Good morning and welcome to this joint press conference together with CapMan and Dasos Capital. My name is Linda Tierala and I'm Director of Investor Relations and Sustainability at CapMan. Today we have presenting Pia Kåll, who is the CEO of CapMan, and Olli Haltia, who is the CEO and Senior Partner of Dasos Capital. After the presentation, Pia and Olli will answer questions from the viewers and the audience. If you would like to ask a question, you may do so through the chat box on the webcast page. You may ask a question at any time during the presentation. Pia and Olli will answer the questions after their remarks. Now, with these formalities underway, I'll hand over to Pia and Olli for the presentation. Thank you, Linda. So good morning, everyone, on our behalf and it's really great to be here today to share this exciting news that we are joining forces with CapMan and Dasos Capital to really accelerate the natural capital investing. I'll start with some transaction highlights. So first of all, Dasos Capital is really the leading player when it comes to natural capital and timberland investing. This means that together we can establish a new investment area within CapMan in natural capital. And this is also for CapMan, a strengthening of our real assets investment strategies which are after this, 80% of our assets under management. The strategic fit is perfect. Dasos supports us both on our vision to be the most responsible Nordic private asset house. And it's also a significant step for us on our growth target to reach EUR 10 billion assets under management. We have together identified several different areas to accelerate growth within Dasos's investment areas and also combining our capabilities, expanding the product offering within natural capital and this is creating shareholder value. If the acquisition would have been done in the beginning of 2023, it would already have been EPS positive. A bit more details on Dasos Capital. So Dasos is really the European and even on a global scale leading company within natural capital, biological growth, investment and climate change mitigation. Dasos was founded in 2005 and currently manages seven active funds with a global investment mandate and at the moment a pan- European investment portfolio. That means that there are almost 270,000 hectares of land in their portfolio, which makes Dasos one of the largest landowners. Their track record is stellar. The average net returns in their funds over the last 15 years has been above 10% net IRR. It's not only stellar returns, it's also sustainability and climate change abatement. Annually the forests that Dasos have in their portfolio is sequestering a total of 1.5 million CO2 ton equivalents. This means that it's roughly 500,000 cars annual emissions that are offset. All of their investments into certified or certifiable forests and with a really strong focus on sustainable nature- based strategies means that this is a one-to-one fit with what we are looking for in CapMan as well. If we look at Dasos compared to their competition, this is really the player with both when you look at the portfolio size and in hectares and when you look at the investment portfolio mandate and the geographical spread, clearly the outlier in the industry with being one of the pioneers and keeping that pioneer status throughout their development journey. I'll hand over to Olli to tell a little bit more about Dasos's team and investment strategy. Yeah, the team is is something we have had together a long time. We all knew each other before Dasos which was established 2005 and we started the launch of the first fund 2009. And all these years we have been working together before Dasos time we worked all of us with international forestry. So we far beyond European borders, Latin America, Africa, Asia. So in the Dasos context we have been able to benchmark all European forest projects in a global context. This is really tip of the iceberg at the end because this organization and our forest assets, they employ about over a year about 300 field foresters, which are the best local experts. Really, although it's fair to say that there's a lot of experience and knowledge in the team, in the core team represented here in the slide, the most important skill is to know who knows better. That's really the key for the success. Regarding the market, first and important point is the resource scarcity. If you look at the forest area per capita today and compared to early 1960s, we have per capita about only 1/3 of forest area remaining. This is due to a couple of issues. One is of course deforestation very much discussed. But another more important issue is actually population growth. This is perhaps the ultimate reason that we speak so much about forests. They are increasingly scarce. In a European context we have planted a lot of trees over the past decades, especially here in the Nordics. The scarcity is represented a little bit differently. But here if you compare a GDP level to forest cubic meters or forest stock forest area, you still note the same trend forest so increase whilst the forest are scarce, then there's a growing demand. So United Nations FAO put published recently a forecast about wood consumption up to 2050, they forecast over 40% increase for wood, driven by tissue packaging, wood- based construction and fundamentally various applications which replace fossil-based materials such as plastics in various fields. So increase in wood. On the other hand, the scarcity is not only for wood. Forest land is also used for various new applications. And the example here is about renewable energy, which represents an important additional revenue stream for the years to come. Already today we have on Dasos today about 5 GW renewable