Mark Coombs: Ashmore Group, Tom Shippey, Group Finance Director. Some of you know us -- hopefully, most of you know us. Thank you for coming. We're going to update you on our results for the financial year ended 30th of June 2026. This is an overview, high-level. I'm sure many of you have already got through this. Market has been pretty good for us in the year. We've delivered outperformance much as we usually do. Emerging markets itself, the equity indices were up nearly 50%, 44%, and fixed income anywhere between 7% and 12%. So a nice backdrop for an investor. Our outperformance stayed pretty good. One year is up to 77%, and we're 68% and 67% over 3 and 5. Performance is fine. There are strategies we'd like to have been doing better, but performance is fine. Subs have, basically, started to increase. We've come through the cycle since the '22 panic, oh dear, the Russians are revolting. We kind of got through that. And people now are starting to think about where they should put their money given they've got an awful lot in the U.S. Our subs are up, basically, nearly 100%, so -- which is good. Lower redemptions as well. The redemption number down -- has dropped by 20% year-on-year. So we -- in the assets under management space, bottoming and increasing. So up 13% overall, the $54 billion assets under management. So exactly what we'd expect to see this time in the cycle after a big redemption cycle, subscriptions start outweigh, redemptions drop, and you go back into growth. Net inflows of $2.7 billion, half of fixed income, half of equities and a little bit into alternatives. In terms of our strategy, in terms of diversifying our product set, that's been working. So the equity business has continued to grow, is up 1/3 this year. It's now 19% of the group's assets. We'd expect it to be much larger over time. Alternatives growing as well, a little bit, up 1/4, now $2 billion. And the local offices continue to grow. There's a suite of local offices. There will be others over time, continue to grow as a part of the money that we manage. Great thing about local offices that when people panic and want to go home, the local office, they're already home. So we've seen net inflow all the way through since '22 in our local office businesses. About $1 billion -- just under $1 billion of inflow. So now local offices account for 16% of our assets. Seed has done well in the year. We made some money on our seed, and we're happy with that. Our profits have increased as a result of it. Our adjusted revenues are down 7%, however, due to lower performance fees on the core assets under management. Investment returns have been pretty good on seed, $80-odd million of gains on seed capital. That's worked, and we've been recycling seed. So we've been taking money off the table as well, which means the subscription process is working. So seed capital is a good story. We realized life-to-date gains of nearly $62 million. So we're happy with that. Profit up 17%, $127 million. Diluted EPS followed it to 15p. We're maintaining the dividend per share at 16.9p. From here, macro is some good stuff going on as well as some less good stuff. But for EM, we feel we're going to be net beneficiaries of people saying we've just got an awful lot in the U.S. Our growth rate in EM is pretty strong, forecast to be twice as fast as DM. And finally, what we do, which is be active, trying to stay out of trouble as well as get on the back of good things, is pretty important when we've got complex global world out there. A little more detail on that. So on the right, we give you emerging market and developed market index returns. This is not our returns, this is indices. I mentioned equities for EM up 44%. MSCI World was up 21%. So EM outperforming the world as a whole. EM small cap, the same as the world. And then on the bond space, Bloomberg Global Ag was up 1% as global bonds index. The 3 indices in emerging markets are all up more than that from 7% to 12%, 7% in the corporate space and 12% in the sovereign bond dollar space. So that was good. It's been a good performance here. [ Election ] results generally across EM have been pretty strong and investor-friendly. There's been a decline of, I guess, you'd say, the extreme left and something more market-friendly has come into place generally across EM. And we're seeing our allocations increasing. We've got much, much more inquiry now from clients who have been with us for a long time and who take money out when they don't love the world in EM, and put it back when they do. Clients thinking of topping up and doing some topping up, but also a lot more consultant-driven searches looking for places to put money. And this is just a bit more detail on the investment performance. Pretty much everything is performing fine over the 1 year. Three year, we'd like to see corporate a little better and certainly 5-year. And yes, we've got to keep our local market performance, our local currency performance going because that's actually one of the things that's attracting people to invest, is non-dollar exposure. So how are we doing? This is our strategic plan that we tell you about every year. Phase 1 is get people to allocate. EM has been a net inflow year, which is good as a backdrop. For us, that turned into $2.7 billion across fixed income and equities in particular, and a big increase in subs to $12.2 billion. Phase 2 then is diversify what we're doing of our strategy, and that's growing the equities, the alternatives, and the local businesses. Equities is growing well, up 1/3. Alternatives, a reasonable percentage, but still not a big enough number. We'd like that to be in a bigger absolute number. Retail itself starting to increase again. So retail can be the stuff that falls the first -- fastest first and then increases again. So retail now up to 5% of group from a low of about 3%, I think. And finally, emerging market capital moving. We're now up to $21 billion of assets from emerging markets. So 38% of group assets under management, and our local offices grew 13% to $9 billion, principally from Colombia, Indonesia, and India. I'll hand you over to Tom for some more detail.

