Equitable Group Reports Record Quarterly Results

TORONTO, Aug. 13, 2015 /CNW/ - Equitable Group Inc. (TSX: EQB and EQB.PR.C) ("Equitable" or the "Company") today reported record financial results for the three and six months ended June 30, 2015 on consistently strong growth and performance by its wholly owned subsidiary, Equitable Bank (the "Bank").

SECOND QUARTER HIGHLIGHTS

Net income was a record $33.5 million and diluted earnings per share were $2.06, both up 25% from Q2 2014 and 14% from the first quarter of 2015.
In addition to strong operating performance, results included an investment gain from a securities transaction that increased net income by $1.5 million and diluted EPS by $0.10.
Single Family Lending originations were a second quarter record $641 million, up 28% from $501 million a year ago.
Return on Equity ("ROE") was 19.8%, up from 18.0% in Q2 2014 and 17.9% in the first quarter of 2015.

FIRST SIX MONTHS HIGHLIGHTS

Net income was a record $63.0 million, up 21% from $52.1 million in the first half of 2014.
Diluted earnings per share were $3.87, up 20% from $3.22 in the first half of 2014.
ROE was 18.4%, up from 18.0% in the first half of 2014.
Book value per common share was $43.80 at June 30, 2015, up 15% from $38.16 at June 30, 2014.

DIVIDEND DECLARATIONS

The Board of Directors declared a quarterly dividend in the amount of $0.19 per common share, payable on October 5, 2015, to common shareholders of record at the close of business on September 15, 2015. This dividend represents a 12% increase over the dividend declared in August 2014. In addition, the Board declared a quarterly dividend in the amount of $0.396875 per preferred share, payable on September 30, 2015, to preferred shareholders of record at the close of business on September 15, 2015.

COMMENTARY

"Equitable Bank's record results reflect continued strength in the fundamental drivers of our long-term performance, most importantly our ability to deliver great service to our customers and their professional advisors," said Andrew Moor, President and Chief Executive Officer. "We grew total mortgage originations to $1.4 billion, mortgages under management to over $15 billion, and deposits to over $8 billion – and these new high watermarks allowed us to achieve our best ever quarterly earnings and an ROE well above our long-term average of 17.5%. Credit results were also outstanding on ongoing adherence to our disciplined risk management approach. The Equitable team has done an outstanding job executing on our strategic plan and delivering results."

OPERATING HIGHLIGHTS

Single Family Lending mortgage principal at June 30, 2015 reached $5.9 billion, up 30% from $4.6 billion a year ago, on record second quarter originations of $641 million.
Commercial Lending originations in the second quarter were $200 million, up 7% from $187 million a year ago, as a result of strong partnerships in a competitive market. Reflecting the Bank's ongoing commitment to pricing discipline and prudent risk parameters, commercial mortgage principal was $2.3 billion, just slightly above last year.
Securitization Financing Mortgages under Management amounted to $6.8 billion, up 25% from $5.5 billion at June 30, 2014, driven by the Bank's entry into the prime single family mortgage market.
Deposit principal outstanding increased 27% year over year to a record $8.1 billion at June 30, 2015 reflecting strong demand for the Bank's diverse savings products.

CREDIT

As an indicator of the high quality of the Bank's mortgage portfolio, credit metrics in the second quarter remained strong and well in line with the Bank's long-term experience. The Impairment Provision was less than one basis point in the second quarter. Net impaired mortgage assets were 0.18% of total mortgages as impaired mortgages decreased by 32% over the quarter, largely as the result of one large commercial loan becoming current. Management believes arrears rates and impairment provisions will remain low in 2015 at a national level assuming that Canadian economic conditions remain within the range of broad market expectations and that arrears rates in Alberta and Saskatchewan will rise in future quarters from currently low levels, although a stress test shows the risk of incurring any significant credit losses in these areas is also low.