energy projects signed or in the pipeline, which is about more than 300 wind turbines and perhaps about 4,000 hectares of solar parks. If we place those on our lands, it will be rather on the peat production sites than the old peat production sites and open areas, not on forest land per se. But then when we will these wind turbines, that has a sort of trade off in terms of sustainability, which is an important driver for forestry as well, because we need to allocate forest land more for conservation and biodiversity management in future. The most recent trend is to compensate for nature loss for wind, especially for wind, which is causing not so much forest loss, but perhaps even a little bit more biodiversity loss. If you really want to produce green energy, there has to be some sort of a compensation. This is an increase in trend for future. Okay then, regarding value creation. So as Pia mentioned, we have been able to generate a little bit more than 10% IRR over the 15 years lifetime of Dasos, which is I believe more than most people would expect for forestry. This requires some, perhaps some careful looking into details. So it's good to note that if you one normally talks about biological growth, biological growth and wood price increase, land value appreciation, they are good start. Wood prices increase because inflation, land value may increase because, because of scarcity and so on. But at the end the return is made by pretty normal value creation means, which are very familiar in the private equity segment. And if to just mention a couple of them, one is buy and build. So what we do is that we try to establish scale economies for forestry, for harvest, for forest management, for conservation, and also for renewable energy. So this is implemented by consolidating fragmented assets into bigger entities and which will lower unit costs. I already mentioned ecosystem services. One of the trends is now to compensate various nature loss causing activities. For example construction, what we have been doing, been developing sort of habitat bank, putting aside and identifying valuable environmental habitats which are available for compensation. Putting all this together at the end, over time generates substantial additional value beyond biological growth. Thank you, Olli. And putting these two things together, what we soon realized when we started discussions, Olli, myself and CapMan and Dasos was really that this is an excellent strategic fit from both perspectives. So for CapMan, this is really an important step for us to support our sustainability ambition and to become the most responsible Nordic private asset house. It is also a way for us to accelerate our growth toward our growth target of EUR 10 billion assets under management. It allows us to expand into natural capital and timberland investment as a new investment area with attractive growth potential as Olli just went through. And it's also strengthening our focus on real assets where real estate and infrastructure have already for several years been our largest investment area measured in assets under management. And with natural capital complementing this, accounting for almost 80% of our assets under management. What we also see together with Dasos is that we can further accelerate Dasos's growth both by combining our fundraising capabilities, but also by supporting Dasos's when it comes to fund administration, regulation, legal back office from our platform expert services, which then also enables scaling and growth. Together we have already identified several joint development opportunities and opportunities for expanding the scope and over time launching new products. Also, when we think about the sustainability part, I think Dasos is a one- to- one fit with how we are thinking about sustainability at CapMan. So creating stellar financial returns at the same time and while furthering sustainability actions. And just as one example, timberland is the only asset class that actually removes CO2 from the atmosphere and in that sense can offset carbon intensity of some other asset classes. If we look above the fold from CapMan's strategic focus areas, you can see from the highlights that this is a perfect fit. The Dasos team has delivered top investment returns through really active value creation in their investments, which is the same competitive advantage that we build on. This, if anything, is integrating sustainability at the core of every business activity. And also on the growth driver side, Dasos's and CapMan joining forces is a textbook example of a new product area, a new investment area that fits into the portfolio that we already had and complements that and of course a step on our growth ambition to the EUR 10 billion assets under management. Dasos will form the core of a new investment area for us, Natural Capital, and will operate in the same way as our other investment strategies. So with the current team continuing to manage the Dasos funds and the natural capital funds as an independent team, but getting the full support from our platform expert services and where needed, also the support from our balance sheet investments where we can act then as an anchor LP in also new products. As already mentioned, this is a significant leap towards our strategic growth target. Immediate impact is some EUR 630 million fee-paying assets under management that Dasos would add as of now. But also when we look at the growth projections going forward, we see that this is an important part of our growth on top of our existing strategies and products to reach those EUR 10 billion. If we look at our assets under management, EUR 5.7 billion in total. When you combine the two entities here you can really see the split and 78% so nearly 80% of