Welcome to the Apax Global Alpha 2021 Interim Results Conference Call. My name is Elliot. I'll be coordinating your call today. If you'd like to ask a question during the presentation, you may do so by pressing star followed by one on your telephone keypad. I will now hand over to our host, Ralf Gruss, COO. Again, Ralf, please go ahead when you're ready. Hello, and good morning, everyone. Thank you for joining AGA's interim results presentation for 2021. My name is Ralf Gruss. I'm the Chief Operating Officer of Apax Partners and a member of Apax Global Alpha's Investment Committee. I'm looking forward to taking you through the presentation this morning, and I will answer any questions you may have at the end of the call. I'd like to go straight into the highlights. If you turn to the highlights page of the presentation, AGA has had a strong first six months into the year, and I'm pleased to report that the strong performance of AGA continued throughout the second quarter. All parts of the portfolio are performing well, and the portfolio companies in the four sectors in which AGA invests continue to benefit from all our combination of structural growth, operational improvements, and post-COVID recovery, coupled with increasing valuation multiples in many cases. This translated to strong returns in the first six months and growth in the value of AGA. The total NAV return in the period was 17.4%, and the adjusted NAV of the fund grew to close to EUR 1.4 billion. On a per share basis, this equates to EUR 2.81 or GBP 2.41 at the end of June. The private equity portfolio, which makes up over two-thirds of the invested portfolio, experienced a high level of exit activity, with exits from private equity delivering record distributions of EUR 131 million in the first six months of 2021 to AGA. These exits also continue to produce very healthy uplifts to prior unaffected valuations. Exits during the first half of the year came at an average uplift of approximately 26%. Despite the high valuation environment, we were also able to identify a number of new investment opportunities in private equity. The investment pace we saw in the first quarter continued into the second quarter. The Apax funds closed 11 new private equity investments in the first six months of the year. Given the very high level of cash distributions in the first six months from the exit activity of private equity funds, a significant focus was put on redeploying cash returned to AGA into Derived Investments to avoid cash drag. AGA invested in 13 new debt securities, all of which were identified in line with the fund's strategy to exploit the private equity sub-sector knowledge of Apax. The board has also approved an interim dividend for 2021 at a level of GBP 5.97 per share. The dividend will be paid on the 17th of September. This reflects 2.5% of NAV in line with the policy to distribute 5% on an annual basis. Let's move to the next page, which shows the portfolio composition at 30th of June. The pie chart on this page shows the composition of the portfolio as at 30 June, together with some key metrics for private equity and Derived Investments. AGA remains close to fully invested at 98%, despite the significant realization activity on the private equity side. The slight increase of the Derived Investments portfolio as a proportion of the total invested portfolio when compared to 2020 year-end, which is the inner ring in the pie chart, results from redeploying cash available into higher-yielding debt securities until the funds can be redeployed into the private equity portfolio. As you can see from the key metrics here on the slide, all parts of the portfolio performed strongly, highlighting the quality of the portfolio and the benefits of AGA's sector-led strategy. Turning to private equity here on the slide, in private equity, Apax IX and Apax VIII, to which AGA has the largest exposure, and which are now in the maturity and harvesting phases respectively, performed particularly strongly. AGA's exposure to Apax X has also increased, reflecting the fund's strong investment pace in the first six months of 2021. If you look at the Apax X exposure here on the chart, Apax X might still appear relatively small in this pie chart, given the fund started investing in early 2020 and is already 35% invested and committed by now. As a reminder, the reason for this is that the number doesn't include the original acquisition cost of an investment that is still bridged by the private equity fund's capital call facility. I've made this comment already when we discussed the Quarter One results. The private equity portfolio is very nicely diversified across investment vintages. The details you can find in the appendix. The key stats are, however, that roughly 21% of the portfolio has been invested before 2016, 69% in the years 2017- 2020, and the remaining 10% investments are new investments from year 2021 onwards. In terms of exposure to portfolio companies, AGA has a look-through exposure to 73 portfolio companies in private equity now. Those companies that were exited from the portfolio otherwise saw a partial realization produce very strong results for AGA. The average gross multiple for exits was 3.9 times, and the gross IRR was 52.4%. Note that these numbers do not include the IPOs of InnovAge, Global-e as these IPOs were primary offers only, and the Apax funds didn't sell any shares upon listing. Turning to the Derived Investments. The Derived Investments performed well in the first six months, achieving a total return of 9.8% in H1. Derived Equity, which is now only 3% of the