 Good morning, I'm Elgin Farewell, the CEO of Terranet. Like my colleagues, I'm here to talk about a story of transformation in land registration services. I think you're going to hear that none of them were achieved overnight, and none of them were achieved without challenges. Those challenges can be political, policy, operational, technical, and if you've ever worked in land registry, they certainly can be emotional. I know while I'm here to talk about the Terranet experience, in many ways it's more about the Ontario land registry staff that had the vision, the commitment, and the leadership to make it all happen. In Ontario, meaningful transformation took almost a decade, and while both the model that delivered the transformation as well as the services have continued to evolve over that decade, since that decade, I'm here today to share the early Terranet story by setting the impetus for change, the strategy, and the structure to address that need, and then talk a bit about some of the high level lessons and results that have been realized. So a decade might sound like a long time, but not so much if you think of it in the context of a land registry service that had not changed in close to 200 years. Settlement, European settlement, started in the 1600s in Ontario, but it wasn't until 1795 that provincial statutes were introduced to establish land registry and land rights. At the time, land was administered under a deed system, which was a variation board from the British. But in the late 1800s, Ontario adopted the new Australian torrent system for first grants to property. Now while enhancing property rights for some, this also created disparity that would last for another 100 years for those that were still under the registry deed system. And over those 100 years, Ontario itself went through profound change and growth. Initially, 80% of the Ontario population was rural in nature and was spread across a geographic area four times the size of Great Britain. So over 60 county-based registry offices were established to service and administer property rights in the province, each of which had their own interpretation of the provincial Registry and Land Titles Act given the geographic distribution. During the 1900s, Ontario became Canada's economic engine, population more than quadrupled, and the demographic profile shifted to 85% urban. Development of land became intense, and like most jurisdictions, development fueled surveys, transfers, and mortgages, which in the registry were all fueled paper, paper, and more paper. This in turn put significant pressure on the urban registry offices in particular. In Ontario, a real estate transaction does not close until you actually register the transfer in the registry office in other words, you don't get the keys to your house if you don't get registered on your Friday afternoon by your lawyer. In the 1980s, with population and the economy booming, the land registry system was not coping. It was bursting at the seams with paper staff and customers. We're actually setting up tents in parking lots where offices could extend their services and lawyers and conveyancers would come to register. The register was consistently missing the legislative timeline to complete transactions, and in a period of intense development, this created exposure for the province, for properties managed under the Torrin system, and was potentially putting confidence in the land registry system itself at risk, and confidence and trust is fundamental to land registry services. By the 1980s, roughly 50% of the provinces, the properties in the provinces were titles, and 50% were still under the deed system. Registry staff and legal community had to maintain two legislative administrative systems and workflows, as well as the expertise that would be prescribed by each to manage them. Again, it also meant that those who held interest in land did not have equal rights and protections provided by the province. Some were able to rely on a provincial guarantee while others simply had to rely on their lawyer. So in the mid-1980s, the government concluded that the inconsistency of rights, the increasing cost of the service, and the decreasing level of service was creating too much risk for what would be considered a critical piece of economic and social infrastructure. So to address this, the government created a vision for real property administration in Ontario that planned to leverage the newly emerging information technology capabilities, and that vision was to afford all property interest holders the same protections and benefits by proactively converting the deed's properties to a qualified title under the torrent system. Create an electronic, parcelized ownership database for every title in the province with an integrated electronic workflow to enhance the efficiency of the registry staff, and coincidentally create a digital, parcelized geospatial map fabric as an index to the property records as well as an expandable database for property attributes that could help inform public policy. Finally, it included a long-term vision to automate the real property document creation and registration process. Today some know this as e-convancing. Now many jurisdictions in the 80s were building title databases, and so that was not that unique. What I think was unique was at the time, the decision to convert millions of properties, property records from a deed system to a title system as a starting place, and then envisioning a world where the end-to-end land transaction would be paperless, automated, and conducted remotely was unique. And while it was understood that the effort to attain this long-term vision was large, the government did not know at the time that the scope of magnitude of the vision would become much greater than anticipated, and this in turn would drive the need to be innovative in the way in which that vision was achieved. Initially, the land registry took on attaining the vision on themselves and started by designing and developing the Polaris Land Titles Database and Operating System. They did this successfully, and then to support the records conversion, they developed enabling legislation and procedures to streamline the process to search a deed's property, parcelize it, automate it, and certify it under the Torrin system. Unfortunately, after a series of pilots, the Land Titles team concluded that the cost, difficulty, and resourcing to convert and map almost four million titles and the complexity of the desired enabling information technology, as well as the related investment to enable all of that exceeded the government's capacity. So to their credit, to the government's credit, they did not reduce the scope of the vision they were trying to achieve. They looked for an alternative model to achieve the vision and concluded that a new trend in public-private partnerships for hard government infrastructure might actually be adopted to a soft infrastructure environment. So government saw an opportunity for a private sector partner to bring capital, discipline, competency, and capacity in surveying, technology, and process optimization, as well as bring a commercial lens to customer service and to market newly created data. Again, to their credit, they anticipated that unlocked value in land registry would be released and that this could be captured and retained by government, but also shared with a private sector partner to accelerate that vision. And in 1991, Terranet was created as a 50-50 partnership between the Ontario government and a private sector consortium. Terranet and the private sector were expected to bring the capacity and the expertise to accelerate the conversion of titles, drive IT solutions, innovation, allow government to guide and government project outcomes, but still remain focused on processing day-to-day land registry records and then provide the capital and be motivated through an economic model that maximized and accelerated the benefits of automation to land registry and its customers. It took two tries to get the right consortium, but ultimately the private sector owners were comprised of survey firms, legal firms, technology firms, all backed by capital that committed the required funds up front to the province. However, a clear vision, capital and experience was not a guarantee for long-term partnership success, so why did