Al Briand: Thank you very much, and it's great to be here again at the Treasury & Risk awards ceremony. BNY Mellon's Treasury Services Division is proud to be a sponsor of this event as we have in the past. It's a very important event in that it is a leading provider of working capital solutions.

Just for a few minutes I would like to share with you a bit of what has been going on in the past few weeks during our conference season. There was the SWIFT Sibos Conference in Hong Kong in mid-September, where there was a typhoon as well. That was quite an experience. We also attended the Association for Financial Professionals annual conference in San Francisco, where I and my colleagues at BNY Mellon spoke to over 300 different customers, financial institutions and corporate. I thought I'd share a little bit about the buzz that we heard a year after the financial crisis, what’s on our customers' minds and what they are looking for from a provider of working capital products and solutions.

They are looking first for stability, not just stability around the balance sheet and capital ratios, but also stability as a provider. Will you be consistent? Will you continue to invest in the products…keep a pulse on regulatory changes in the industry and continue to drive the industry?

As a result of the financial crisis, different financial institutions have decided, “Well, jeez, let's spend some more time in this part of the business." But I think that our customers were saying that they valued the stability of both past and future commitment to working capital solutions across cash management payments, trade, finance, and the like, so stability is extremely important as we talk to our customers.

The second is efficiency. Our corporate customers are asking about SWIFT standardization, SWIFT messages and cross-border solutions They are asking how we can work with SWIFT, and help to drive some of that efficiency? Is BNY Mellon going to continue to innovate to ensure that we are not just looking at dropping data off into the treasury office, but working with our partners in corporations and other financial institutions to drive that data deeper into the organization, to be more of a partner with the various lines of business that need to be part of that integrated process with Treasury? Efficiency is not a new story, but it's taking on a different level of importance.

And then, finally, quality. Quality is efficiency in a way. If we as a provider are working with our customers to deliver quality, that's an efficiency solution right there. Our customers are telling us that's how you differentiate yourself. The fact that you have a different feature or function in terms of your delivery of information is not as important as delivery of a quality product. If we can work with a SWIFT, for example, as a utility to develop a more efficient solution, it might look the same from different financial institutions,  but that's what we're looking for. We're looking for that uniform level of capability, and you can differentiate yourself on the quality.

These same messages were resounding in someway that with our 300-plus clients across those two conferences.

BNY Mellon is confident that we can continue to deliver on those three attributes in the working capital arena. For those of you who are partners with us today, we thank you for your business, and for those who may not be, we would welcome the opportunity to open up dialogue as we move forward.

First, I'd like to present our Bronze Award for Working Capital Management to Lakshan Fernando. Lakshan joined in 2008 as senior treasury manager. Lakshan is responsible for the company’s liquidity and bank trade vendor relations. In 2009, he also began overseeing Zappos’ accounts payable function. Prior to Zappos, from 2001 to 2008, he was at Pegasus Solutions and covered treasury operations and cash management, progressing to foreign exchange manager.

Lakshan earned his B.A. in accounting and finance from the Thames Valley University in London. He -- and this is his word, not mine –- “stumbled” into corporate treasury while contracting and has since enjoyed nearly 10 years of progressive experience. Congratulations, Lakshan.

Working Capital Management 2010 Transcript

Lakshan Fernando: Good morning, everyone. First of all, it's a pleasure and honor to be here in front of you all, and it's also an honor to receive the Bronze Award for the Working Capital Management category.

I'll start off by speaking a little bit about We are an online service company, and although we happen to sell shoes, apparel, watches and electronics, we pride ourselves on having established our business model to focus on delivering the highest level of customer service. We are headquartered out of Henderson, Nev., a short distance from the Las Vegas Strip, and I'd welcome all of you whenever you do visit Vegas to come into our offices. We literally do have about five to 10 companies a day touring

Henderson is a suburb, so if you feel like getting away from the craziness of the Strip one afternoon or morning, feel free to contact me. I'll provide you with my contact information and we can organize a tour for you at

Our fulfillment center is actually in Kentucky, and we strategically located it there to be close to the UPS hub. That enables us to deliver our orders to our customers overnight anywhere in the country.

The size of our Kentucky-based fulfillment center is 16 football fields, and it is highly automated as well. The topic of my presentation is specific to the automation of that fulfillment center, and it relates to the purchase and subsequent sale-leaseback of Akiba Robot System.

