Good afternoon, and welcome to the City of London Investment Group PLC Investor Presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time via the Q&A tab situated on the right-hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll, and I'd now like to hand you over to Courtney Short. Good afternoon. Hello, and welcome to Investor Meet Company. On behalf of City of London Investment Group, we're very pleased you've joined us. Please note you may submit questions for the presenters throughout the entirety of the presentation. My name is Courtney Short, Group Head of External Relations and Data Management here at City of London, and I'll assist as moderator today. I'm happy to welcome our presenters, including Chairman of the Board Rian Dartnell from Karpus Investment Management, Global Portfolio Manager and Fixed Income Analyst Charlie Trible, and from City of London Investment Management, Chief Financial Officer Deepranjan Agrawal, and Chief Investment Officer Michael Edmonds. Biographies are included in the presentation, and we look forward to sharing firm updates with you today, having released our June 2025 annual results. As a reminder, CLIG trades on the London Stock Exchange under the symbol CLIGLN and on the OTCQX market under the symbol CLIUF. With that, I'd like to hand over to Rian to provide an overview of our business. Thank you very much, Courtney. Welcome, everybody. It's a pleasure to be here and to introduce our fine company to you. As you can see, we are an established specialist asset manager. We've got over 30 years of experience finding discounted securities around the globe. Barry Oliff founded City of London Investment Group in 1991, and George Karpus founded Karpus Investment Management in 1986. We have a series of offerings at City of London. The offerings are in the equity sphere. We'll go through that later. International, emerging markets, special situations, listed private equity, opportunistic value. On the Karpus side, we have a more stable offering, balanced fixed income, taxable fixed income, sort of a municipal stay rich strategy. Together, the two complement each other very well. We have the City of London compounding equities and the Karpus compounding in a less beta-oriented, stable fashion on more of the fixed income side. On the track records over these many years, we've consistently ranked in the first or second quartile. The firm attracts a management fee and basically provides a very consistent cash flow, a compounding attribute where we wake up in the morning and our clients have paid us for the good work that we did yesterday and the good work we're going to do today and tomorrow. It's provided the ability to pay a strong dividend over time, and the current dividend yield is over 8%, of which we have about 6% now being paid in the next month for shareholders of record at the end of September. We have that dividend. We have a dividend in February, so twice a year. Together over time, they've allowed for a consistent compounding. With our growth and our innovation, we've been able to grow consistently over time from 2 bootstrap small companies to now $11 billion. Here it shows $10.8 billion, we're up over $11 billion. Again, looking to innovate and to grow from here. So global, high-performing, experienced team. I'd say we have the right to win, given the track records, given the resources we've put into all of our fine people. We have enduring client relationships that in many cases have been 5, 10, 15, 20 years. We take strength from our clients and strength from the relationship and the performance that we give them. Courtney, back to you. Sure. Thanks, Rian. As someone who's been part of this company since some of its earliest days, I'm happy to walk through some history. Founded in 1991 with the launch of the flagship Emerging Market Strategy and the first fund, the Emerging Markets Country Trust, over the years, City of London has expanded globally by opening a U.S. office near Philadelphia in 1995 and a Singapore office in 2000. The firm went public on the AIM in 2006 and joined the premium segment of the official list in 2010. Since then, we've introduced several new strategies, including Developed Closed-End Funds in 2009, Opportunistic Value in 2014, Listed Private Equity in 2016, and Global Equity CEF in 2022. A major milestone occurred in 2020 with the merger between City of London and Karpus Investment Management, strengthening our position as a closed-end fund leader and consolidating two firms with similar culture and values. Today, our mission continues and remains clear to deliver value through disciplined investment strategies, deep global market expertise, and a commitment to client success. I'd like now to hand over to Mike and Charlie to talk a little bit about performance. Thanks, Courtney. Just, I'm gonna go through the performance of the CLIM investment strategies over the last year. It was a very good year for asset market performance overall, with equity markets in particular posting very strong returns up nearly 17%. We saw a broadening out of investment performance. Whereas the