I guess that we’ve heard from some of your banks that as the commercial loan growth, standards are getting a little bit deeper. As the CFO and the commercial bank is pointing towards really above the average growth, how do you check that? What is the process of JPMorgan? You people kind of challenge, Doug in terms of his views or how does that work?

Marianne Lake

Yeah. I mean, absolutely. So, Doug, and commercial banks have their own committee and we have somewhat this committee an issues to discuss very broadly. And I think, as Doug said at our Investor Day or he certainly have said in the past that, they spend every week with his risk officer going through the top five or the top 10 deals that were done well. The terms of the pricing or wherever it works, we thought it wasn’t necessarily where we will be willing to do business. And no pressure on that business to grow expand, so we are still seeing the opportunities to grow, but we wouldn’t do that by making bad kind of decisions or bad portfolio decisions and we have many to do it.

Unidentified Analyst

Are there any other questions on risk management in the audience?

Question-and-Answer Session

Unidentified Analyst

What’s being done to protect against asymmetric outcomes, mainly because nothing in the market, nothing in finance is winning here and banks tend to break. So in the extreme, they clip it 3% coupon and they are expose to whatever, 20% or 50% downside if they make a bad decision. So the outcomes are skewed against the banks and the asymmetry. What are you guys doing to protect against ex-positive asymmetric outcomes?

Marianne Lake

I didn’t understand some question. If I don’t answer it, you can help me. But we have a very granular risk management system in terms of minutes and exposures, and obviously we talked a lot about C Card. But we look through process internally. We have 100s of process internally that we seek to try and sign those points of asymmetry or points of stress in various different scenarios.

So we’ve seen one stress test that we have done. And we have very transparent risk reporting and very robust risk decision, we just managed (inaudible) and it doesn’t mean that there can’t be some outcomes that we aren’t completely provide forward in general. We do all of the things that we would expect us to do and with the profit works, we’ve got (inaudible) on our maintenance that we would be looking on the downside risk. Did that help?

Unidentified Analyst

Just seeing back to that and I have a couple of questions.

Marianne Lake

Just a one point. We tried to continue to find new emerging areas. We showed at Investor Day that the inclusion of AOCI and capital create some new series of opportunities and risks. We are constantly assessing the late environment and now we have a new dimension to it. So we are constantly evolving, how we think about the risk as well.

Unidentified Analyst

Just back on capital management piece. The guidance that you gave for RWA was roughly modest around $100 billion in the next few years. And it seems kind of small growth is what we’ve seen from peers. It gives us a reason to why we think that JPMorgan would be a little bit more conservative. Is there any kind of future benefits beyond the $100 billion that we could actually see?

Marianne Lake

So it’s hard for me to say whether we can conservative benefit to take a lot of process insight and I struggle when we are conservative, when it comes to things like risk-based assets and regulatory capital because it very rule based, it’s very model based and does not -- this amounts doesn’t involve in them. So, I struggle with the word conservative. But what we showed at Investor Day is over the course of the next two years in terms of RWA reductions growth from both, run-off, passive run-off is more active management that passive run-off and model enhancement is a $180 billion over the next couple of years or 100 basis points.

And that’s everything that we know right now and so models enhances. That be using that we are working. We have line of settlement. We have a high degree of confidence, so we will be able to achieve them. Is there any positive that leaders will have growth? In fact, it’s not the way that we have been working on that now. It doesn’t mean that might happen.

But I would also caution you that not just the asset but the industry, that doesn’t face risk that could go the other way, rules aren’t pretty final year, and so as we work through the finalization of the rules, there could be some things to get on the upside too. So, 100 basis points is what we know right now in terms of legacy portfolio run-offs, whether it’s in the mortgage bank, whether it’s in the investment bank, model enhancement that we are working on and we hope that we can deliver.

Unidentified Analyst

As you move things beyond, you think it will probably as rules get finalized (inaudible) be willing to kind of find some investments. I mean, fine tune the RWA in terms of the cash flow and balance sheet optimization.