Tom Shippey: Thanks. Okay. So a bit more detail on the movement in assets under management. The 13% increase to the $54 billion was the product of both positive investment performance of $3.7 billion and $2.7 billion of broad-based net inflow. Consistent with the positive markets and the alpha that Mark has just described, Ashmore delivered positive investment performance across all of the investment themes. Subscriptions of $12.5 billion almost doubled in the year, gaining momentum as the year progressed with subscriptions increasing by approximately 20% in the second half. The flows have been both a mixture of new mandates and additional allocations from existing clients as well as being geographically diverse with interest in emerging market investment from U.S. clients now seeing a notable pickup. Flows in Europe were particularly strong, where subscriptions increased over 120% year-on-year and accounted for more than 30% of the total with the demand focused on equity and investment-grade fixed income product. In March, the group announced a strategic partnership with Japan Post Insurance, who committed to invest an additional $1 billion. Over the period to June, approximately 1/3 of this commitment has been invested. The redemption profile also improved, reducing by 20% versus the prior year and marking the fourth consecutive year of reducing outflows. Overall, therefore, the group reported a net inflow of $2.7 billion, marking a turning point in this flow cycle. Fixed income, equities, alternatives in both the global and local businesses generated net inflows, demonstrating the breadth of activity across the group's locations and products. In terms of current activity, in equities, client engagement is global, particularly for the All Cap product and includes now the U.S. Demand for fixed income strategies is currently stronger in Europe and in Asia with a continuing focus on investment-grade product. Since the year-end, Ashmore has continued to perform across both fixed income and equity and is therefore well-positioned as interest in the asset class continues as evidenced by recent industry mutual fund data. Looking at the local offices. These provide increasing revenue diversification and generate an increasingly significant proportion of overall profits. Over the year, assets in the local offices grew 13% or $1.1 billion to approximately $9 billion, representing 16% of total assets. This growth rate is consistent with that of the global businesses, but varies by location, reflecting the diversity of the local markets and the stage of development for each of the local platforms. Looking now at each in turn, Ashmore India saw particularly strong net inflows following consistently strong investment performance across domestic listed equity strategies. These subscriptions were a combination of significant top-ups from existing institutional clients combined with net inflows into both the onshore and offshore Indian equity mutual funds. Ashmore Colombia's listed equity strategies benefited from local index returns of over 40% in the year following the presidential election and an improvement in the outlook for interest rates. The team in Bogota now manages $1.3 billion of listed equities, is delivering strong performance for both domestic and international investors, and has recently launched a regionally-focused LatAm mutual fund. The private equity and private debt infrastructure teams have continued to deploy capital and are now in the early stages of launching additional fund vintages. Across all strategies, Ashmore Colombia now manages $3 billion. In a challenged domestic market, Ashmore Indonesia achieved asset growth of over 20%, driven by net inflows of $0.7 billion and delivered an increase in profit. The local team's focus has been on maintaining relative outperformance for clients, broadening onshore distribution channel access, and further development of the product range. The Saudi business currently offers 2 core strategies: firstly, local thematic private equity vehicles such as education, health care, and industrials. And second, listed Saudi equities, where the team has a strong long-term relative performance track record, but experienced some net redemptions as local investors recycle capital in support of domestic projects earlier in the year. While the continuation of the regional conflict in the second half has not yet appeared to be a catalyst for further outflows, it is apparent that investment decisions are being delayed in the region. Ashmore Mexico obtained regulatory approval in May, enabling the company to develop an onshore equity product to benefit from the forthcoming pension reforms as well as advising on Ashmore's existing Mexico equities mutual fund. In aggregate, the average net management fee margin of the local platforms is slightly