U.S. really had been dominating from a performance point of view, Europe actually was the strongest performer among global markets over this period. A very good environment for clients on an absolute basis. For our investment strategies, we've got our performance here. Emerging markets is our flagship strategy. That's the one we have the largest pool of assets and that outperformed by over 500 basis points. Really a very good job by our team led by Oliver Marschner in the U.K. and Jeff Gill in the U.S. That was a very favorable environment for our strategies overall. In particular, the corporate environment with closed-end funds and a lot of actions that boards took to narrow discounts. That emerging markets performance was very much driven by some of those corporate actions, which our portfolio team had positioned very well to take advantage of a number of tender offers that they were able to capitalize on, as well as an environment where discounts narrowed generally. The international equity strategy, which I lead alongside my colleagues Michael Sugrue and Felix Prince, also had a strong performance. Again, this focused on the corporate activity, particularly in the U.K. market, and also, we have some exposure to small cap companies, and they did very well as well. That came through in some of the NAV performances of the funds in which we're invested. Our opportunistic value strategy is a multi-asset class, go anywhere product, and it's led by James Millward, and he looks globally across our entire universe, and really hones in on event-driven type opportunities where there's effectively an asymmetric return profile. You can see there delivered a similar level of outperformance around 470 basis points. Finally, the listed private equity strategy invests in a number of alternative products that provide that exposure. Those funds continue to trade on very wide levels of discount, but the return was quite positive. That's just against an 8% hurdle rate, but a 16% performance there and very strong returns from that asset class. A number of realizations within those portfolios, which helped performance there. Chris Weaver, who leads that strategy, did a very good job positioning that portfolio to take advantage of those opportunities. If we go to the next slide, we just show the performance versus our relative peer groups. As you can see, we're aiming to always be top first or second quartile. Our clients very much appreciate being that compounding effect where we're not gonna be necessarily top percentile over any period, but we are gonna consistently deliver alpha over the benchmark. Over time, that compounds and delivers very strong returns. You can see with those strategies, Emerging, International, OV, all in that first and second quartile, and also, Listed Private Equity doesn't really have a peer group, but has done very well versus its benchmark. With that, I'll hand over to Charlie Trible to go through the Karpus strategies. Thanks, Mike. I'm glad to be here presenting Karpus's performance. As you can see here, we have many strategies that range from cash management all the way up to equities, and we follow a very similar strategy through each product. If we start with growth balance, that's our balanced accounts, which are leaning towards higher equity allocations. We had a nice gain of 55 basis points over our benchmark. Moving to conservative balance, which is more fixed income leaning, which is I would say our bread and butter, there was a slight underperformance, and this was due to the municipal bonds benchmarked against a Barclays Agg index. If you've been watching domestic municipal bonds in Over this period, you'd notice that rates on the long end, which many of these closed-end funds invest in, have risen, pushing many municipal bonds from yield to call to a yield to maturity and pushed them out of the call range. That, you know, pulled back against treasuries. If you look at the specific products, for example, Tax-Sensitive Fixed Income, our muni portfolio, we outperformed the benchmark compared to a full municipal benchmark. There was a lot of discount narrowing over the year, and this was from a few years of widening, but also some corporate activism on a few funds we took part in and spearheaded. This actually filtered into other product areas, including equity. We cut a few deals which included tender offers on fixed income and equity with some major managers. If we move to taxable fixed income, we also outperformed the index quite a bit, and the taxable fixed income has a few parts to it. This includes 1940 Act senior notes and preferreds, which have large investor protections of asset coverage and high yields. Also our SPAC strategy, which is also part of the cash management strategy, which outperform the cash benchmark. This is very similar to a closed-end fund in that we are buying treasuries at a discount pre-acquisition SPAC. You hear a lot in the news about SPACs, and it can be worrisome. This is pre-acquisition, and it gives you the option to buy at a discount in the gray markets and then exit at full value over time. With the