assets under management in real assets, in real estate, in natural capital and in infrastructure. There are also synergies and capability synergies across these. Like Olli already mentioned new renewables being an important value creation stream in timberland investments. But at the same time something that our infrastructure team is already working on in their own product and really strengthening our position as a real asset investor. If we look at the investor base similar to CapMan, Dasos already have a fairly international investor base. 45% of their LP is international and some of the most demanding really high quality LPs in there which really show the quality of Dasos's investment operations. At the same time there's very little overlap between CapMan's international investor base and Dasos, which means that there we see synergy potential in really being able to expand LP base internationally on both sides. Taking then a look on Dasos key financials. So this is really a company that has been growing over many many years. If you look at net asset value. So the value of Dasos's portfolio over the past four years a 13% per year growth currently at roughly EUR 1.4 billion. Revenue has been following this trend. So over the past five years at 12% per year growth and revenue. Here is management fees from the funds that Dasos manage. They are 100% recurring and very high quality. 90% of that AUM is either in evergreen structures or in funds that still have 10 years of lifetime left in them. So very high quality assets under management and revenue stream. With a very scalable and profitable business model where EBIT just below EUR 3 million estimates for this year and has been growing even faster than top line and net asset values. When we think about the future already Dasos is on a very strong growth trajectory and looking into the next year, I mean a lot of fundraising has happened this year, which will turn into growth in next year and a history of growth. Combining our capabilities we can really accelerate this. On one hand our fund investor team, Fund Investor Relations, which is an international team. We see that they can support the Dasos's team in fundraising and reaching an even broader set of institutional investors. Together we can also joining our capabilities expand into new natural capital products. Be it then taking one step further into the renewable side. Be it cooperation on the real estate side or totally new ecosystem services like Olli was already partly mentioning. Dasos already today has a pan-European investment portfolio. But we also see potentially opportunities to expand the geographical focus there. Together all of these three pillars then adding on the already good growth track of Dasos to really accelerate growth. If we look at the immediate impact and from a shareholder point of view, what Dasos adds is about EUR 5 million of management fees, 100% recurring fees on very long-term contracts. Like I said, 90% either 10-year of lifetime left in the funds or evergreen structures. Also a highly profitable business. Adding some EUR 3 million of management fee profit or fee profit to CapMan. And on the earnings per share positive impact. If it would have happened during this year or early in this year, the transaction the EPS impact would have been positive. Comparing this transaction to our long-term financial objectives, we can also see a positive impact so clearly supporting our ambition to grow the management company and service business more than 15% per year. On return on equity a slight negative impact since we are issuing new equity, new shares in this transaction as the purchase price. But on equity ratio a positive impact and no change to our distribution policy policy to pay sustainable distributions that grow over time and always distributing the clear majority of our fee profit. So of course with the growth growing also the fee profit, if we then look at more practical things and kind of immediate things related to the transaction. The timeline. So yesterday we signed the agreement and we will now convene the extraordinary general meeting for CapMan to authorize the board on the directed share issue. This EGM will take place on the 18th of January next year and in parallel are working on fulfilling the closing conditions for the transaction. So it is conditional on authority approvals, competition authority and the FIN-FSA. And it's also conditional on change of control consent from Dasos fund investors. All of this we expect to be in place during the first half of 2024 so that the the transaction can close somewhere during the spring, the next year. A couple of words then on the extraordinary general meeting, as I said, will be organized on 18 January. The purchase price for Dasos is EUR 35 million at closing and this will be paid majority with a directed share issue 90% of the purchase price and a maximum of or approximately 9% of the EV than in cash consideration in the EGM. The board will seek approval for this directed share issue and we have already obtained irrevocable undertakings to support the board's proposal from 22.4% of our shareholders. This includes both our largest shareholder Silvertärnan and it includes the management and board and some other shareholders, but already more than 22% of our shareholders supporting this transaction. After the completion of the transaction, if we look at our largest shareholders, Dasos Capital's owners, current owners will own about 10% of CapMan shares and the investment team that continues to manage Dasos funds and forms the core of our natural capital operations are roughly 70% of that number. Which means that we get from my point of a very strong alignment on interests between CapMan and the Dasos team and also a