above 50 basis points. And given the benefits of operating with centralized support functions and a uniform IT structure infrastructure, collectively, they achieve a relatively high operating margin of 44%. Over time, the group will continue to look to expand the network into new markets with attractive demographics, accessible regulatory frameworks, and supportive macroeconomics and savings industries. So in terms of the key financials, while assets grew 13%, this growth was more than offset at the net revenue level by a weaker U.S. dollar and a lower level of performance fees, resulting in a reduction in adjusted net revenue of 7% year-on-year. As noted, returns across EM were strong, notably in equities, but also in fixed income with Ashmore delivering outperformance. These index returns drove an aggregate 28% investment return on the group's seed capital and delivered profits in the year of GBP 82.5 million, notably from equities and in external debt. In keeping with the group's consistently applied approach of redeeming seed capital once the scale or performance objectives have been delivered, a high level of recycling was achieved, realizing life-to-date gains on the seed book of GBP 61.8 million. Operating costs, therefore, increased 7% in the year, largely driven by the increase in variable remuneration generated by the seed gains. While the VC accrual rate was reduced from 35% to 30%, given the seed gains, the P&L charge increased by 15%, broadly consistent with the growth in profit before tax. Therefore, as a result, adjusted EBITDA reduced to GBP 35.7 million and the operating margin compressed to 26%. Excluding the impact of seed capital, the underlying operating margin increased from 40% -- sorry, to 40% from 37% year-on-year. Ashmore's cash balances provided GBP 11.4 million of interest income, lower than in the prior year period due to lower prevailing rates and lower average cash balances. In aggregate, profit before tax increased 17% to GBP 126.9 million and diluted EPS up 28% to just over 15p per share. The group has continued to maintain a substantial financial resources of approximately GBP 610 million, significantly in excess of its capital requirement. And given the momentum in the business and the continued strength of the balance sheet, the Board has recommended an unchanged final dividend of 12.1p per share to give a total DPS of 16.9p for the full year. Looking at revenues. Average assets increased 4% in the year, but the impact on net management fees was offset by U.S. dollar weakness and a 1 basis point reduction in the group's net management fee margin compared with the prior year period. As usual, a number of factors were behind the move in the margin, including a positive mix impact with inflows and asset growth in equities and across the local market businesses, offset by higher average overlay assets, which naturally increase in a period of strong underlying asset class performance. Higher margin private equity realizations in the prior year impacted alternatives. It is, however, noticeable that the group's average fee margin over the last 12 to 18 months has been relatively stable with the entry rate, average rate, and exit rate all being approximately 34 basis points. Industry-wide pressure on management fee margin remains, however, but the group's strategic growth objectives in higher-margin products such as equities and alternatives, including across the local offices, together with an increase in intermediary retail channel assets provide support over the medium term. Performance fees reduced to just over GBP 1 million in the financial year, consistent with guidance. The reduction was the result of fewer asset realizations from alternatives compared with the prior year. Including alternatives, which are inherently hard to predict and based on current market levels, I would expect performance fees for the current financial year to be no more than GBP 5 million, broadly consistent with the average of recent years. And finally, other revenue doubled in the year to GBP 5.8 million, predominantly due to a high level of transaction fees. Total operating costs increased by 7% given the variable compensation consequence of the seed capital gains with limited increases in the other operating cost lines. Operating costs before VC increased by just 2% with a 3% increase in salary costs driven by a rise in average headcount, largely from expansion in the local offices and a 13% increase in depreciation, predominantly owing to the London office move. I'd expect the forward-looking depreciation charge to be broadly consistent with the current year. In recognition of the improvement in the group's performance, the delivery of net inflows, strong ongoing investment performance, and the realization of profits from the seed portfolio, variable remuneration