discount narrowing, equities also did well, beating their benchmark. We generally have a 65 domestic, U.S., and 35 international allocation, and they did well. If I move to the next slide, you can see that we also aim for first or second quartile. Growth balance, conservative balance were top two quartile. If you look at our fixed income portfolios, they're truly off the charts. Equity is second quartile as well. If you look at our cash management with the SPAC strategy pre-acquisition, that's also done well. If we think about the team we've had, many of us have been here over a decade. Our Chief Investment Officer, who's meeting with clients today, has been with us for, I think, 20 years. Our founder, George Karpus, said recently, you know, "We had good performance going back to 1986, but it's only gotten better." We're very proud of that and we're hoping for more of that going forward. With that, I will pass it off to Rian. Thank you very much. I don't think we've stressed enough the element around our financial management. Deep will get into that now. The finance function and the team generally are very careful with our cash flows and how we manage the business. Part of that is due to the fact that we are very aware of the dividend and are really intent on providing a stable dividend as we have since 2006. You know, that's the background behind what we've just discussed. Really what you've heard, and it's nice to see it from Mike and Charlie, actual practitioners, we're a specialist asset manager. We have a specific focus. We have a particular capacity to manage. We're very careful about how much money we take in. We're very careful also about the types of clients that we want to manage money for. A lot of the clients are universities, endowments, state pension funds, city employee funds that we've managed for many years. We take great pride in the fact that we have outperformed and performed well for people of purpose. I think that ethos of managing money well for good people with good purpose really permeates the firm and again is a source of pride. I'd say the second, and you've heard part of it because the performance this last year has been strong, there is a renewed interest in international and emerging markets. Our house view is that the dollar is set to continue to weaken. If that is the case, international markets, emerging markets, should get a further bid. With interest rates going down, with the dollar weakening, typically liquidity picks up and, sometimes, you know, get a nice run. It's not a run we're looking for. We're consistent compounders looking for opportunities in different markets. It does feel as if the winds are changing and that the interest in the U.S. market, the Magnificent Seven, et cetera, very well-founded interest, might be changing, and we're seeing some of that in client calls. The other element which I mentioned first, we're a strong firm with no debt. We have cash on the balance sheet. We receive that cash, you know, on a monthly basis from our clients. We accumulate that cash to pay out the dividend. In addition to that, we like to have cash on the balance sheet really for stability. We want a stable operating environment for our investment managers. When they have the composure to buy the lows, we're doing a good job. We're trying to put them in a spot where there's no panic. This is a process. We buy low, we sell high, repeat, and perform for our good clients. I mentioned at the outset that we have a diverse revenue stream now that we have for the last five years since the merger with Karpus. We have the equity beta and the institutional management on the CLIM side. The Karpus merger actually has given us a great deal of stability. A very strong firm, really good team. We've learned a great deal through the merger, and we're continuing to integrate. The two together are providing us a better, more stable cash flow. We can get into this, but there's significant capacity at the moment. The opportunity set, I think Mike and Charlie are ready to discuss. The opportunity set with discounts, you know, decently wide, not as wide as they were two years ago, it, you know, provides a compelling moment. Where in the past we've closed the emerging markets funds because of capacity issues, today we're open because we feel that there's still good money to be made for the client. Back to you, Courtney. All right, thanks. Now we'll pass to Deep to share some info from our results. Thank you, Courtney. Overall, we had a really great year. I'm gonna just go through some of the highlights from the results. Our annual report was published yesterday. More details are in the annual report. Our EPS grew by almost 10%, from 33.5p to 36.5p, in spite of dollar weakening during the year by an average of 3%. Actually, in dollar terms, our EPS increased by almost 13% in the year. Funds under management were higher, about 6% end-to-end, but the average funds under management for the year were higher by about 7%. As of last week, and this was in our announcement earlier in the week, our funds under management were just over $11 billion. Our