Marianne Lake

As we made the final results and in fact, I mean to all of our businesses, when we pushed the capital down to the treatment of business to engaging at times and pushing this most in transactions. So as we know the final rule, that will become part of the D&A of the place and how we run the place and ultimately, cash flow optimization is part of that.

Unidentified Analyst

Okay. And then, on the topic of regulation, you are giving guidance growth of roughly around $1 billion to $2 billion. Give me your thoughts in terms of the timing of when we would see that headgear?

Marianne Lake

Just hopeful of what we want to see it quantified, because the people were asking for us to drive and quantify the impact of market performance and all of that based. We think it’s working and we think it’s definitely an estimate. And we will do better than that. We hope that we do better than that and that could be worked out. In any case, if we need we can do, so these were final and certainly not going to implemented, not in 2013 at all, 2014 and beyond.

Unidentified Analyst

And the other thing that -- Jim has talked a lot about such as territory reality. One that I think that we could do is try to get around it, to a certain extent is to incorporate and subsidized in terms of the foreign currency. But that feels like to me that you would trap a lot of capital. So, can you talk about the challenges of offering a branch model or subsidiary model?

Marianne Lake

We operate in a branch model. We do actually have large operating subsidiaries and many jurisdictions right with significant announced activity going through them, but you are right to suggest that if a solutions to some of these issues is that there is more subsidization more, volumes subsidize based entities that it could cost more in terms of local capital or local equipment, I think that estimate we could estimate it right now.

I don’t even we know that we know that’s the solution over. But I suspect that JPMorgan will be manageable and they may not be manageable to maybe smaller players. If we do know, subsidization aside is that there is a desire industry wise where they could be some simplicity in even empty structures and more supervisable booking strategy and we are listening to all of those obviously.

Unidentified Analyst

And in series though, should that raise the level of the consolidated capital for JPMorgan, I think it’s working our way to branches and more with subsidiaries?

Marianne Lake

It’s possible that we have additional subsidiaries. We would have actually today.

Unidentified Analyst

Okay.

Marianne Lake

We will work hard to make to grow the capital. We are working hard with a number of -- there is a number of different regulatory bodies, very competitive rules. It’s not obvious that subsidization is going to resolve these issues so we bring too.

Unidentified Analyst

So you don’t evaluate until you get the final rules then?

Marianne Lake

I would say we are comparing. We are gong to all of the present discussions with all of the policy makers and regulators and figuring out all of the issues in time-to-time, what their various options are and we are planning on decision when we are going to move.

Unidentified Analyst

In terms of your priorities, in terms of regulatory risks, in terms of what you worry about the most, what are your top two concerns?

Marianne Lake

We mentioned one.

Unidentified Analyst

Yeah.

Marianne Lake

So extra territory are the people we design and we are generally of the opinion as you know that, as long as we compete effectively, both globally and domestically that we will be final and deal with each of the unit comes off of with it. We will comply with them and we have a great hand to be able to compete effectively.

So as we come across all these, we would be fine with these, certainly the biggest ones. And then, after that I thought to take a second, clearly all of the investments banking, markets reform, ACC, (inaudible), just clarity would be great.

Unidentified Analyst

Yeah. Is there any questions in the audience on regulatory reform, regulatory risk? So, we are going to move on to the growth side. You just skip that. Okay. So during the Investor Day, you showed that there is lot of growth in the underlying businesses. But the consolidated core revenue growth has been weak. Do you think that JPMorgan -- do you believe that JPMorgan -- do you believe JPMorgan in terms of their thoughts or you think that you’re only going to believe when you actually do the topline growth?

So basically responses are, A, number one, you believe the story at Investor Day 100% in terms of the underlying businesses are growing. Two, is generally you believe that the core growth might be exaggerated. Three is, you are generally skeptical that there is likely a little bit of growth occurring. Four is you are not going to believe it or it’s going to matter until it’s reflected in the results.

The 45 for you people are pretty skeptical. 34%, generally believe that, they thought core risk might be over exaggerated. So, I mean, I think the problem is when you start to look at underlying businesses, it is always like, some deposits are greater than the whole.