very good shareholder, large shareholder in our shareholder base. But with this I think it's time to conclude the presentation and open up for questions. Thank you, Pia Kåll, for a very insightful presentation. I'd like to remind you that if you would like a question, you may still do so through the chat box on the webcast website. We have already received quite a few questions for both Olli and Pia, and we'll answer as many as possible that we have time with. You are welcome, of course, to continue submitting questions throughout. The first question comes from Sauli Vilén from Inderes, and this is a question for Olli. So he's asking that or wondering that whether CapMan was probably not the first company to approach you and, and what was the reason that you chose CapMan? Well, CapMan was the best company. So I think that it's a short answer. Let's say that we have been quite happy as a standalone company over the years and but now gradually Pia spoke about our growth and we've been growing. We are currently present in eight countries in investing. We have developed a good field for us to network which is supporting us and at the same time it seems that we are now in rapid process to also to diversify with between our investors. So all this adds up to more reporting, more compliance work and there are now increasing, let's say reasons to rationalize the scale economies and align forces with the leading player. So CapMan was a natural partner in that context. Thank you. And a similar question to Pia Kåll, you have probably also looked at several different options now this past year. Why Dasos Capital? I think for me it's self-evident. This is like I already said in the presentation; it is just a perfect fit strategically, but also getting to know the team. I think there is a very strong cultural fit between the Dasos team and CapMan. But this is really like I think I said, a kind of a textbook example of what we've been looking for and a stellar performance investment team who will benefit from our platform and platform expert services and that we can support to continue to grow. And here we also have the addition that there is synergies with our infrastructure and real estate investment team. So it's also on that level bringing synergies. It's furthering our sustainability agenda strategy and it's furthering our growth ambition. So really from all aspects except a very good fit. Great. Then a question from Joni Sandvall from Nordea and this is a question for Olli. So can you provide any additional information about current fund sizes by vintage and then maybe a follow up question for Pia. When do you anticipate to raise the next vintage? Yes, we started our most, let's say, recent fund 2021 and this is an evergreen fund we had just really to take back to even to 2009. We always with our investors there was always a discussion about having a very long term perspective with forestry and we have had very long term, long term, longer term funds than normally in the private equity segment. And now recently what the development has been that we have been encouraged in a way to retain the assets and we have now most of the capital either in an evergreen form or having at least about 10 years holding period to a mandate to future from now. On the fundraising. This latest fund, the evergreen structure, is the one that is currently fundraising and that we also look to as the first immediate step to support in fundraising and expand the investor base on. Thank you. And we have a question from Jerker Salokivi from Evli and the question is for Olli. So how has the investor demand for timberland funds developed during recent years? That's a good question. Also I had to go to again go back to history. When we started Dasos 2005, this was really Dasos was most likely, if not the first one, one of the very first ones in Europe to address timberland as an asset class which was not existing. Timberland asset class was not known that time. So if you look at the big trend it has been so that more and more investors, especially European investors, have arrived at this asset class. The asset class was actually already very well established before 2005 in the U.S. and to some extent in some other Anglo-Saxon countries, especially Australia, but New Zealand perhaps, but then in Europe this was really a newcomer. And the trend is that more and more investors are sort of as a normal rulebook addressing the possibility to invest in timberland. It's not correlating with inflation, it's not correlating with the macro as such. It's a very steady investment. I think combining that with sustainability, we actually see even more demand now for the asset class. Yeah, there's a lot of, let's say research, especially by U.S. academics about the inflation hedge argument and that seems to be robust. It's very robust, especially regarding unexpected inflation. And that differentiates timberland from almost all other financial assets. Thank you. The next question comes from Kasper Mellas from Inderes. He's wondering about your estimate on the potential cost synergies. This question is for Pia. So here we are not coming out with a kind of specific number on any synergies, but it's really what the synergies are. It's really scaling synergies and being able to from our side support Dasos with the platform, fund administration, legal, et cetera. Which means that the team can spend more time on actually value creating an investment. And then it's on. The second part is around accelerating growth, combining our capabilities on Fund Investor Relations. Thank you. There's a follow-up question from Kasper Mellas from Inderes. Could you describe the roadmap for growing the natural capital investment area? So we will, like I said, the immediate focus