Zappos has grown year over year since its inception in 1999, and it achieved $100 billion in gross sales just last year in 2008. Aside from selling in excess of 1,000 brands online, we have 10 of our own private labels. These are powered by Zappos, which hosts and manages other retailer websites, and provides customer service on their behalf. And we do fulfillment for them as well. Our submission to Treasury & Risk magazine was “two birds with one stone,” and I will clarify that a little bit more now.

First, with the purchase of the robotic system for our warehouse, it was at a time that liquidity was very important to us, and Zappos happens to be a net borrower, so we have a $100 million revolving line of credit. Maximizing availability on our line was paramount.

Second, also paramount was paying down expensive term debt during the subsequent high sale season to achieve interest expense savings. Our business cycle is such that during the first three-quarters of the year, we do ramp up in inventory purchases, and so we have high cash flows during that time period.

Most of our sales are achieved during the fourth-quarter holiday season. With the purchase of the fulfillment system during the middle of the year, maintaining high availability in our line of credit for those inventory purchases was seen as important and something that we would need to achieve. In the fourth quarter during the holiday season when sales are high, reducing our interest expense on our expensive term debt was the second priority for the latter part of ’08. 

The stone that was used to kill birds one and two was to do a sale-leaseback on the multimillion-dollar warehouse fulfillment system.

Initially, we started an RFP process. Various internal departments were involved in the process. It was pretty tedious, the reason being that at the time, we were approaching the trade market turmoil that existed during the latter half of 2008. However, with the collaboration of our legal department, tax, accounting, and a couple of other departments, we did make significant progress.

Working Capital Management 2010 Transcript

However, after months of effort going through between five to eight RFPs, finally selecting a company, signing off on the proposal and providing the initial deposit, the company decided to pull out at the last minute. This was at the peak of the credit market turmoil, so instead of just going ahead and using our revolving line of credit for that expense, which happened to be $5 million, we decided to persevere and start a new RFP process.

Again, two to three months later, after more information flow between the RFP participants in and the assistance of our internal departments, specifically legal reviewing all the documentation, our tax department was involved. We had already paid use tax on the purchase of the equipment, and the proposals that we were getting incorporated tax on the lease payments -- in effect double taxation. At that point, we got our tax department involved, and they were able to contact the Kentucky revenue department and get them to provide us a statement in writing saying that we did not have to pay tax on our lease payments up to the amount of the tax we had already paid.

From the banks that provided us with our line of credit and our term debt, we needed to get their amendments to the credit facility agreements, and we also needed to get a subordination agreement from our warehouse landlords and lenders.

The benchmarks for success this time around were: We wanted to obtain the lease financing on this equipment at a cost that was equal to or less than our original cost of debt. We wanted to complete the transaction by the beginning of the second quarter of the year when our high inventory purchases would kick in and maximizing the availability on our line of credit was paramount. And we wanted the funding date for the sale of the equipment to the leasing company to coincide with the leaseback commencement date.

 That became a struggle because the leasing company that we eventually decided to go with wanted the funding date to be before the lease commencement date, and that would enable them to charge us interim rent. It took some negotiations to get the funding date and the lease commencement date to coincide to avoid that interim rent.

So to wrap up and conclude, we were able to secure financing eventually at reasonable cost in the midst of credit market turmoil, thereby increasing the availability on our line of credit. Then towards the end of the year, what we'll end up doing is using that $5 million in additional availability that we secured to pay down our more expensive term debt, thereby realizing about $300,000 in interest expense savings.

Finally, by doing the sale-leaseback, we were able to pay down our revolving debt by that $5 million, and only about $2 million of the leaseback portion hit short-term liabilities. So the benefit to our networking capital was about $3 million. Thank you.

Working Capital Management 2010 Transcript

Al Briand:  Thank you very much and congratulations again. Our next award winner is Karen Papazian. Karen and Toyota Financial Services win the Silver Award for Working Capital Management. She is the director of capital markets and manages the short-term funding programs at Toyota Financial Services. She joined Toyota in 2001 as part of the company's graduate management associate program and worked in strategic and product planning at Toyota Motor Sales and at Toyota Financial Services before accepting the role in TFS treasury. In 2004, she assumed responsibility for debt capital markets and was promoted to her current position in 2007.