CAPITAL

Equitable Bank's capital ratios exceeded minimum regulatory standards and most industry benchmarks. At June 30, 2015:

Common Equity Tier 1 capital ratio was 13.5%, surpassing the Basel III minimum of 7.0%, most competitive benchmarks and last year's ratio of 13.4%.
Total capital ratio was 17.2%, well above the regulatory minimum of 10.5% and up from 17.0% a year ago.
Leverage Ratio was 5.3% and as such the Bank was fully compliant with the target that OSFI sets on a confidential, institution-by-institution basis.

STRATEGIC UPDATE

The Bank's growth and diversification initiatives are progressing well. In the prime single family market where the Bank continues to build its market presence, Equitable funded $380 million of mortgages during the second quarter, up from $191 million in the first quarter of 2015. This new business complements Equitable's growing leadership position in the alternative residential mortgage market.

To support both prime and alternative single family lending, the Bank continued to establish deeper relationships with mortgage brokers in communities coast to coast, and late in the second quarter opened a dedicated single family mortgage underwriting centre in Vancouver to better serve mortgage brokers and customers in the Lower Mainland.

After surpassing the half billion dollar mark at the end of the first quarter, Equitable Bank High Interest Savings Account ("HISA") balances reached $653 million at June 30, 2015, up 30% in just three months as Canadians took advantage of the competitively superior rate of interest available on this safe and secure product, which is available on the FundSERV platform (codes EQB100 and EQB200).

In addition, to further diversify and increase its funding capacity, the Bank implemented two new funding programs during the quarter: a $350 million revolving credit facility for insured single family mortgages prior to securitization; and, access to a large bank sponsored Asset-Backed Commercial Paper program that provides matched funding for uninsured single family mortgages.

BUSINESS OUTLOOK

Management expects Equitable to achieve high returns on shareholders' equity throughout 2015.

"After a record start to the year, we expect to follow up in the second half of 2015 with continued positive results for our shareholders and customers based on the strength of our diversified franchise, devotion to service excellence and all around solid execution of our strategies, " said Mr. Moor. "We also plan to take advantage of recent market share gains as well as geographic and product expansion to keep single family originations high. We're enthusiastic about what our business model, strategies and market share momentum mean for long-term performance".

Other key items on the Bank's growth agenda include the launch of its digital banking platform planned for the fourth quarter, supported by a broad consumer awareness campaign. Management reiterated its plan to invest an additional $3-5 million in the latter part of this year to reinforce customer service and increase consumer awareness in support of the Bank's digital banking launch. This initiative will make Equitable a more effective and recognized branchless bank throughout Canada.

"From a profitability perspective, net interest income should increase year-over-year at low double-digit rates in the remaining quarters of 2015 on the continued growth of the Bank's assets, even though we continue to expect our net interest margin to decrease slightly on a change in mix," said Tim Wilson, Vice President and Chief Financial Officer. "In the meantime, the low level of interest rate risk in our book remains a positive given the two rate cuts introduced by the Bank of Canada to date this year. As the interest rate and economic environments continue to evolve, our diversified business model can be counted on to generate strong results for the foreseeable future."

The full text of Equitable's business outlook can be found in Management's Discussion and Analysis for the three months ended June 30, 2015, which is available on SEDAR and on the Company's website.

CONFERENCE CALL AND WEBCAST

The Company will hold its second quarter conference call and webcast with accompanying slides at 10:00 a.m. ET August 14, 2015. To access the call live, please dial 416-847-6330 five minutes prior. The listen-only webcast with accompanying slides is available at www.equitablebank.ca under Investor Relations.

A replay of the call will be available until August 20, 2015 and it can be accessed by dialing 647-436-0148 and entering passcode 2762130 followed by the number sign. Alternatively, the call will be archived on the Company's website for three months.