is on the evergreen structure that's already out there and accelerating growth in that one. And then also what we will do now before closing already is then creating the more detailed roadmap on what is the right timing then to go out with new products or expanding the investment mandate. So I think we will come back with a more exact roadmap. At the moment it's too early to put it in a timeline but like I said, several ideas they are cooking already. Perhaps I add that one for the most recent fund, we are actually still in the period of introducing the fund to market and we are systematically now working already with started this with Dasos. We hope we can accelerate this with CapMan to address systematically new, let's say geographic markets by making the fund available because for wider group of investors. So that's sort of the rough frame. That's a good addition. Right now it's been mostly introduced to local investors, but together we will expand it internationally. And then there's a question regarding the purchase price and this is for Pia. So do you consider it reasonable and a fair valuation in the current market situation? Yes, I consider it a very fair valuation and I think we can look at it from a couple of different angles. So first of all, if we think about it on just standalone run rate at the moment we're talking about below 13 times operating profit valuation based on this year. And we already know that there is growth coming for next year. And this is for a company that has really high quality assets under management, which means a really high quality management fee, 100% recurring fees and 90% of that in really long term contracts, be it then 10-year funds that still have 10 years of lifetime or evergreen structures. So from that perspective, one angle on it, I think it's fair. And then looking at from the other angle. So Dasos already has shown throughout their history that they're capable to grow standalone. Already standalone a growth case, but then together being able to accelerate that, I think that as a third lens there, it's really, really a fair valuation and we'll be value creating to join forces. Thank you. Then there's a question from Sauli Vilén from Inderes, and this is a question for Olli. So could you describe the customer base of Dasos, for example, the number of clients, the average ticket sizes that these clients put in and whether there's an overlap between CapMan's client base and yours? First of all, I think we are rather complementary for investor base. That's what been realized during the recent discussions. I think what puts us to differentiate Dasos from the beginning was that when we started Dasos's first fund, we immediately addressed the, let's say international or European investor community and we were able to secure mandates. So we have been actually working with leading Central European and quite early on also Anglo-Saxon investors from the very beginning. And that's been very important driver in this kind of, let's say new asset class. Because remember when we started Timberland was considered kind of exotic asset class. Now it's becoming more like business as usual, but at the same time it's not more the same Timberland now it's natural capital and there's more into it and we again need to grow with our investors to diversify the asset base, also the products we are investing in and also the investor base. There's the same logic. We both have investors that are large institutional, long-term investors, but especially internationally the overlap is nonexistent basically. Thank you. And then there's a question from Kasper Mellas from Inderes. So the income generating AUM, so that was stated in the release to be EUR 630 million and then that's compared to the sort of the net asset value of EUR 1.4 billion. And what explains the difference between these two figures? Maybe Pia can start and Olli can continue. Exactly, because here we have a situation where the ways we have been calculating assets under management has just differed between the companies. So the EUR 630 million AUM is the fee generated, the fee base, which is the way that CapMan is calculating AUM. The difference to the NAV is the value that Dasos's team has created in the portfolio. Basically. Yes, yes. And I'm not sure if there's. There's a very limited debt actually, but I'm not sure if that, that is. There's basically no debt in that. It's really real, real value added. Yes. Maybe a follow-up question for Olli on this: is all of the AUM in Dasos funds, is that all—this EUR 1.4—all in Dasos funds or is there something in funds that are not managed by you? No, it's all institutional funds. We have let's say sort of main funds and then we have co- investment instruments which are also structured in terms of funds and so on. But they all managed by Dasos. They might not all carry let's say Dasos's name, but they are, they, they might have sort of local name like we have an Irish name in Irish, Irish language as is used and, and things like that. But they still Dasos funds. Dasos by the way means in ancient Greek language means forest. So it's a common heritage in, in Europe. One follow-up question regarding the funds from Joni Sandvall from Nordea. With the current funds that you have under management, are there big differences between the net IRRs? There are differences, but I would not say great differences. It's basically because, you know, the slide I presented about value creation is for me it's a bit difficult to explain short because there are and it's a general average picture of the situation each assets vary but on the other hand the recipe which is applied in order to add value is very much similar. And what we try to do is we have a different asset in order to diversify. So