entire portfolio, rebounded strongly in the first six months, underscoring the decision to hold on to these investments when the market valuations dropped last year. The negative return on exits relates to one small equity investment that was realized during the first six months. Most of the Derived Investments portfolio, however, now is in Derived Debt, and Derived Debt showed very good performance in line with strategy. Returns were at 7.3% in the first six months, so the portfolio saw some currency tailwinds, giving constant currency returns at 4.5%, completely in line with expectations for the portfolio. Before discussing the portfolio performance in more detail, let me give you a brief overview of the company's liquidity position. The chart on the following page compares two numbers. The left-hand column is the total of unfunded commitments to the Apax funds, and the right-hand side shows the various components of the balance sheet, together with the undrawn revolver that AGA has available. Starting with the unfunded commitments shown on the left-hand side of the chart, AGA's commitment to the Apax X fund is the largest proportion, of course. At the current investment pace of Apax X, this commitment is expected to be drawn down in the next two to three years or so. Unfunded exposure to the other Apax funds are either undrawn commitments or recallable distributions that the Apax funds have the ability to draw on again. On the right-hand side of the chart, you see an illustration of AGA's current balance sheet and funding sources. AGA has a total balance sheet of approximately EUR 1.4 billion, up from EUR 1.060 billion a year ago. Short-term liquidity for AGA stands at EUR 169 million, and this is comprised of EUR 29 million of net cash after liabilities and the EUR 140 million undrawn evergreen revolver. In addition, AGA has EUR 439 million sitting in Derived Investments, and as you know, this provides a source of capital to fund investments in private equity. Let me briefly comment on the use of capital call facilities by the Apax funds before we go into the portfolio in more detail. The Apax funds operate short-term facilities to bridge capital calls for up to 12 months, and as at the end of June, AGA expects calls of at least EUR 87 million to repay these facilities over the next 12 months. This is largely driven by where Apax X is in its investment cycle now and the investments made by Apax X over the last 12 months. In addition, as a reminder here, it is possible that the private equity funds could make additional ad hoc calls of undrawn commitments outside of these capital call facilities. It's therefore fair to assume that significant amount of capital will be redeployed in the private equity portfolio over the next year. Let's now move to page seven and the performance of the portfolio by sector. Now at a high level, the portfolio is in excellent shape and performing very strongly. Over the last six months, AGA continued to benefit from its focus on four core sectors and a strategy of business improvement in private equity. In terms of splits of the portfolio by sector, Tech and Digital continues to constitute the largest exposure in the fund, followed by the services sector and then healthcare and Internet Consumer. As I've mentioned in quarter one, when we discussed quarter one results, the increased exposure to Internet Consumer is largely due to a reclassification of the online marketplace investments into this sector. Let me give you an update on recent developments in each of these sectors, and I'll start with tech and digital, which now represents 45% of invested capital. We are continuing to see strong operational performance across the portfolio in this sector. In addition to that, valuation multiples continue to increase further in the first six months, particularly for tech-enabled services and software assets. Now within tech and digital, the Apax funds largely focus on three sub-sectors: tech-enabled services, software, and telecoms. The Apax funds portfolio companies in both tech-enabled services and software are showing continued strong operational performance, and a strong valuation backdrop and investor interest for companies in the tech and digital space has also paved the way for some very successful exits and IPOs during the period. To give you a couple of examples here, Thoughtworks, a tech-enabled services business in which the Apax funds invested in late 2017, has attracted minority investment from a group of investors valuing the company at 8.2 times of its original investment cost as of June 30. Thoughtworks also submitted a confidential draft registration statement to the SEC for the company's proposed IPO. You should stay tuned for further news here. In software, the Apax funds saw two significant partial realizations, including the further sell-down of shares in Duck Creek and the exit through a SPAC of Genius Sports. After the period end, Paycor also started trading on the Nasdaq. In telecoms, which is the third core sub-sector, Inmarsat, the largest investment in the portfolio, is performing well with the aviation segment recovering and particularly strong performance in the government segment. Despite the high valuation environment, the teams were also able to identify several new investments in the tech and digital segment, both for the global buyout fund, Apax X, but also the digital fund. In addition, tech and digital was also a key area to invest in the Derived Investments portfolio, but I will come back to that later. On to the services segment which represents 21% of invested