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS (unaudited)
AS AT JUNE 30, 2015
With comparative figures as at December 31, 2014 and June 30, 2014
($ THOUSANDS)

			June 30, 2015		December 31, 2014		June 30, 2014

Assets:
Cash and cash equivalents		$	631,917	$	230,063	$	294,894
Restricted cash			107,338		67,690		59,061
Securities purchased under reverse repurchase agreements			102,025		18,117		9,999
Investments			163,390		187,664		231,249
Mortgages receivable – Core Lending			8,229,510		7,684,425		6,824,141
Mortgages receivable – Securitization Financing			4,986,757		4,585,520		4,304,254
Securitization retained interests			56,982		44,983		35,471
Other assets			51,905		36,441		26,319
		$	14,329,824	$	12,854,903	$	11,785,388

Liabilities and Shareholders' Equity
Liabilities:
	Deposits	$	8,236,361	$	7,489,418	$	6,510,114
	Securitization liabilities		4,870,987		4,355,328		4,374,999
	Obligations under repurchase agreements		167,767		52,413		-
	Deferred tax liabilities		20,747		14,843		12,122
	Other liabilities		57,011		61,971		41,353
	Bank facilities		141,802		92,236		117,941
	Debentures		85,000		85,000		92,483
			13,579,675		12,151,209		11,149,012

Shareholders' equity:
	Preferred shares		72,557		72,412		48,494
	Common shares		141,794		140,657		139,784
	Contributed surplus		4,640		4,331		5,542
	Retained earnings		550,979		496,097		449,644
	Accumulated other comprehensive loss		(19,821)		(9,803)		(7,088)
			750,149		703,694		636,376

		$	14,329,824	$	12,854,903	$	11,785,388

CONSOLIDATED STATEMENTS OF INCOME (unaudited)
FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2015
With comparative figures for the three and six month periods ended June 30, 2014
($ THOUSANDS, EXCEPT PER SHARE AMOUNTS)

		Three months ended				Six months ended
		June 30, 2015		June 30, 2014		June 30, 2015		June 30, 2014

Interest income:
	Mortgages – Core Lending	$	98,146	$	83,267	$	191,479	$	163,391
	Mortgages – Securitization Financing		39,066		39,527		76,362		80,377
	Investments		2,102		1,515		3,680		2,994
	Other		1,726		1,947		2,991		3,532
			141,040		126,256		274,512		250,294
Interest expense:
	Deposits		43,226		37,634		85,054		74,437
	Securitization liabilities		34,120		36,622		67,122		73,245
	Debentures		1,269		1,399		2,546		2,793
	Bank facilities		885		699		1,499		1,212
	Other		545		-		959		21
			80,045		76,354		157,180		151,708
Net interest income			60,995		49,902		117,332		98,586
Provision for credit losses			830		545		1,644		1,052
Net interest income after provision for credit losses			60,165		49,357		115,688		97,534
Other income:
	Fees and other income		2,534		2,168		4,842		3,634
	Net (loss) gain on investments		(247)		591		(450)		608
	Gains on securitization activities and income from securitization retained interests		2,268		737		3,970		1,603
			4,555		3,496		8,362		5,845
Net interest and other income			64,720		52,853		124,050		103,379
Non-interest expenses:
	Compensation and benefits		12,804		10,224		24,190		20,360
	Other		8,906		6,656		17,220		12,965
			21,710		16,880		41,410		33,325
Income before income taxes			43,010		35,973		82,640		70,054
Income taxes:
	Current		7,250		8,480		13,859		16,689
	Deferred		2,240		715		5,800		1,296
			9,490		9,195		19,659		17,985
Net income		$	33,520	$	26,778	$	62,981	$	52,069

Earnings per share:
	Basic	$	2.09	$	1.68	$	3.92	$	3.27
	Diluted	$	2.06	$	1.65	$	3.87	$	3.22

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2015
With comparative figures for the three and six month periods ended June 30, 2014
($ THOUSANDS)

	Three months ended				Six months ended
	June 30, 2015		June 30, 2014		June 30, 2015		June 30, 2014

Net income	$	33,520	$	26,778	$	62,981	$	52,069

Other comprehensive income – items that may be reclassified subsequently to income:

Available for sale investments:
Net unrealized (losses) gains from change in fair value		(6,451)		2,258		(12,753)		3,831
Reclassification of net (gains) losses to income		(16)		(348)		359		(357)
		(6,467)		1,910		(12,394)		3,474
Income tax recovery (expense)		1,707		(504)		3,272		(917)
		(4,760)		1,406		(9,122)		2,557

Cash flow hedges:
Net unrealized gains (losses) from change in fair value		842		(1,326)		(2,674)		(3,384)
Reclassification of net losses to income		825		548		1,457		1,065
		1,667		(778)		(1,217)		(2,319)
Income tax (expense) recovery		(440)		205		321		612
		1,227		(573)		(896)		(1,707)
Total other comprehensive (loss) income		(3,533)		833		(10,018)		850
Total comprehensive income	$	29,987	$	27,611	$	52,963	$	52,919

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)
FOR THE THREE MONTH PERIOD ENDED JUNE 30, 2015
With comparative figures for the three month period ended June 30, 2014
($ THOUSANDS)

										Accumulated other comprehensive income (loss)
June 30, 2015		Preferred shares		Common shares		Contributed surplus		Retained earnings		Cash flow hedges		Available for sale investments			Total		Total

Balance, beginning of period		$	72,557	$	141,245	$	4,505	$	521,587	$	(8,025)	$	(8,263)	$	(16,288)	$	723,606
Net income			-		-		-		33,520		-		-		-		33,520
Other comprehensive income (loss), net of tax			-		-		-		-		1,227		(4,760)		(3,533)		(3,533)
Issuance cost			-		-		-		-		-		-		-		-
Exercise of stock options			-		445		-		-		-		-		-		445
Dividends:
	Preferred shares		-		-		-		(1,190)		-		-		-		(1,190)
	Common shares		-		-		-		(2,938)		-		-		-		(2,938)
Stock-based compensation			-		-		239		-		-		-		-		239
Transfer relating to the exercise of stock options			-		104		(104)		-		-		-		-		-
Balance, end of period		$	72,557	$	141,794	$	4,640	$	550,979	$	(6,798)	$	(13,023)	$	(19,821)	$	750,149


										Accumulated other comprehensive income (loss)
June 30, 2014		Preferred shares		Common shares		Contributed surplus		Retained earnings		Cash flow hedges		Available for sale investments			Total		Total

Balance, beginning of period		$	48,494	$	139,107	$	5,385	$	426,391	$	(4,498)	$	(3,423)	$	(7,921)	$	611,456
Net income			-		-		-		26,778		-		-		-		26,778
Other comprehensive income (loss), net of tax			-		-		-		-		(573)		1,406		833		833
Reinvestment of dividends			-		262		-		-		-		-		-		262
Exercise of stock options			-		342		-		-		-		-		-		342
Dividends:
	Preferred shares		-		-		-		(906)		-		-		-		(906)
	Common shares		-		-		-		(2,619)		-		-		-		(2,619)
Stock-based compensation			-		-		230		-		-		-		-		230
Transfer relating to the exercise of stock options			-		73		(73)		-		-		-		-		-
Balance, end of period		$	48,494	$	139,784	$	5,542	$	449,644	$	(5,071)	$	(2,017)	$	(7,088)	$	636,376

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)
FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2015
With comparative figures for the six month period ended June 30, 2014
($ THOUSANDS)

										Accumulated other comprehensive income (loss)
June 30, 2015		Preferred shares		Common shares		Contributed surplus		Retained earnings		Cash flow hedges		Available for sale investments			Total		Total

Balance, beginning of period		$	72,412	$	140,657	$	4,331	$	496,097	$	(5,902)	$	(3,901)	$	(9,803)	$	703,694
Net income			-		-		-		62,981		-		-		-		62,981
Other comprehensive income (loss), net of tax			-		-		-		-		(896)		(9,122)		(10,018)		(10,018)
Issuance cost			145		-				-		-		-		-		145
Exercise of stock options			-		939		-		-		-		-		-		939
Dividends:
	Preferred shares		-		-		-		(2,381)		-		-		-		(2,381)
	Common shares		-		-				(5,718)		-		-		-		(5,718)
Stock-based compensation			-		-		507		-		-		-		-		507
Transfer relating to the exercise of stock options			-		198		(198)		-		-		-		-		-
Balance, end of period		$	72,557	$	141,794	$	4,640	$	550,979	$	(6,798)	$	(13,023)	$	(19,821)	$	750,149