dividend cover, our target dividend policy is to have a cover of 1.2 times over a rolling 5-year basis. For the year, we ended up with our cover of slightly above our target of 1.2. As Rian was alluding earlier, we listed in 2006, and since then, our total return to the shareholders, which is share price plus the dividends distributed, is an annualized 11.3%, which is far higher than the relevant U.K. small cap indices. Including in that return is our total distributable distributed dividends. We have distributed more than GBP 5 or 520p since our listing in 2006, which is almost 2.8 times of the price at which CLIG was listed in 2006. You can see the current yield is also quite high. Again, as Rian mentioned, the board has proposed a 22p dividend, which is about 6% on today's share price. Next slide, please. A few other things here on this slide. Our fee income increased by about 6% to about $70 million. That was mainly because of our higher average AUM during the year, as I mentioned earlier, which was offset by general fee erosion. In addition to that, we were able to reduce our costs during the year. Our total employee costs were lower by about 2% during the year, and our total costs for the year were almost the same as last year, which helped us to increase our profit before tax. We ended up at GBP 30.8 million of profit before tax, which was about 13% higher than last year. Our cost income ratio reduced significantly this year from about 42% last year to about 40% in the current year. I mentioned about the 22p dividend, which has been proposed, which is in line with what we have been doing in the past few years. The total full-year dividend, including the 22p dividend, would be 33p, which is about 9% yield for the whole year. Next slide, please. I'll also talk about our dividend history as well. This slide shows our dividends since our listing in 2006. We have consistently maintained or increased dividend throughout the years. I mean, this slide will show we've increased our dividend about eight times since listing. not only we have maintained the dividend, we've also paid special dividends in two instances. as and when our reserves allow us and they grow up enough, we tend to pay one-off special dividends as well. as again, I'll highlight, as mentioned earlier, the total of all these bars is about 520-420p, which is 2.8 times of the price at which CLIG was listed in 2006. I'll hand over back to Mike to talk about the growth plans. Thanks, Deep. Growth plans for CLIM. As Rian alluded to, our macro team, which is led by Justin Kariya, are quite positive on the potential for the U.S. dollar to weaken. That typically tends to be an environment where emerging markets and international equities perform better. Obviously, we've just gone through over a decade where the U.S. and particularly the technology companies have dominated. Over the past year, as I mentioned, we have seen some improved performance from non-U.S. equity markets on a relative basis. You know, we think that interest is gonna continue to grow. Our emerging markets and international equities strategy are very well-positioned, poised to win as we compete for new business. We think as clients' interest increases in this area, we will have an opportunity to build on the assets that we already manage in those two strategies. As Rian mentioned, we have available capacity both in the emerging markets and international equity strategy of around GBP 2.5 billion. Plenty of available capacity. You know, while we've seen some narrowing of discounts within our universe, we continue to see a lot of discount volatility and a lot of opportunity to add performance in those two strategies. Opportunistic value, as I mentioned, is very much the broadest opportunity set. It's a go-anywhere, multi-asset class strategy. It tends to have a little bit lower equity beta, more focused on some of those fixed income and alternative asset classes. James Millward meets with a lot of allocators relating to opportunities within the universe and really just kind of talking about where we're seeing value at any given point in time. There's a lot of ability and opportunity to be creative and create bespoke solutions. While we have the broad opportunistic value strategy, we often speak to clients about doing you know particular sleeves because within our universe there's always areas which are dislocated or offering particular value. Not only do we have the kind of broad strategy which is of interest, there's also these bespoke solutions that we work with allocators. The capacity there is about $1 billion as well. Listed private equity is an area that's garnering substantial client interest. This has typically been with institutions who are looking to manage their private equity allocation, so that kind of whole investment period and managing the whole J-curve effect there. But it's also as a liquidity management tool as well, and so we're seeing additional interest there. The other area which listed private equity is also gaining some We're having a lot of conversations is related to the changes that we're seeing for U.S.