So like when you think, when you kind of go through those metrics, how do you prevent people from double counting revenues and things like that in terms of keeping people honest as a CFO in terms of keeping a good scorecard?

Marianne Lake

In terms kind of revenue.

Unidentified Analyst

In terms of how the revenue…

Marianne Lake

We don’t have any kind of revenues going on that’s moving those there.

Unidentified Analyst

Okay.

Marianne Lake

Wherever we had one entity passing, in terms of, pricing or attributing the revenue tag or expense tag, there’s really some guidance.

Unidentified Analyst

Okay.

Marianne Lake

So income lead, about present time, it’s internally. So we don’t increase our HARP. We announce internally. But in terms of how we see people to the core when we are doing investments. So we do all of our investments at a most granular level. And everything that one of them has a business type and that business type is reviewed by the CFOs, the business depending upon the announced money that can go all the way up through the top of the house. And we measure against that business type constantly. And we refine against it.

So you can be very confident that the things we lay out for you while they may get refined as a time, all things we’re executing on, we have a good track record of execution of dividend. And I’ll think we were so quite concerned about the, sort of, headwinds we faced like NIM compression and where we expect our P&Ls go in terms of NII.

So we have done that many times as it was lay out effective for use. We can talk a bit about investments that they are getting it, mostly they carry many of those things and they are executing very well and they are delivering returns.

Unidentified Analyst

So I think you said it’s roughly around $2.6 billion of extra spend. Is that a number that just continues to build or did it ever decline. Like how do you think for that number?

Marianne Lake

The $2.6 billion that was on the pace, just to make sure everyone (inaudible) that was the amount of aggregate spending in 2012, all the investments they have it yet but eventually. For any spend, that’s effectively increasing always have a share.

And each one of them has a different guiding profile in terms of what it’s going to generate, it’s required to turn. And what it does, it would kick out and become BAU -- announced that they are going to kick out and become BAU expense with an appropriate return and operating leverage on it.

So at some point in time, as they all seasonally mature and they have different timelines, that whole $2.6 billion will ultimately be BAU expenses.

Unidentified Analyst

Okay.

Marianne Lake

We will continue to invest on growth and we have all the way through the cycle as you know and so it’s also reasonable to expect that we’ll continue to add bankers and advisors and loan officers and grow some branches every year if we can. So if we’re able to see a number that’s also similar to that could be in our run rate as the investment growth matters.

Unidentified Analyst

Great.

Unidentified Analyst

So we ask this also for a while, do you view that JPMorgan still subjects to the law of large numbers, $2.4 trillion balance sheet. Is JPMorgan to big to grow on above average rate? One, you strongly agree, two, you somewhat agree but size is only one factor, three you’re neutral on it, size is not a factor. Four, you somewhat disagree and five, you strongly disagree?

Okay. So 55% people somewhat agree that it’s a law of large numbers and 23% strongly agree of the law. So you’ve got about 78%. So what is your response to that in terms of the law of large numbers. You just kind of break it down to its individual businesses?

Marianne Lake

Yeah. We’re large company that we run ourselves as set of businesses. It’s not just a four businesses that we report attentively. It’s a set of 48 businesses. Below those, it’s then run by management team. They are focused on serving our clients, growing our businesses in a quality way everyday.

So we look at where we are in terms of just organic growth. And that’s often without significant opportunities. I’ll give you a good example with mortgage loan offices. So we showed in Investor Day that we have less than one mortgage loan office we have on today, not less than half but just competitor.

So when we think about that, that pertains with our 1,000 or retail mortgage loan office where the opportunities -- they present these opportunities that we’re going to growing in 2013. We talked about the fact that we’re adding PTC clients everyday, every week, every month and that would be adding money in that space very strongly.

Although it’s only a year and half in, we’re moving very strongly towards the goals at over the time a $100 billion of net new money. And when you look at the raw mill acquisition, so with the raw mill acquisitions, we got new markets in our footprints and we’re expanding in those markets in terms of commercial banking and middle market type abilities and business banking. And we’re halfway to the most of your journey.

So we think we have fabulous organic great opportunities and we manage these like a series of businesses all the way down to the organization so that price is not only one factor but -- I think not a factor.