increased to GBP 45.6 million. As a proportion of profits, this represents 30%, down from 35% in the prior year period. Looking ahead to FY '27, we'll continue to maintain a strong focus on controlling expenditure globally while investing in key medium-term growth and efficiency initiatives, including the use of AI where appropriate. Overall, I would expect non-VC like-for-like operating costs to increase at approximately 2% to 3%. Ashmore's well-established seed capital program has been supporting growth in AUM and delivering investment returns for shareholders for over 15 years now. To-date, it's delivered nearly GBP 300 million worth of investment gains, of which GBP 225 million have been realized. And the program has helped to establish new products and distribution channels, which have added over $6 billion to assets. Mark-to-market profits in the current year were GBP 82.5 million, twice the level achieved in the prior year. And consistent with the broad-based investment performance delivered for clients across Ashmore's themes in the period, there were positive seed returns across all themes. Equities delivered approximately 40% of the mark-to-market gains while representing approximately 30% of the group's seed capital exposure. The remaining gain was split across other investment themes with meaningful contributions from both external debt and alternatives. As usual, once seeded funds meet their return on scale targets, we look to recycle the seed back onto the balance sheet to make the capital available for future growth initiatives. Over the first 6 months, the value of the seed increased to almost GBP 400 million with mark-to-market gains of GBP 55 million and new investments of GBP 38 million, offset by GBP 47 million of recycling. In the second half, given the continued strong returns and the increase in client subscriptions, a further GBP 126 million was able to be recycled, meaning in total, almost 50% of the opening value was redeemed over the 12 months. This represents an increase from the historic average levels of approximately 30%. Approximately 40% of the total recycled came from equities, consistent with the increase in client flows. And the higher level of recycling crystallized GBP 61.8 million of gains versus GBP 5.2 million in the previous financial year. As at 30th of June, as yet unrealized gains totaled GBP 69.8 million. Looking into FY '27, I'd expect the level of recycling to return to closer to the historic average of 30%, obviously being dependent on factors such as continuing performance and third-party client subscription levels. The group will continue to use its balance sheet to support strategic growth initiatives, notably, as mentioned, into private equity investment opportunities in support of growth in alternatives, such as health care. I, therefore, expect the alternatives allocation in the overall seed book to continue to increase both in absolute terms and as a proportion of the whole. Finally, now in terms of the other P&L items, the interest earned on the group's cash was GBP 11.4 million compared with GBP 20 million in the prior year. The reduction was the result of a lower interest rate environment, coupled with lower average cash balances. Current deposits are only just over 4% with sterling term deposits being placed at a similar rate. The group's effective tax rate came in at 15.4%, below the U.K. rate of 25% and lower in the year owing to an increase in the value of deferred tax assets relating to share-based remuneration and certain of the seed capital gains not being taxable in the U.K. In terms of guidance for the current financial year, the geographic mix of profits continues to imply a tax rate of approximately 22%. And finally, a quick recap on the balance sheet. Ashmore continues to be well-capitalized with total financial resources increasing in the year to approximately GBP 610 million, significantly more than the assessed capital requirement of GBP 88 million, implying excess capital equivalent to 73p per share. The group's financial resources remain liquid with approximately GBP 355 million of cash and deposits. And of the GBP 323 million of seed capital investments, more than 70% are in funds with at least monthly dealing opportunities. In terms of the cash flow, the group's cash balances increased by approximately GBP 15 million over the year. The group's operations, including interest and net of tax, generated approximately GBP 42 million, while realizations from the seed capital portfolio generated cash of GBP 109 million. And the EBT bought shares worth GBP 14 million to satisfy employee equity awards. In summary, therefore, Ashmore's continuing financial strength enables investment in support of the group's strategic objectives underpinning future AUM and profit growth. So with that, I'll pass it back.