     Prior to Toyota, Karen worked as a production accountant at Jim Henson Productions and served in the Peace Corps. During her Peace Corps service, she worked in Senegal establishing micro-lending programs for women. She has a bachelor's in international economics from UCLA and an MBA from USC. Her second year at USC, she was invited to study leadership under Warren Bennis at his Leadership Institute at USC. The most interesting part of the bio, I think, is coming up. Outside of work, Karen plays in a cover band with her husband and three sons, and I've been trying to just picture that in my mind and how that works over the last couple of days. But that's fantastic, focusing primarily on Jack Johnson's G-rated songs and on keeping the volume low enough not to disturb the neighbors. So, Karen, congratulations.

Karen Papazian: Thank you, Al, and good morning, everyone. As Al mentioned, I manage the term funding program at Toyota Financial Services, but this particular Alexander Hamilton entry actually encompasses work done by several groups within our Toyota Financial Services treasury department. Our commercial paper, treasury risk management, treasury operations and obviously capital markets teams are all represented in the work that I will describe here today. And I will leave it to your speculation as to whether I wanted to draw or avoided the short straw to end up representing this talented TFS treasury team this morning.

Before I start with a little bit of background about our business, I have to thank both Al Briand and Jeffrey Henderson in his keynote address for talking about two issues that I'm going to discuss today. We already heard from Mr. Henderson about the importance of transparency, which I will address in terms of our working capital management, and then Al mentioned the importance of efficiency. These are two concepts that I'm going to discuss this morning.

So I'll start first with a little background about our business. I represent Toyota Financial Services. We provide consumer retail, lease, dealer financing, and insurance products to Toyota and Lexis dealers and their customers in the U.S. Our balance sheet was $84 billion at the end of our most recent fiscal year. We are a frequent borrower in the global capital markets, and we rely on a low-cost funding model to provide cost-effective products to our customers.

Looking specifically at our working capital principles, as a financial services company, our working capital supply depends on our access to reliable sources of funding at reasonable rates. In order to guarantee those sources, whatever the market tone is, we need a broad base of supportive fixed-income investors. Therefore, it is very important that we communicate with these investors regularly so that they understand our business model.

We run a comprehensive investor relations program where we focus on the transparency of our business model. Without transparency on our part, investors would face uncertainty, and when investors face uncertainty, we all know that they demand higher risk premiums. Through our investor relations work, we do all that we can to alleviate any investor concerns in order to realize efficiencies in our working capital management -- in other words, to keep our cost of funds as low as possible. Without this thorough investor communication, the problem of asymmetric information would lead to increased risk premiums and higher cost of funds for TFS.

Working Capital Management 2010 Transcript

These guiding philosophies of communication to alleviate uncertainty are obviously important in any environment, but the relevancy is highlighted in crisis situations. Uncertainty drives fear, and during the very uncertain times of 2008, the market saw Libor spike up as banks did not even trust each other. Because of these fears, fixed-income investors also demanded higher risk premiums of all issuers. The importance of transparency and communication increased as the potential impact of asymmetric information was greatly magnified by the financial crisis.

At Toyota Financial Services, we belong to three groups that were hit very hard by the financial crisis. We are a large borrower in the capital markets. We are auto industry related and, obviously, financial services industry related. Therefore, it was key that we were able to ensure investors about the trustworthiness of our business model and of our sound liquidity.

As a result, we intensified our investor relations effort via three channels. The first channel was our commercial paper program, or a direct channel. The second was an indirect channel where we used our investment bankers to communicate with the term funding investors. Lastly, we undertook a week-long pan-European road show where we spoke directly to investors all across Europe. In these communications, we realized that transparency differentiated us from traditional banks. In our communications with investors and bankers, we had to build awareness that there were neither toxic assets nor hidden losses on our books.

 As I mentioned at the start, our working capital management depends not only on broad access, but also on efficient cost of funds. Because of our successful investor relations work, investors sought us as a safe haven investment. For example, commercial paper investors rewarded TFS with a flight-to-quality bid throughout the crisis. They provided a liquidity block backstop, and we attracted daily volumes of approximately $4 billion to $5 billion in October and at attractive levels.

This pricing helped anchor pricing for our term funding issuance. On the term side, we were also able to be very active in the front and domestic MTN market, and we issued more than any other corporate borrower in the time around the Lehman bankruptcy. In total, we issued $12 billion in term notes at or near pre-crisis rates during that period surrounding the Lehman bankruptcy. As a result, we had access to the capital supply that we needed in order to get through the crisis.

In summary, our efficient working capital management made it possible for us to provide consumer credit at affordable rates. When banks were exiting the market or significantly cutting back, we stepped up and became the top U.S. auto lender in 2008. We achieved record market share and continued our support of our automotive parent. Thank you.