capital. That sector also showed continued good momentum with all sub-sectors performing well in the period. Among the density-driven businesses, these are businesses that operate a network and have trucks that drive routes servicing one customer after the other. ADCO, a provider of mobile sanitary solutions, for example, a company that operates in the sub-sector experienced strong performance during the first half of the year. Another example in the sub-sector, Authority Brands is also trading well and is continuing its M&A strategy, having added another high-quality franchised home services brand to its platform, and this transaction completed the sixth add-on acquisition since Apax IX's investment in this business. In outsourced sales and marketing, there was one new private equity investment in PIB Group, an independent specialist insurance broker. Some of you may know, the Apax funds have significant experience in the space through prior investments in Hub and AssuredPartners, and the investment in PIB is off to a very good start. Moving on to the healthcare sector, which represents 20% of invested capital, so almost same exposure as services. The two sub-sectors here where the Apax funds have significant investments are medtech and healthcare services. The medtech businesses have performed well during the period. Again, a couple of examples here. Candela, which provides solutions for aesthetic treatments, is growing strongly and has returned to pre-COVID-19 top-line levels with a particularly strong performance in Asia Pacific. In Vyaire, last year's COVID tailwinds are subsiding, but the company is executing on its transformation plan and focusing on a number of commercial initiatives. The Apax funds have also made a new medtech investment in Rodenstock, a German manufacturer of optical lenses. The investment thesis here is to back a management team that Apax knows well to execute a strategic refocus, prioritizing innovation, commercial execution and digitization as the core levers of growth. If you want to find out more about the Apax funds investments in healthcare in the medtech sector in particular, we have added a video of Steven Dyson, who's a partner in Apax Partners' healthcare team on AGA's website, in which he talks about the investment approach and what the team looks for in a medtech company. There is also a case study video of Candela, where you can hear from Geoffrey Crouse, Candela's CEO, who talks about the company's journey under the Apax funds' ownership and how the team has supported the company. Moving back to the portfolio, though, in healthcare services, Unilabs continues to see benefit from a strong demand for COVID-19 testing, whilst also seeing a further rebound in non-COVID-19 diagnostics. As I mentioned, in Q1, InnovAge also started trading on the New York Stock Exchange not even a year after the Apax funds had invested in the company. Now finally, moving to internet consumer, which represents 14% of invested capital. The investments in online marketplaces continue to trade well. Online marketplaces make up 29% of the internet consumer portfolio, and the Apax funds are invested in three businesses at present. Trade Me, which is headquartered in New Zealand, Idealista in Spain, and the Baltic Classifieds Group, which operates online marketplaces in the Baltics. They all continue to perform very strongly with a combination of strong operational performance and also benefiting from increased valuation multiples. The Baltic Classifieds Group successfully IPO'd on the London Stock Exchange at the end of the period, I will cover a brief case study on this investment in a moment. In consumer services, Cadence, the business that operates preschool education facilities in the U.S., and which has been hit during COVID, has been rebounding and has also restarted its M&A engine, looking at opportunities for add-on acquisitions. Elsewhere in the portfolio, Cole Haan is seeing its business continuing to improve, though it's still below pre-COVID levels. The Apax funds have also made a new investment in Nulo. Nulo is an ultra-premium pet food company that has well positioned to grow market share rapidly by expanding physical and online distribution in the U.S. as well as internationally. That covers the portfolio, and as I said at the beginning, some very strong performance here across all the sectors. Let me turn to the next page to go through the performance metrics of the private equity portfolio in more detail. The continued strong momentum in private equity has generated a total return of 24.5% in the first six months, and the performance was predominantly driven by secular earnings growth, ongoing operational improvements, COVID rebounds in the underlying portfolio in H1, together with an increase in comparable multiples. EBITDA over the last 12 months to the end of June was up 42.7%, or 16.5% after adjusting for M&A. Another value driver in the first quarter was exits, which were achieved at a premium to valuations at an average uplift of 26% to the last unaffected valuations. As we've already discussed, there was a good investment pace in the period. The Apax funds continued to execute their investment strategy with modest levels of financial leverage at entry, which on average was four times net debt to EBITDA as of 30 June 2021. The average weighted portfolio leverage at the end of the period was 3.7x net debt to EBITDA. AGA also announced a commitment of $90 million to the Apax Digital Fund II in May 2021. This is the successor fund of the Apax Digital Fund, to which AGA already has exposure, and it will