										Accumulated other comprehensive income (loss)
June 30, 2014		Preferred shares		Common shares		Contributed surplus		Retained earnings		Cash flow hedges		Available for sale investments			Total		Total

Balance, beginning of period		$	48,494	$	137,969	$	5,326	$	404,467	$	(3,364)	$	(4,574)	$	(7,938)	$	588,318
Net income			-		-		-		52,069		-		-		-		52,069
Other comprehensive income (loss), net of tax			-		-		-		-		(1,707)		2,557		850		850
Reinvestment of dividends			-		528		-		-		-		-		-		528
Exercise of stock options			-		1,054		-		-		-		-		-		1,054
Dividends:
	Preferred shares		-		-		-		(1,812)		-		-		-		(1,812)
	Common shares		-		-		-		(5,080)		-		-		-		(5,080)
Stock-based compensation			-		-		449		-		-		-		-		449
Transfer relating to the exercise of stock options			-		233		(233)		-		-		-		-		-
Balance, end of period		$	48,494	$	139,784	$	5,542	$	449,644	$	(5,071)	$	(2,017)	$	(7,088)	$	636,376

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2015
With comparative figures for the three and six month periods ended June 30, 2014
($ THOUSANDS)

		Three months ended				Six months ended
		June 30, 2015		June 30, 2014		June 30, 2015		June 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income for the period		$	33,520	$	26,778	$	62,981	$	52,069
Adjustments for non-cash items in net income:
	Financial instruments at fair value through income		7,880		(432)		4,642		(899)
	Amortization of premium/discount on investments		203		492		399		1,077
	Amortization of capital assets		522		319		857		622
	Amortization of deferred costs		389		541		800		1,097
	Provision for credit losses		830		545		1,644		1,052
	Securitization gains		(1,703)		(764)		(3,233)		(1,515)
	Net loss (gain) on sale or redemption of investments		247		(591)		450		(608)
	Stock-based compensation		239		230		507		449
	Income taxes		9,490		9,195		19,659		17,985
Changes in operating assets and liabilities:
	Restricted cash		(43,221)		(1,374)		(39,648)		28,258
	Securities purchased under reverse repurchase agreements		(91,490)		10,173		(83,908)		44,861
	Mortgages receivable		(647,081)		(32,425)		(1,352,319)		(205,851)
	Other assets		2,606		798		1,948		1,933
	Deposits		487,317		(52,795)		744,018		39,113
	Securitization liabilities		413,227		(96,955)		515,659		(216,405)
	Obligations under repurchase agreements		(57,930)		-		115,354		(8,143)
	Bank facilities		74,716		25,947		49,566		117,941
	Other liabilities		(3,410)		(4,144)		(5,335)		(7,188)
Income taxes paid			(8,089)		(8,082)		(18,941)		(24,508)
Proceeds from loan securitizations			209,970		105,412		390,655		200,577
Securitization retained interests			2,594		1,490		4,867		2,829
Cash flows from (used in) operating activities			390,826		(15,642)		410,622		44,746
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid on preferred shares			(1,190)		(906)		(2,381)		(1,812)
Dividends paid on common shares			(2,780)		(2,199)		(2,780)		(4,389)
Preferred share issuance cost			-		-		145		-
Proceeds from issuance of common shares			445		342		939		1,054
Cash flows used in financing activities			(3,525)		(2,763)		(4,077)		(5,147)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments			(2,592)		(56,347)		(15,436)		(95,743)
Proceeds on sale or redemption of investments			5,307		96,898		8,805		142,087
Net change in Canada Housing Trust re-investment accounts			3,954		(30,688)		11,795		(34,321)
Purchase of capital assets and system development costs			(5,687)		(226)		(9,855)		(373)
Cash flows from (used in) investing activities			982		9,637		(4,691)		11,650
Net increase (decrease) in cash and cash equivalents			388,283		(8,768)		401,854		51,249
Cash and cash equivalents, beginning of period			243,634		303,662		230,063		243,645
Cash and cash equivalents, end of period		$	631,917	$	294,894	$	631,917	$	294,894