Al Briand: Karen, thank you very much. I am pleased to present our Gold Award. There's nobody else, Shane, so you got it! Our Gold Award from Treasury & Risk magazine goes to Shane Hegarty. Shane is the director of engineering services and logistics at DRS Sustainment Systems Inc. The company is headquartered in St. Louis,Mo., and Shane’s responsibilities include project management and engineering support for design and development programs as well as life cycle support to military customers for sustainment programs.

     Prior to his current assignment, Shane has held a variety of positions in responsibility at DRS Technologies, and prior to that, he worked at Pratt & Whitney aircraft engines, primarily in the engineering and project management disciplines. Shane earned a bachelor of science degree in aerospace engineering from Missouri University of Science and Technology and a master's in business administration from Rensselaer Polytechnic Institute. Shane, congratulations. 

Working Capital Management 2010 Transcript

Shane Hegarty: Good morning. As Al said, I'm Shane Hegarty, and I'm the director of engineering services and logistics at DRS Sustainment Systems. I'm going to talk to you about creating a culture of cash. It's a little bit different than what you've heard from the other two teams, and this was really an effort to span the entire company, and that's why you have an engineer up here talking to you about cash management.

So, a little about us. DRS Technology is a division of Finmeccanica, and Finmeccanica is a global defense aerospace and security leader. In fact, we're the ninth largest global defense company. Based out of Italy, the company is about EUR 15 billion, 2008 revenues. As I said, DRS Technology is a wholly owned subsidiary of Finmeccanica, and Sustainment Systems (DRS-SSI), my company, is the third largest DRS division. We are about $250 million in revenues, about 1,000 employees at three locations, and our focus is sustainment products for military customers.

So enough about the company. Let's talk about the problem we faced. DRS-SSI had seen steady working capital growth since about 2006 at the time we were acquired by DRS Technologies. We saw 41% growth in working capital, while seeing only 19% in revenue growth. That was a big problem for us. So in looking at this, it's easy to see things like inventory and receivables and payables. Using the glacier analogy, that's the part above the water that you see. The tougher part to get your arms around is what's hiding underneath the water, and what we found was was a real lack of employee knowledge about how their daily actions and decisions impact cash flow at the company.

Once we figured out what our problem was, we put together a cross-functional team with a group of working-level employees. We didn't lock a bunch of executives in a conference room and say, "Go fix this problem." We got working-level folks involved from across the company, and the team really set out to create a culture of cash.  We set some specific targets for ourselves as regards cash flow to operating income ratio, reduction in working capital, metrics, that sort of thing.

So what did the team do? Well, the first thing we did was put together a best practice guide. This is a guide with common sense business practices that employees can use to impact the cash.  We published this on the Internet so all employees can see it and review it from time to time, and we've split the book up by function.

An engineer can go to the engineering section and see, "Well, what can I do on a daily basis to affect cash?" The contract administrator can go to his section and see how his actions impact cash and get some common sense best practices that he can follow. And then we followed this up with function-specific training. It wasn't just an overview of cash where you have employees and operations get glassy eyed. We talked about things that these employees know and do on a daily basis, and we talked about how that impacted cash, so that was the best practice guide.

The second element was great launches, and this was really about investing resources upfront to realize success later. I'm a runner so I like to use running analogies, and as a runner, your success on race day doesn't depend on your race strategy or how well you're feeling that day or what you had for breakfast. It really depends on the hard work you put in and the weeks and months leading up to the race. Right? When that alarm clock goes off at 4:30 in the morning, do you roll over and turn it off, or do you get out of bed and go put your six miles in?

The same thing applies here. We put a focus on investing the resources upfront to ensure success later.

The third element of our plan had to do with establishing metrics and accountability, and this wasn't just measuring cash flow or working capital. It was about measuring process and cycle time throughout the company. We set up metrics for all departments that focused on their piece of the pie. How well are you performing relative to what you should be doing? Then we published those and held people accountable.

Working Capital Management 2010 Transcript

The piece that really tied it all together was a cash campaign, and this was about communication and education and motivation. We developed a brand and a slogan, which was, “Free cash flow. Let's make it grow.” We surrounded all of our messages with that brand and that slogan, and you'll see a little green piggy bank up in the upper right hand corner, and that's kind of an interesting story.