aim to pursue a similar strategy of investing in a balanced portfolio of minority equity and growth buyout opportunities in mid-market technology companies globally. Moving on to the next page, where you can see the return of the private equity portfolio for the last six months broken down into its main drivers. As you can see, there were two main value drivers behind the private equity return: earnings growth and change in comparable multiples. Starting with the latter, the portfolio is currently held at an average 18x EV/LTM EBITDA multiple, and whilst this has come down slightly since the end of the first quarter, it is still up from the 16.9x in December 2020, reflecting the strong rebound post-COVID-19 pandemic and the re-rating of public markets valuation in the period. The key drivers of return, however, is operational performance, with underlying earnings growth having added 21.8% to returns in the period. On to the Baltic Classifieds case study, which I mentioned. The Baltic Classifieds Group or BCG, as per its current ticker since listing on the London Stock Exchange, is the leading online classifieds group in the Baltic countries. It owns and operates a portfolio of online advertising platforms for automotive, real estate, jobs, and services in Lithuania, Estonia, and Latvia. BCG's portals are some of the most visited websites in the respective countries, attracting more than 60 million monthly visits on average. The Apax funds have a very long and successful track record of investing in online marketplaces and classifieds businesses. This investment track record includes household names such as Autotrader and Idealista. The Apax funds were able to identify BCG as a stand-up business in an attractive market with a strong management team and further monetization opportunities. After a period of robust due diligence, the Apax funds invested in BCG in May 2019. Under the Apax funds' ownership, BCG performed very strongly with revenue growing at 21% CAGR between 2019 and 2021, and it's also increased its leadership position over the number two players. The Apax funds work closely with BCG's leadership team on several key initiatives to drive growth, including enhancing the monetization of its core classified segments and facilitating the involvement of marketplace pioneers such as Ed Williams, who is the former CEO of Rightmove, and Trevor Mather, the former CEO of Autotrader, as co-investors and board directors. Funds also assisted with BCG's M&A strategy, including working on the strategic acquisition of Auto24, the leading automotive classifieds portal in Estonia, which has a similar monetization opportunity. As you can see from the chart on the right-hand side of the slide, these initiatives all helped accelerate the company's impressive value growth as it worked towards its IPO. In June 2021, BCG started trading on the main market of the London Stock Exchange. The IPO pricing reflected the transformation of the company under the Apax funds' ownership. When the business was acquired, the acquisitions happened at a substantial multiple discount to relevant peers, whilst at IPO, Baltic Classifieds attained a premium to the same peers. With that, let's turn to new investment activity on page 11. During the period, there was a good pace of investment and despite valuations for quality companies remaining high in H1 2021, the Apax funds were able to identify attractive opportunities. The new investments were in line with the fund sector-driven strategy, with a continued focus on resilient and growth sub-sectors where Apax transformative approach and good to great strategy can support operational improvements and generate significant value creation. On a look-through basis, AGA deployed EUR 85 million into 11 new investments, which closed in the period, and additionally, Apax X and the Apax Digital Fund signed three new deals, which are expected to close in Q3. The majority of new deals were in the tech and digital sector, primarily in the tech-enabled services and software sub-sectors. The Apax Digital Fund closed three new investments in the period, which I'd like to highlight briefly. The first is Faculty. It's a U.K. artificial intelligence and machine learning business, and the thesis here is to back a strong player in one of the fastest-growing segments of the tech services market and transform it into a global leader. This company aligns squarely with the team's capabilities in next-gen tech services enterprise software as a service. The second one is Tide, which is a financial software platform for small businesses. After a multi-year global thematic deep dive into the small business segment, team identified Tide as a future market leader in a space where small players are gaining share from large incumbents, say that deprioritize the segment and therefore Tide is well-positioned to benefit from this growth in the market going forward. Now ADF, the Digital Fund, together with AMI, the Israel Mid-Market Fund, also invested in Guesty in the period. Guesty is a leading Tel-Aviv headquartered short-term rental and alternative property management software platform. AMI, the Israel Mid-Market Fund, also made a new investment in Comax in the period. It is a SaaS-based enterprise resource planning provider for retailers in Israel. The investment thesis here is to back a market leader with a strong brand and growing industry at a reasonable entry multiple. In the major buyout fund, there were a number of investments, but I think I've already previously mentioned all of the new deals as we went through the presentation, but