between age classes and species we hear about 10, eight main species we focus on. We have younger forests, we do afforestation. So we acquire bare land and plant trees in that and expand the forest cover in Europe. Then we have mature stands and then we do also conservation, which is different kind of because you need to have broad leaves and the soil quality is important and things like that. But at the end on average there are differences. But then on the average with the funds seems to be so ±2%-3% the differentiation between the IRR figures. So they are in a sort of narrow pipe. This was one of the things that really convinced us as well that you have a very good portfolio construction in each of the funds and with that mix of assets they are generating strong returns across the funds. Very similar, like you say. And then there's a follow-up question regarding fundraising for Dasos. So. This viewer anticipates that you will receive lots of new investors through this cooperation with CapMan. Do you see a big growth for the fund currently raising in terms of AUM? That's the first question. Then how do you see the cross selling synergies developing? You were discussing this a bit earlier, but is there anything else you would like to add? No, I think the first thing is that our team, we have been very much dedicated to, let's say, to forest asset management and building the sustainable silviculture regimes and also screening the assets for environmental values and setting aside conservation areas. And then, let's say, parallel to that, we've been addressing investors and we just have noted that we need to, let's say, invest more into this client management. And I think that's very clear that CapMan has wider resources and more experienced as well than we do have in that front. So I'm optimistic that we can materialize some benefits from this space. That sounds great. There's a question from Sauli Vilén from Inderes, and this is relating to deployment of Dasos funds. So how much capital can the team, the current team, now deploy? Yes, that's a good question. What we look at, we are now focusing at the moment very much European Union area, which has been actually from the beginning we had had even today we have a global mandate. But it has been our own decision to focus on Europe and has been a very good one because Europe is in many ways a leading forestry region worldwide. Also in terms of new products by the processing industry, which encourages to invest and provide in the asset base, also the regulation and I hope it will remain good, but it's been rather sort of optimal in order to guide development of new services. We still have the issue with carbon sequestration and I think the biodiversity market could be developed further. But there are positive moves there. So if you look at Europe, why Europe? We have identified about the market in Europe for these assets [as] about EUR 3.5 billion per annum. So we think that, and let's say we have also track on this that we can deploy sort of continuously about up to 10% of that market. And that would be perhaps also good for the market if there would be a little bit sort of bigger player taking a bigger role. So that's why we are in the middle of that process at the moment and building up the deployment a little bit higher level. We've been deploying the best years over the history, roughly 200, a little bit less, I think, than EUR 200 million in the best years, best 12 months periods. And now we would like to go a little bit beyond that gradually. Okay, thank you. There's a follow-up question regarding the Dasos team. Are there any plans for the team? Will the current team now continue in the same capacity? And what's the commitment to continue in this current setup together with CapMan? Well, we maintain our inspiration to work with forestry and we are committed to work and continue. Let's say, although it sounds surprising, but it's in terms of investment and forest. This is business as usual and we hope that we can get more additional resources now. But we go ahead with full steam. Thank you. At this time I would like to remind you that you may still ask questions if there's something that we haven't answered yet. You may do that by submitting the question through the chat box on the webcast page. We still have one question here from Kasper Mellas from Inderes. This is regarding the mix of Dasos's revenues between 2021 and now 2023 expected revenues. What's the share from continuous management fees and what's the share from performance fees? It's all management fees. This is all management fees. Yes. So it's all 100%. So in a CapMan context, or how we term things, it's all 100% recurring management fees. Yeah. In those figures. In those figures, yes. They are not including. No. And then guaranteed interest is of course separate. Yes. Then there's a question for Pia. This is regarding the fit of Dasos Capital with CapMan. How do you see this strategy fitting with the existing investment strategies that you already have? You of course discussed that a bit in your presentation already. But is there something that actually provides additional synergies like with the existing strategies and at the same time also, are there any cultural synergies that are to be added from this? So I think the fit is good, it's complementing. So if we start from the investment strategies. So first of all, I think this is a very natural addition, but it's also one area that we were missing in our investment strategies. So in Natural Capital, at the same time, it's complementing and there's synergies and there's capability synergies. When we think about infrastructure, where our infrastructure team is already part of driving the green transition and renewable investing. And