Mark Coombs: Thank you. Thank you. Thanks, Tom. So outlook. Nothing particularly revolutionary here. We talk about the debt and the equity piece on the right. The global investment cycle is going to carry on. It's going to be AI, maybe at different pace, energy security and defense, big-time and supply chain resilience. So yes, that's all going to happen. EM has parts that will benefit and parts that won't. But broadly, there are places to invest in EM that benefit from all of that, be it critical mineral provision, be it need for manufactured goods, et cetera. So none of that is really changing for us. The macro, I say EM growth is going to be double DM. We're still at a big equity index discount to developed market indices. You can argue the developed market is too expensive, but still a 52% discount is a big gap. Real yields, substantially higher than DM and less indebtedness generally on average. And so there's more upside available in the fixed income space from spread compression as well. The third point is obviously what the hell is the U.S. going to do? So everything looks better relative when things look a little bit crazy in terms of the U.S. leadership or not. Very interesting time in terms of what happens to the U.S. dollar from here. U.S. rates need to go up, mass -- big and growing political pressure not to do that. So extremely important to see what the Fed, what policymakers in the U.S. do to maintain credibility and what that will do to flows, which have been massively pro-U.S. for the last 10, 15 years. So that's important. Obviously, geopolitics, fighting people, is kind of a big issue, too. So we all want what's going on in the Middle East to settle down. It will be nice if the Russia-Ukraine thing did as well. but we're kind of dealing with it. But the Middle East is a very important factor that none of us can really judge other than it going on. It's painful in terms of inflation globally, and that gets reflected in the U.S. and puts U.S. under pressure and eventually puts U.S. equity assets under pressure as well as U.S. bonds. So very interesting next 3 months. The next 3 months is going to be about being a relatively good outperformer. It might be quite hard to be a massive upside performer if markets are difficult, but being relatively good, holding on to your outperformance. It does mean that you get some interesting opportunities that genuinely diversify from that, and EM tends to be a place to do that. So we think there's 1 or 2 things we can be doing in EM that are uncorrelated except in a crisis to the U.S. So there we go, we talk about upside from spread compression. There's some room there. And EM equities has done pretty well relative to over the last 18 months. We think if anything, that might continue to improve. That's quite a big number here. It's quite a big amount of outperformance against the S&P. So we've done well in the market this year, absolute and also relative. So tick, we're okay with that. wearing our Ashmore hat. Yes, okay. Subs are up as we would hope they would be. So we seem to have hit the bottom in terms of the sub cycle and lower redemptions is showing net inflows across all 3 sets of what we do. Great. Strategically, our equities business is growing as we had hoped it would. We could always do better in it. I'd love to see all 3 core components of it growing as the local businesses are growing. One of the 3 core business is growing nicely, the other 2 not so fast. We'd like to see that do better. The local office network, I think, will continue to expand. We're always keen to do that in a way that makes profits, though. So we don't go piling into places unless we feel we can raise assets and make money pretty much straight away. So we'll have other things to do there. Seed capital has been great this year. Thank you very much for that. That was good. That's been an increase in profits. And -- but we have lots more to do as we grow the core business. And relative macro should underpin further what EM does. I like where we are relative macro. And I think that's about it, unless there are any questions.