happy to take any questions later on when we get to Q&A. Finally, and before talking about investment activity post-year-end, Apax X announced it has agreed to acquire CyberGrants, EveryAction, and Social Solutions. All three companies are mission-driven and have best-in-class software-as-a-service solution for the social good ecosystem. This is a growing under-penetrated market with strong tailwinds, given the increasing importance of corporate social responsibility for enterprises of all sizes, as well as the need to ensure the money spent is used effectively. The thesis here is to create a transformational social good software platform by combining the three companies and accelerate growth in both software and payment revenues. Turning to realizations, the Apax funds made three full and nine significant partial exits in the period, again, primarily in tech and digital. The private equity exits were primarily in Apax IX and delivered a record distribution of EUR 131 million to AGA in the period. As previously mentioned, exits were achieved at an average uplift of 26% to previous unaffected valuations and generated across money of invested capital of 3.9 times. We believe that these exits underscore the value creation and business transformation experienced under the Apax funds ownership. They also highlight how the funds can make a difference to business quality during the ownership period and be rewarded with a consequent re-rating at exit. In terms of deal activity, strong public market valuations. Four public listings, I'll just mention them, InnovAge, Genius Sports, Global-e, and Baltic Classifieds Group in the period, and two further sell downs of shares in Duck Creek and Genius Sports. As I've mentioned, post-period end, Apax IX portfolio company Paycor also started trading on the New York Stock Exchange. Turning to the Derived Investments portfolio. The Derived Investments portfolio achieved a total return of 9.8%, 7% if you look at it from a constant currency perspective in the first six months. Derived Debt generated a total return of 7.3%, and Derived Equity achieved a total return of 28.6% in the six months to 30 June. Performance was predominantly driven by Derived Equity, which makes up close to 90% of the Derived Investments portfolio. If you take a closer look at the Derived Debt portfolio, there is significant exposure to tech and digital, primarily in the software sub-sector, and the operational performance of the portfolio overall is very strong. The strong performance of the Derived Debt portfolio is really underpinned by the ability to use insights gained from the Apax private equity activities and to identify attractive debt investments based on that knowledge. The investment approach, therefore, is a narrow sector focus on key sectors and sub-sectors. As expected, as the portfolio shifted to include more first lien loans, the overall yield to majority of the portfolio is now at 6.8% at 30 June. Turning to slide 13 and the investment activity in the Derived portfolio. Reflecting AGA's strategy to invest capital as it becomes available following exits in private equity, EUR 161 million was deployed across 13 new positions and two additional investments in existing Derived Debt positions in the period. The focus of the investment approach remains on investments in both lower risk first and second lien loans, where there is a high visibility on cash flow, and in target sub-sectors where Apax has unique insights gained from the team's private equity investment activity that I just explained. On the exit side, a handful of debt positions were repaid or sold in the period, and the one listed equity position that was exited, and which I referred to earlier in the presentation, was a small position held in the Indian-listed Development Credit Bank. Now, before I wrap up and go into Q&A, let me summarize a couple of key takeaways. In summary, AGA experienced strong performance and continued to benefit from a focus on four key sectors, where experience and insights help deliver enhanced results. The good to great investment strategy that the funds deploy in private equity and the strong operational performance across the portfolio saw an increase in fair market value with re-ratings achieved at exit. There was significant new investment in both private equity and Derived Debt with a strong pipeline of new deals. As a result, we would expect higher levels of private equity fund calls in the next 6- 12 months. As mentioned at the beginning, an interim dividend of GBP 0.0597 per share, representing 2.5% of NAV was also declared. Overall, a lot of good news here, and we are excited about AGA's performance and feel very confident about what the fund will be able to achieve. With that, I’m now happy to answer any questions and turn it back to you operator for that. For our Q&A, if you would like to ask a question, please press star followed by one on your telephone keypad now. If you change your mind, please press star followed by two. When preparing to ask your question, please ensure your phone is unmuted locally. Our first question comes from Charles Murphy from Singer Capital Markets. Charles, your line is now open. Ralf, good morning. A couple of questions. One, you indicated quite a lot of exits via listings or partial exits via listings. What% of the fund is now invested in listed securities? Can you talk about your hold periods for the strategy? Have they essentially shortened over the last couple of years, the cycle there that's going on? Yeah. Hi, Charles. Good morning. In terms of the percentage in the private