During the year, CI’s debt, net of cash and marketable securities not needed for regulatory capital, was reduced by $204.2  million to $526.5 million, which included the repayment of $250 million in debentures that matured in December 2012,  partially offset by an increase in our credit facility. This level of debt is quite manageable for CI, leaving us with the capacity  to finance acquisitions or other strategic opportunities. It represents a ratio of net debt to EBITDA (earnings before interest,  taxes, depreciation and amortization) of 0.7:1 – a decrease from 1.1:1 a year earlier.  In 2012, we repurchased 1.4 million shares at a cost of $30.5 million, and paid dividends of $269.2 million. The dividend  rate was raised to $0.08 per month per share from $0.075 during the year, with a further increase to $0.085 effective  March 2013. CI has been consistent in boosting its dividend as our business has grown. Our annual dividend payment has increased  from $0.57 per share in 2009, when CI converted back to a corporation from an income trust, to its current rate of $1.02  per share – an increase of 79%. At the same time, we have been prudent in ensuring that the dividend is supported by our  cash flow. As a percentage of free cash flow, our dividend payout ratio in 2012 was 63%, compared to 59% in the prior year.  This is driven by our long-term commitment to return cash not required to finance the company’s operations and growth  to our shareholders, and we believe that our record in this is matched by few companies. Since our $25 million initial public  offering in 1994, CI has returned $4.2 billion to shareholders, consisting of $3.0 billion in dividends and distributions and $1.2  billion in share repurchases (as of February 28, 2013). In 2012, CI’s share price responded to the improving financial markets and our asset growth, appreciating to $24.93 from  $21.10 over the 12-month period. The return including dividends during the year was 23.3%. With rising markets in early  2013, CI’s share price appreciated a further 13.7% to $28.10, and our market capitalization reached $8.0 billion as of March 31.  We are especially proud of CI’s long-term return. From the June 1994 IPO to the end of March 2013, CI has returned 3,454%,  versus 366% for the S&P/TSX Composite Index and 1,135% for the financial services sub-index. This equates to a compound  annual growth rate of 20.9%, making CI one of the Top 5 performing stocks on the index over that period. Creating wealth for shareholders 7