Mark Coombs: I'm hoping there are thousands -- Q&A. I'm hoping there are thousands of them. Yes, please.

Unknown Analyst: I do have two questions, if you don't mind. First, I guess you said you want alternatives to be a big factor. I was just wondering if you have anything in the pipeline and what you're doing to kind of invest into that platform? And then second, I know summer months are typically slow in terms of client conversations, but any color on what you're getting from clients over the past 2 months relative to previous summers?

Mark Coombs: So in terms of the alternative space, I mean, obviously, we have a balance sheet that we use for seed, and we have used and we'll continue to use that for alternative assets where we see opportunities to build things, particularly focusing in the spaces that we like, which tends to be build out, the infrastructure, within that power, education, health care, all those kinds of things. So we'll use our balance sheet to do that. We're looking at how else we might bring other assets in to help us there. But initially, let's say, balance sheet is the main driver of that. And then in terms of summer flow or summer conversations, I would say the conversations there's kind of 2 things going on. The -- obviously, when the activity in Iran happened, everybody sort of stopped and started staring at the wall going now what? And so that kind of conflict lowers activity generally. So Q1, the first thing people do is they either panic and dive behind the sofa and take all their money home. And if they get over that moment, they then tend to do nothing for a bit. In terms of conversation, I would say we're kind of seeing 2 things. The people who are already invested in EM, and not all of whom are our clients sadly, that's a market to chase. But we're now having much more dynamic conversations with them about doing more in EM. And as a precursor, what tends to happen when people are thinking about that is the first thing they do is they look at their existing sort of slate of managers. So we're seeing a lot of institutions sort of refreshing their slate, saying, "Let's do a new set of comparisons. Are all our managers great? If we're going to commit more capital, are we sure we got the right managers to do it?" So what we tend to see in that situation is if we're doing well, we get some switch money, somebody fires somebody and hires us. That's the first stage. And then the second stage, they add more capital probably across the whole slate. I would say the switch stuff was behind some of our equity assets this year. And I would say those kind of conversations are ongoing. So I think that's -- it's sort of -- for me, that's kind of a leading indicator of people wanting to put more money to work. But we, with a small market share, say, in equity can be a beneficiary of that. Fixed income, we have a larger market share, it's harder. But even within fixed income, from Europe and Asia, we're seeing interest to put more money to work. The U.S., not much. They're kind of -- the Americans are mostly equity investors anyway. And so if they're thinking that way. And the good thing for us is that we're now in a very good place, vis-a-vis the U.S., and we've now got a track record. We've now got the product available. So I would say conversations versus other summers, it's just a different time in the cycle, different time in the cycle. So pretty good conversations. Of course, what will help us massively is everything settles down in the Gulf. That will pick up things really quite quickly. But we are -- still, we are seeing inflow despite that for people who are already in emerging market investing. And the more sweaty things get in the U.S., the more we're seeing a bit more interest in increasing EM allocation. So the sell-off in tech helps. U.S. rates might not initially help the bond space, but might not make much difference because it just encourages people to think, "Christ, if they're so indebted and if the interest costs are going up so much, what does that mean long term for the dollar, even if it's short-term positive, a rate rise?" So I think we're in a -- we've got enough U.S. It's annoying people are fighting. Let's get the right EM managers space. I don't know if that answers the question.

Unknown Analyst: It does.

Hubert Lam: It's Hubert Lam from Bank of America. Three questions. Firstly, I just want to clarify what Tom said on Japan Post. Is there another -- you think there's $1 billion mandate, right? There's another 2/3 coming. Is that -- I just wanted to check if that's correct.

Tom Shippey: Yes. So they committed to invest an incremental $1 billion over 12 months. They've invested just under 1/3 of it by June. So there's another -- you can do the math, $600 million and something.

Hubert Lam: And just remind us where -- which asset classes is that?

Tom Shippey: It could be in anything that we do.

Hubert Lam: Okay. Got it. A couple of other questions. Firstly, on -- you mentioned retail, bouncing from the lows of 3% up to 5% now. Can you just tell us where the flows are coming from in terms of like type of product? I assume it's mainly in the U.S. or your clients as in the past? Or is it different?

