Thank you, Mr. Chair.
Ladies and gentlemen, thank you for your presentations and your suggestions. I very much appreciate your taking the time to share your views with us.
I'd like to direct my first question to Mr. Carayiannis from the Canadian Association of Income Funds. It's good to see you again, by the way. Having been a lawyer in private practice, I can personally attest to the fact that converting companies into income trusts and then converting income trusts back into corporations is good work for lawyers.
Some of my former colleagues may be unhappy with my question to you about the conversion deadline and how that might impact their particular business in the next year or two if we do push back or eliminate that conversion deadline. Can you give us some guidance on how many trusts you think will convert prior to that deadline if the deadline is continued versus how many will convert later if we extend or eliminate the deadline?