We actually gave a piggy bank to all 1,000 employees at DRS-SSI. When a manager or an executive saw an employee take action or make a decision that had a positive impact on cash, they would get a coin with our slogan on it, and this coin would go in the piggy bank that was sitting on their desk so other employees could see how well they were performing. We set a goal for ourselves that if we gave out about 50,000 coins over three months we'd have a pig roast to celebrate, and we achieved that milestone.

We had the celebration. So it worked out really well. A cash campaign really tied it all together, and one of the anchors for that was the leadership. Our senior leadership really supported this, and they were walking the floor talking about cash. The metrics really provided feedback on how we were doing relative to how we wanted to do.

How were our results? Our target, as you saw earlier, was a free cash flow to operating income ratio of greater than 85%. We achieved 90% over 12 months. A 10% reduction in working capital was our target, and we achieved 22%.

We also wanted to establish process metrics, which we did. We're measuring inventory receivables, CPI and SPI, which are cost performance index and schedule performance index, project management-type metrics, as well as others, throughout the company in different departments. Bottom line, our working capital ratio after 12 months was down to around 15% from nearly 22%, so a substantial improvement.

To summarize: We did something a little bit different. We put a cross-functional team together and said, "Cash management is not just treasury and finance, it's not just your responsibility, it's everyone's responsibility.” We got everyone involved, and we were really focused on creating a culture of cash. If you had asked one of our employees about cash management earlier, they probably would have told you that it's a bean counter thing, but I think today we've changed that mindset and we have created a culture of cash at DRS-SSI. Thank you.

Al Briand: Shane, thanks very much. Now for a few minutes, we want to allow you to ask questions of the panelists. What really impressed me about the three programs that we heard about is that they're very different in nature, in terms of their impact on the three organizations, and the type of approach and the technical aspects of them.

Q: Mr. Hegarty, hi. I'm Susan Kelly with Treasury & Risk magazine. Were different groups of employees more receptive to the cash culture message? Did some departments find it easier to pick up than others?

Shane Hegarty: Yes, some departments found it easier to pick up than others. It was really dependent on the leadership. You have to get the leadership to buy in. And then, as with any change initiative, especially a culture change, –some employees are early adopters; –these are the folks who are ready to get on board right away. Some folks are a little reluctant, and then some folks are very reluctant. It was difficult driving into that middle group and then driving deeper and deeper to get to the third group.  The cash campaign was a six- to 12-month effort, so we kept bombarding them with the topic and the effort and the communication, and eventually we started to win people over. It's kind of like a snowball rolling downhill. You count momentum as you go, and the more people you get involved, it becomes infectious. So, yeah, some departments and some people were reluctant at first but I really think we won over the majority of the workforce throughout the campaign.  

Working Capital Management 2010 Transcript

Q: Shane, just a bit of a follow-up question. I was impressed by the fact that there were the nuts and bolts of the project, but also the very extensive marketing and internal communication. Was that a result of the fact that there was that cross-functional team, do you think? How did you get such a robust encompassing of all of the different disciplines to make sure that the program had all the necessary aspects to make it work?

Shane Hegarty: I think the cross-functional aspect of the team was key. We had folks on our team from communications and marketing that really knew how to brand and slogan and communicate, and they really drove that part of it so it was key. Then we had individuals from each organization. Take me, from engineering. I was out selling this to our engineering department on a daily basis, one-on-one conversations with employees, staff meetings, that sort of thing, and you saw that same type of activity in the other departments. I think the cross-functional nature was really the key to the success of this program.

Q: Karen, it sounded like you guys did a great job in funding your operations during last year's upheaval, but another part of working capital would be your collections. I'm sure your customer base for the products that you sold suffered tremendously last year, and I was wondering if you could talk a minute about your collections, your receivables and the credit challenges you faced and how you guys handled those.

Karen Papazian: Definitely. It goes without saying that anybody in a business similar to ours faced increased challenges. We did make some changes to our asset strategy in terms of looking with more precision at some of the paper we were buying. As a matter of fact, we are going to have one of our team members from Toyota Financial Services speak in more detail about that, I think, tomorrow. On the collection side, we are now doing some more work in terms of looking at early indicators and reaching out to people earlier who might have problems down the line, contacting them sooner in the process than we would have before the crisis had started.

Q: Karen, one question relative to your program is diversification and the importance of that in terms of the funding sources you've achieved. For folks and organizations that don't have that level of diversification, how would you advise them to get started in terms of building that component of the infrastructure?

Karen Papazian: That's interesting, actually, because as you mentioned when you introduced me, I've been with the treasury team since 2002. Even though, at that time in the capital markets work, we had already focused on diversification, I've seen that really grow and intensify over the past few years.