equity portfolio that is now in public securities where there was an IPO, I don't have the exact percentage here at hand at the moment, but it's fair to say if you look at the largest private equity portfolio holdings, that there is a number of portfolio companies in the portfolio now that are listed. Duck Creek, Paycor, Global-e, and as I've mentioned, Thoughtworks has made a confidential filing. The private equity portfolio, in that sense, is more liquid than it has been before. On your second question, in terms of average hold periods, again, I don't have an exact statistic here at hand. I wouldn't say that there is a structural shift to shorter hold periods. Take a company like InnovAge, which already went IPO not even a year after it was bought. This is probably rather the exception. I would say, however, if you look at the overall maturity profile of the fund, this is probably the relevant metric here to look at in terms of thinking about diversification and potential future exits. As I've said, the fund is very nicely diversified across a number of vintages. You have companies which are really already in the harvesting phase, value creation phase, and some later investments. As I said at the beginning, without having the specific statistic at hand, I wouldn't argue that there is a structural shift. Brilliant. Thank you very much. As a reminder, to ask any further questions, please press star followed by one. We have a webcast question from Tom Furlong at Jefferies. He asks, "Please can you give details of the sort of companies that Apax Digital Fund II will target, which you committed $90 million to during the period? Can you give any further performance update on Cole Haan following the period end, as this was the biggest detractor of performance during the period? What was the reason that you shifted your Derived Debt portfolio towards first lien loans, has this resulted in weaker covenant terms? If inflation is not transitionary and becomes structural, how do you think this will impact the valuations of portfolio companies? Yeah. Thank you. There's a couple of questions. Let me take them one by one, the first one being on investment strategy of ADF2. ADF2 will aim to do more of the same, continue the Apax Digital Fund strategy of investing in a balanced portfolio of minority equity and growth buyout opportunities in mid-market technology companies globally, and thereby leveraging our long-standing focus in the technology sector and the global footprint. Continuation of the current Apax Digital Fund strategy. The second question was on Cole Haan. Cole Haan, as I said, is recovering. It's particularly seeing increased gross margins, and also improved wholesale bookings granularity. The management is launching into new performance categories. As I said, the wholesale order book is looking nicely. Always improving, and therefore we see improvement. Management is taking actions. Gross margins are also increasing. I think the third question was around why shifting more of the Derived Debt portfolio into First Lien. This has two reasons. First of all, one, from an investment approach, for the manager to have and to exploit flexibility to really buy those debt positions that have the best risk-return profile across the capital structure, so both in First Lien and Second Lien. The second reason is, however, one of liquidity management in the fund. As a reminder, the Derived Investment positions are identified bottom-up, but in terms of portfolio management, the portfolio management is top-down from a risk and liquidity perspective. With a higher proportion of private equity in the fund, a smaller proportion of listed Derived Equity in the fund, and we're looking at the portfolio, and the manager manages Derived Debt portfolio such that there is more liquidity in Derived Debt. First lien loans generally have a higher liquidity profile compared to second lien loans. I think in that context, Tom, there was also a question on covenants, whether the first lien have weaker covenants. No, they don't. The last one, if I understood correctly, was a question around inflation. Look, if there was more structural inflation, the tightening monetary policies may lead to decreasing market multiples, in particular, for long duration and high growth assets that don't have demonstrated pricing power. Given the environment, I think focus for the private equity portfolio is to capitalize definitely on the currently high valuation to exit those investments that have completed their good to great transition or re-rate it to very high valuation levels in the private equity portfolio. In terms of new investments, what does this mean? It means that we continue to look for, continue to find idiosyncratic situations within the target sectors and sub-sectors where there is an opportunity to transform an asset and generate alpha by increasing its quality and increasing the operations with a good to great transformation through business improvement. I hope, Tom, that covered the questions, that I made the notes correctly of all the points that you're asking. We currently have no more questions. I will now hand back to Ralf for any further comments. Well, if there are no further questions, I would like to thank you all for participating in today's call. Obviously, if you have any further questions after today's call or if you would like to arrange a meeting, please contact the investor relations team. With that, I'd wish everybody a good day and goodbye and thanks, everyone. This concludes today's call. Thank you for joining. You may now disconnect your lines.