Dasos again has on their timberland opportunities to develop wind and solar. And here combining the knowledge is clearly synergistic. And you can also, on the other hand, maybe less intuitive, but still wood construction, for example, and really understanding how to kind of where the wood is coming from. How do you really kind of, for example, calculate on the emission there, which is interesting for the real estate team? And the real estate team can add capabilities there. So they are complementing from that point of view. And when it comes to the culture of it, I think we have spent quite a lot of time together getting to know each other and the teams and my expectation is that it will be quite natural and really strong fit also on that side. Agree. Thank you. We have a question from Joni Sandvall from Nordea. This is for Olli. So given the renewable energy pipeline in Dasos, how large revenue potential do you see within the next five years? Yes, that's also. I don't know. So first of all, we have materialized some revenue already from that pipeline, which is like this year in some cases is concrete and substantial. I mean, the way we address renewable energy is that we systematically try to consolidate areas which are suitable, more suitable for actually for wind parks, so that we can provide land platform which facilitates investment in several wind turbines at the same time. So a single owner can host several wind turbines. This is rare in a European context, because normal, the forest ownership in Europe is I think about 12 hectares or even smaller. In Finland it's 30 hectares, in Sweden it's 50 hectares. But this means that normal in one wind turbine needs area at least 50 hectares. Normally actually in practice about more than 100 hectares. So if you want to supply land infrastructure for wind park, you need in practice own at least hundreds of hectares in short proximity of an area, perhaps as one entity. And so that's what we try to do. And this is also a service which we charge a fee from the renewable industry investors, because we kind of established the land infra for bigger parks, which facilitates faster investment and bigger parks. And then on the other hand there is of course the one that we have a profit sharing agreement regarding the green energy at the end produced. There are certain standards that. So forest land is becoming a source of green energy, not through biomass only, but through wind and solar. On top of that, we have to remember that if you want to compensate the nature loss, especially the nature loss of these wind parks, we are able to provide a solution and conservation from our Habitat Bank these areas which conserve the biodiversity or nature footprint of such a big investment. Maybe it's clear, but just as a clarification also that when we talk about this revenue from the wind parks or this profit sharing or additional fees, this is exactly the value creation in your funds that you were talking about earlier. So this is what benefits the fund investors. Like, it's not Dasos Capital revenues, but it's really what creates the value in the fund. Just not to mix those two. Exactly, exactly. So it's additional revenue stream and what is it on average? Difficult to say. But let's say for certain areas where we have these wind parks it can be up to 30%. So it can add the revenue that the forest land is generating quite such substantially. So it's not a small contribution. Thank you. Then we have a question regarding investor demand and this question is for Pia. So do you see demand from your current LP base into forest and timberland products? Has there been discussions with the current investor base and have you already now seeing any commitments, even soft commitments into forest funds or to Dasos fund? Well, we signed and announced this yesterday. So between yesterday evening and today I'm not aware of any new commitments. But on the other hand I haven't talked to our Fund Investor Relations team yet. But yes, we believe that there is a growing demand for this asset class for different investors. It's for different reasons. So for some it is a small allocation that is stabilizing their total portfolio because you have this inflation hedge, you have this very stable returns in it. For some it's in addition or just a way to also compensate on emission size. For example, if you have a large portfolio and you have a target to reduce emissions or reach net zero emissions, this is an asset class that has a negative. It's a sink CO2 sink. So balancing that and then also with these additional value creation streams in forestry, I think that makes it also more attractive to a broader range of investors than the pure timberland management. So for various reasons, yes, we strongly believe there is a growing appetite for this asset class. Then one final question. We are nearing noon, so it's time to start wrapping up. But this is to Pia. So there's a question regarding the acquisition and any impact on CapMan's dividend and distribution, either policy or plans. Is there an impact? No. So this acquisition does not change anything when it comes to our financial outlook for 2023 or the distribution policy or the expected proposal on distributions that the board expected that we came out with the end of October. So no changes to 2023 or policies from our perspective going forward, a strengthening of our long-term targets, but no impact on 2023. Thank you very much. This has been a very insightful, interesting discussion and presentation. It's time to wrap up this press conference and thank both Pia Kåll and Olli Haltia for their time. And that concludes this presentation. And I would like to ask to wish you a very pleasant rest of the day and happy holidays. Thank you. Thank you.