     There's a couple of things we have to do to make sure that growth is always happening.We do a lot of research; we read EuroWeek, IFR magazine and capital market journals. We also rely on our investment bankers to bring ideas forward to us, but I think the real key that we found is the internal alignment among our people, and that cuts across all groups that I mentioned at the beginning.

We want investors, that broad base that we rely on so heavily, to think of us as best in class, top of mind so that when they reach out to us, whether it's via an investment banker or via direct channel, they know that we are going to respond quickly. We're going to respond in a straightforward manner and we're open to new structure products, new currencies -- whatever it might be that is the form of diversification at that moment. It follows that the greater flow of ideas and the greater flow of opportunities that we see obviously lead to greater diversification in terms of our funding programs.  

Working Capital Management 2010 Transcript

Al Briand: Any other questions? While you're thinking, Lakshan, just a quick question for you. I was impressed by the fact that your program had a very deliberate objective; it had components to it. What was the biggest key to your success, do you think, in terms of the program? Was it the fact that you had these very defined objectives? What would you attribute it to?

Lakshan Fernando: I think I would attribute the success of finally being able to secure financing during the credit market collapse down to perseverance and endurance, not giving up. Also, I would say that relationship building was crucial. We spent a huge amount of time and effort on conference calls, e‑mails, providing people with information that would reassure them about Zappos’ financial stability and performance, and also meetings with the RFP participants. And it really doesn't do any harm to be actually located in Vegas, where you could show them a good time.

Q: This is, I guess, directed to everyone, all the presenters. I wanted to get a sense of whether or not your initiatives were driven by the current economic times or whether these were something that you already had in mind as part of your process in terms of efficiency.

Shane Hegarty:  I guess I'll jump in and say that at DRS-SSI, prior to 2006, we in engineer support systems had a pretty robust cash management program in place with relatively good success. In 2006, we went through an acquisition and became part of DRS Technologies, and there was some shifting of roles and changing of personnel. From a cash management and working capital management perspective, we kind of took our eye off the ball, and so for a couple of years, our cash flow continued to get worse. Last year, we decided, "Hey, it's time to do something about it." That's what prompted us to launch this effort. So, no, it wasn't particularly the current market situation. It was something peculiar to our company.

Karen Papazian: In terms of us, as I mentioned before, the focus on diversification or investor base was a principle we've had for quite a bit of time. But the execution and content definitely changed a lot during the crisis. In our investor relation meetings in years past, we used to talk about concept cars and engine sizes and horsepower because people never really asked us that many questions about Toyota Financial Services and our asset strategies. They just had in mind that we were a good credit from that point of view. I mentioned, for example, our road show that we undertook in Europe in January. Those meetings were very different. We didn't talk about cars. We talked about our own liquidity, our business model, our asset strategy, the relative health of our parent company. It was the same base strategy, but the way in which we executed it had to change profoundly because of the crisis.

Lakshan Fernando: I believe we started our initial project to seek lease financing for the equipment prior to the credit market turmoil occurring, so it so happened that the whole process went into that period. I would have to answer no to that question.

Al Briand: Any other questions?

Q: I'll ask one to all three of you. What would you do differently in your projects in achieving your goals?  Obviously, you were successful. Somewhere along the line, you might have noticed something you would have changed. What would that have been?

Lakshan Fernando: Looking back with hindsight at what we call the failure of the initial RFP process, I probably wouldn't have put as much reliance as I did in the company that eventually turned us down. I probably would have spent more time giving one of the other participants more focus.

Karen Papazian: From our point of view, it made us more aware that we need a broader investor relations team. We had people stretched pretty thin, so in terms of building up that base of people, that’s something that we're already working on. We’re getting people from different groups involved and more able to speak about us and our business model at any given moment.

Shane Hegarty:  From my perspective, what I would have liked to have seen improved would be the timing. Again, we had people spread thin, so it took us three to six months to roll out these initiatives. I would have liked to have seen it done quicker. When projects drag on, it's a strain on folks. With the marketing campaign, I would have liked to have seen more of it quicker. We saw results within 12 months, but maybe we could have done that sooner.


Al Briand:  Any final questions? OK. Well, I would be remiss if I didn't add that BNY Mellon was founded by Alexander Hamilton 225 years ago, so it's apropos that we be here with Treasury & Risk magazine in awarding the Alexander Hamilton Awards. Congratulations again to you all and thank you very much for your attentive participation.

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