Mark Coombs: It started a little bit in the U.S. in equity product. U.S. tends to buy equity. But otherwise, Asia, a little bit in Europe, a bit here, actually, U.K. to be fair. Actually, U.K., we've seen some flow in retail.

Hubert Lam: In equities or?

Mark Coombs: Across the piece. A bit of equity, a bit of fixed income.

Hubert Lam: Okay. And the final question is on the U.S. because Americas today is, what? 15% of your total client base, is that...

Mark Coombs: Probably. Do you have the number?

Hubert Lam: Yes. It's at the back of...

Mark Coombs: I believe -- thank God somebody knows.

Hubert Lam: You're saying you're seeing increasing interest from U.S. investors, but...

Mark Coombs: For equity.

Hubert Lam: For equities, okay. But fixed income, still...

Mark Coombs: Not much. I mean I say that somebody will shoot me later, but not much. Not much. Much more equity, which is fine. I mean U.S. is obsessed with equity. So at least we have equity product, which 10 years ago, we didn't really have to sell them. Now we have it.

Hubert Lam: And they are the main drivers of their inflows in equities or just...

Mark Coombs: No. I think it's -- no, they're not. Not yet, no. But we've seen inflow in equity across the piece here and Europe and some in Asia, less in Asia at the minute. U.S. a little bit, yes, but we would expect to see more inflow in U.S. equity in the next 12 months in this financial year.

Hubert Lam: But not as optimistic on the fixed income side despite...

Mark Coombs: I just think -- well, the numbers will probably be relatively reasonable sizes. I just think the U.S. is an equity market. They like to buy equities. Lady behind you.

Unknown Analyst: I just have a couple of questions for Tom. The first one is the fee margin of equities. Would you mind reminding us what was the decrease that we saw there, year-on-year, the effects on that? And also, how should we think going forward about the variable comp ratio? Because it was 30%. Last year it was 35%. But of course, this year, you had all these seed capital gains. So how should we think about this going forward?

Tom Shippey: So the equities revenue margin, the move there is the scale effect coming through. So as we're building momentum, what we're seeing is larger allocations in segregated accounts alongside the existing mutual fund business. So the new capital is being priced on the size, basically. So that's what you see in terms of the movement. And then in terms of the VC percentage, look, it's -- we're a couple of months into the year. So we accrue at the half year and adjust in the summer. I would assume a reasonable rate is between 30% and 35% for the -- on the operating profit. And then hopefully, I've given you enough data points to think about what might happen in terms of the life-to-date gains for the rest of the year, if you think about the typical recycling percentage and the value of life-to-date gains that was accrued in the books at the June balance sheet date.

Mark Coombs: Anybody else? Please.

David McCann: David McCann from Deutsche Bank. Just one very quick question. Just on the less than GBP 5 million performance fee guidance that you gave, Tom, any reason that's not ticking up a little bit with improved certainly nominal returns that you're making in a reported improvement in the investment performance? I appreciate it's a relatively small part of the book now that can generate them, but still a relatively small number. I just wondered why you're more optimistic there?

Tom Shippey: So a relatively small overall proportion of the book. The funds that can generate performance fees tend to be alternatives-focused rather than liquid assets-focused. So while the liquid asset performance has been strong, an even smaller percentage of that book of business can generate performance fees. And of those that can, they're not necessarily just 12-month simplistic 20% over a hurdle rate type fee structures that were prevalent 10 years or so ago. They'll have multi-period averaging high watermarks, et cetera. So the GBP 5 million is the max that I can see based on that proportion and those fee structures. Now the alternatives piece could move it. So if we are able to realize assets from some of the older alternative [ vintages ], that could increase that. So the GBP 5 million is just on the liquids book, but as a realistic guess.

Mark Coombs: Anybody else? Let me grab the mic. Any other questions from anybody? Great. Well, thank you very much for coming. Thank you for your interest. Thanks for listening to us. We much appreciate it. Look forward to seeing you again, I hope, in a few months. Thanks very much, everybody. Thank you.