it ultimately work? Clear accountability of roles, rights and decision making and the adherence to these trickled down from a joint Terranet board that had equal representation from government and the private sector partner as well as independent expert members. Terranet would be accountable to meet performance and production criteria that included quotas, timelines and quality for records conversion. The government continued to own the data and certify the title using the system that Terranet would deliver. Terranet on the other hand, designed, operated and owned the system within which the data resides. This created a symbiotic reliance on one another and a shared and aligned view of the customer. And while Terranet retained fee revenue, government retained fee control. So fees were predictable and grew at a pace that was known to the customer base. Once critical mass was reached on the number of parcels automated, Terranet could commercialize the data but government had the approval rights from a privacy perspective and a market perspective. Terranet was only compensated by retaining statutory fees on automated properties. In the early stages, this motivated the company to focus on simpler land titles, properties generally found in high turnover urban areas. Government also set performance standards for system availability, the rate at which properties needed to be converted and data integrity for those properties, all of which had significant penalties attached. So you had the combination of revenue upside and performance downside, which motivated Terranet to successfully standardize the processes and the performance standards for title certification staff in a unionized environment. And having been around the world, I can tell you that's not easily done in the complex world of land registry. Well, this model drove revenue to Terranet which would be used to fund more conversion. It also allowed government to process records more quickly due to the advantages of automation. Given the long-term nature of the arrangement, it was important that government was not fettered in making policy or legislative changes that might need to be reflected in the systems that Terranet was maintaining on their behalf. So a comprehensive governance structure was established and evolved to monitor contractual performance and customer service. But more importantly, it was a commitment to dedicate the right talent and decision makers that facilitated the ability for the regulator and Terranet to work collaboratively on advancing the vision, being innovative and adapting to new needs within the marketplace and within government and to jointly engage stakeholders and customers. And I'll talk about that in a minute. A fund was established and collaboratively annual planning process. So Terranet would fund on an annual basis any changes government wanted to the system, which could be driven from an operational perspective or by legislative changes. And I'd say the most significant of which was a move towards reducing property fraud and enabling that with systems checks in the 90s. I believe another key to the success of Terranet was that from the beginning it was not singularly private sector and composition. Terranet was seated with government board members and the voluntary transfer of government land title staff over to the company when it first started. And to this day, we continue to recruit and retain a contingent of both government and more specifically land titles capabilities and DNA in the organization. Having government representation at the board level in the first decade and hiring former deputy ministers or sorry, deputy registrars not only allowed the company the credibility to engage and contribute to the transformation and a true partnership with government and stakeholders, but it also allows us to understand and work within a government context. It appreciates that public interest is a business interest. A conversion project that was supposed to take roughly 10 years took 17. But that was because the number of properties and the complexity of those properties were underestimated in the 90s or the 80s. Despite this, by 1999, critical mass was reached and with the busiest and largest counties automated and converted to land titles. So in 1995, anticipating success, Terranet and the province set about to introduce the electronic remote registration system. But the vision did not just see the automation of land registry processes as they existed today. It also envisioned the reform of land registry practices, policies and legislation by moving away from the submission of evidence to the use of legal statements. Government collaborated with Terranet, but they actually led the engagement of stakeholders in this endeavor. And it became a joint effort with the Law Society of Upper Canada and the Bar Association to reform and change the real property practices with a goal to rely more heavily on the legal profession, reduce property risk and create a more efficient marketplace. The legal community was engaged and allowed to influence, which ultimately turned them into champions of change when we rolled out the system. We worked closely with the government to design and develop the system based on the reformed and more efficient workflows supported by auto certification, or sorry, auto signatures, online collaboration between parties, including the registry office, the auto population of title details from that automated database into the electronic documents so that you knew that that information that was being submitted could be checked and would be right, as well as being able to be automatically abstracted and registered without human intervention. Prior to the launch, Terranet and the government together delivered a comprehensive change management program to ensure that the community was aware, supported and trained, and as mentioned, the legal community was in support led by the Law Society. And in 1999, TerraView became the world's first digital land registration system and it immediately transformed the practice. After the successful launch of TerraView and with the records conversion, nearly complete, the government sold its 50% interest in Terranet in 1993 to its partners. Three years later, we went public through an IPO. Government participated and saw a return on investment. I'll talk about that in a second. In 2008, Terranet was taken private by a pension fund and is now operating the electronic land registry system for the province under a 50 year concession arrangement and has strict performance and customer service requirements including a contractual commitment to maintain the registry in a modern state. But above all else, the governance regime that provides clear accountabilities promotes joint strategy and the funding and collaboration to achieve it remains the underpinning of success. The province's original equity investment in Terranet was that actual Polaris system that they built in the 80s which was valued at less than $30 million. But since the province divested and over the life of its relationship with Terranet, its return on investment received in hard proceeds so these are checks being cut will exceed $4 billion. 6.4 million parcels have been automated and converted and 99% of documents are created and registered electronically today. This is in an environment where the properties, the number of properties of double transactions have increased by 25% and the land registry in Ontario, its foot prints been reduced by 75% through the use of public kiosks. While land registry staff have been reduced from anywhere between 1,200 to 1,400 depending on the time of year, they've been reduced down to 200 and but the backlogs have gone from 20 days down to one day. And finally customer service satisfaction is in the top decile and we measure that regularly. This has been a journey, not a journey, this has not been a journey without its challenges. They always are but a commitment to the vision and the innovative business model has transformed land registration in Ontario. Terranet continues to deliver e-convancing property risk and realtor solutions across Canada and has recently entered into a 30 year concession with the province of Manitoba where once again we are faced with paper, paper and more paper and we'll start that transformational journey once again. Thank you.