Cash flow from operating activities include:
Interest received		$	141,973	$	127,756	$	273,511	$	251,544
Interest paid			(88,838)		(87,745)		(147,968)		(136,056)
Dividends received			7,600		1,327		9,365		2,836

ABOUT EQUITABLE GROUP INC.

Equitable Group Inc. serves consumers and their advisors through Equitable Bank, a diversified financial institution that operates coast to coast. Equitable Bank provides residential (prime and alternative) single family lending services, commercial lending services and a variety of savings solutions including high-interest savings products and GICs for individual Canadians. Since its founding in 1970, Equitable has grown to become Canada's ninth largest independent Schedule I Bank and a recognized service leader through its proven branchless banking approach. For more information, visit the Company's website at www.equitablebank.ca and click on Investor Relations.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Statements made by the Company in the sections of this news release including those entitled "Commentary", "Operating Highlights", "Credit", "Strategic Update", "Business Outlook", in other filings with Canadian securities regulators and in other communications include forward-looking statements within the meaning of applicable securities laws ("forward-looking statements"). These statements include, but are not limited to, statements about the Company's objectives, strategies and initiatives, financial result expectations and other statements made herein, whether with respect to the Company's businesses or the Canadian economy. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "planned", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases which state that certain actions, events or results "may" , "could", "would", "might" or "will be taken", "occur" or "be achieved." Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, closing of transactions, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to capital markets and additional funding requirements, fluctuating interest rates and general economic conditions, legislative and regulatory developments, the nature of our customers and rates of default, and competition as well as those factors discussed under the heading "Risk Management" in the Management's Discussion and Analysis and in the Company's documents filed on SEDAR at www.sedar.com. All material assumptions used in making forward-looking statements are based on management's knowledge of current business conditions and expectations of future business conditions and trends, including their knowledge of the current credit, interest rate and liquidity conditions affecting the Company and the Canadian economy. Although the Company believes the assumptions used to make such statements are reasonable at this time and has attempted to identify in its continuous disclosure documents important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Certain material assumptions are applied by the Company in making forward-looking statements, including without limitation, assumptions regarding its continued ability to fund its mortgage business at current levels, a continuation of the current level of economic uncertainty that affects real estate market conditions, continued acceptance of its products in the marketplace, as well as no material changes in its operating cost structure and the current tax regime. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws.

NON-GENERALLY ACCEPTED ACCOUNTING PRINCIPLES ("GAAP") FINANCIAL MEASURES

This news release references certain non-GAAP measures such as Return on Shareholders' Equity ("ROE"), Net Interest Margin ("NIM"), capital ratios, book value per share, impairment provision (recovery), and Mortgages Under Management that management believes provide useful information to investors regarding the Company's financial condition and results of operations. The "Non-Generally Accepted Accounting Principles ("GAAP") Financial Measures" section of the Company's second quarter 2015 Management's Discussion and Analysis provides a detailed description of each non-GAAP measure and should be read in conjunction with this report. The Management's Discussion and Analysis also provides a reconciliation between all non-GAAP measures and the most directly comparable GAAP measure, where applicable. Readers are cautioned that non-GAAP measures do not have any standardized meaning, and therefore, may not be comparable to similar measures presented by other companies.

SOURCE Equitable Group Inc.

For further information: Andrew Moor, President and Chief Executive Officer, 416-515-7000; Tim Wilson, Vice President and Chief Financial Officer, 416-515-7000

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