Unidentified Analyst

I mean, the footprint is that those have advantages and in the investor day announced about new payments, partnership with these. Could you expand a little bit on -- I'm not sure everyone exactly gets the importance of this in great detail?

Marianne Lake

Sure. Absolutely. So on the Investor Day, we announced a formation of card merchant services and it was a very exciting thing that which we’ll do obviously and it’s going to be up and running by the end of the year. So we’ve been in a partnership with these as you know it’s a long time, what we were able to do with this arrangement is effectively licensed a dedicated copy of that network that dedicated to, used by often our customers.

And what way -- we do is leverage we have significant issuing scale, we have merger and acquisition capabilities in scale. And so by doing this, with the leverage goes that scale to grow direct relationship with merchants to provide them with simplified operating stand as a more flexibility and that would really help many.

So it’s good in terms of our ability to direct deal with merchants. It’s good for the customer because in fact we have in terms of customers to date we have merchant and those things, the fact that we recently required a merchant office platform. We can build that together and we’re really cognizant and relevant merchant of those. If we could continue. So we’re actually think it’s a great evolution in the payment base. It’s good move, positive and it also allows us to grow our business.

Unidentified Analyst

Some people initially feel like this might lead to an interchange pricing war. What are your thoughts on that? If you start to bring it down.

Marianne Lake

So for that we have to have some other arrangement and I can’t comment on that whether that’s likely or positive but -- it’s certainly possible but I comment, it’s slightly based. I don’t see their dividends can grow and mostly that’s not our intention.

Unidentified Analyst

I don’t want the merchant type of things you did at the Analyst Day. How the different businesses are interacting you showed. You actually quantified some of that. You said there is a $14 billion -- 40% total revenues came from cross-sell services as well as $3 billion of cost synergies. Is that optimized or is there a target that we think like we need to be optimized. How much upside is there to those number because the business is working better to go at?

Marianne Lake

We continue to optimize and the way that we think about that is that we differentiate ourselves by the way we see our customers and the way we serve our customers. And we try to get high quality and deeper relationships with them. And then we get the cost out as an outcome from that. But obviously a very important outcome and we’re focusing on that.

It does show the value of the firm. So we don’t actually set cross-sell targets throughout the organization. But we -- as we measure that businesses, we expect them -- that cross-sell has great totaling because we are deepening our relationships. And I’m good in taking the Investor Day that when you look at average deposit per account, they can grow certainly year-over-year.

The last several years if you look at transactions of our cards out, our card has been growing certainly year-after-year. If you take a look at -- if we talk about PTC, it’s an existing catching customer and introduce them to the PTC program. On average, there are more 300,000 extra dollars to the bank and that’s at the beginning of the program and at the beginning of that like in PTC.

So we’re just focusing on cross-sell. We’re focusing on deepening. And so as a result of those things, we would expect them to -- that result is only growing.

Unidentified Analyst

What do you feel like in terms of optimizing that franchise? You are at $14 billion right now. Do you feel like you are $7 or (inaudible). How is that -- is there still lot more upside to go in terms of number?

Marianne Lake

We don’t have a target for it. So I can’t give you a range for it but growth yeah, continuously.

Unidentified Analyst

Are there any questions in the room?

Unidentified Analyst

What about international growth especially the emerging market? You comment what JPMorgan strategy is there?

Marianne Lake

We have been expanding internationally across the hotel space and really defined it. We expect that to be significant growth in the emerging market over the course of next decade. And we are positioning ourselves, so we’d capitalize on it, both Europe, Asia, and in Latin America.

So in terms of a couple of years ago, we set up global corporate bank and that’s been a very successful partnership between investment bank and NSF. Now with the realignment of the CIB, we are taking that even further. So that should be a strong platform for growth internationally and then also in asset management.

So we’re very focused on international growth. We showed some slides on Investor Day. The progress we’ve made and we’d be able to capitalize on that and tripling in the capital market activities that’s expected over the next decade.

Unidentified Analyst

Is there any other question? Okay. With that, thank you very much.

Marianne Lake

Thank you.

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