-defined contribution plans, where the Trump administration is effectively making those 401 plans have the ability to invest more in private assets. We're having a number of conversations with different platforms there as to how this listed private equity strategy can be useful within that environment. The overall opportunity there is absolutely huge. We would be probably a small part of that, but we do have available capacity there of at least $1 billion. That universe of securities is also growing, again, partly because we're seeing, particularly in the U.S., the ability to bring private asset products to the retail investor. The global equity strategy is something we launched at the back end of 2021. You know, 2022 was obviously a challenging year in markets, but that strategy has achieved an attractive three-year track record. That's despite an environment where you know, equity returns, particularly in the U.S., have been dominated by the Mag Seven stocks. But that track record is quite good. There's available capacity of at least $1 billion in that strategy, and we're having conversations with our institutional client base relating to that. Then finally, just on kind of strategy innovation and evolution ongoing, you know, we have an outstanding investment team at CLIM. There are always ideas percolating up where we can leverage our existing team's capabilities, and so there's a lot of ideas that we're discussing. We've just launched an emerging markets ex-China, and these are gonna be kind of ripples from our existing capabilities, but we do see the opportunity for developing new strategies and new products and leveraging our existing team's capabilities. We're pretty excited about the opportunity to build on what already is a very strong foundation at KIM. With that, I'll hand over to Charlie to talk about KIM. Thanks, Mike. When it comes to capacity, on the KIM side, it's interesting because our strategy involves closed-end funds and indexing, depending on where the discount stands. In my experience, when discounts are very wide, especially at times of large market stress, we find that it's quite easy to buy the funds and replace our index. With that in mind, our taxable and tax-sensitive fixed income, as I mentioned, are doing quite well. The first quartile performance against our benchmark and peers over all periods for 30 years. With that, we're positioned in a way where we like a lot of the long end of the muni side, and that's managed by Joe Maurer, and he's been indexing as closed-end funds narrow towards long munis because they have become historically cheap, really. With that, we see our best opportunity with third-party UMA platforms. We have the performance. It's really getting it to people who can approve it and put it in portfolios. We see the fixed income capacity at about $1.5 billion. There's a lot of mergers with funds going on now, so there will be, you know, different feeling to liquidity rather than having a lot of individual names. That may change, but as it stands now, we feel strong that when discounts widen, it's quite easy to pick up shares, and as they narrow, there's also opportunity as investors enjoy the high relative yields. There's demand on both sides of that barbell. When it comes to the equity side, both of our domestic and international equity strategies are well-positioned. As discounts have narrowed, we've lowered our allocation to closed-end funds and increased to index. We believe our capacity could be $1 billion. As I remember during COVID, we couldn't buy enough shares. There were so much available. We see that in very much the same way, because of our dynamic nature in indexing versus closed-end fund allocations. When it comes to new products, there's some ideas floating around. High yield was mentioned by one of our analysts, Byron Sass. There's a lot of capacity there, and there's a lot of activity there. We stray away from that right now. We like investment grade and other alternatives, but there are opportunities in that space. As I mentioned before, the SPAC market, the pre-acquisition, closed-end fund style strategy of buying treasuries at a discount. Our taxable fixed income portfolio manager, Christopher Rabe, has actually added to that strategy a bit this year, because capacity in that market is far more dynamic than a closed-end fund. It's easier to take a SPAC public. With that, we feel good about our capacity and where we stand in the dynamic nature of how we manage our portfolios, and we feel right now we are positioned quite well on the long end of munis and lowering our allocation to closed-end funds on the equity side as it stands. With that, I'll pass it on to Courtney. Thanks, Charlie. All right, we've had some questions come in, we'd like to address. Let me read the first one. My understanding is that an analysis of your assets under management split by location of clients shows the overwhelming majority in the U.S. You operate globally. What are you doing to attract new clients outside the U.S., and in what locations? I'll take that, Courtney. I think that's a perceptive question. The City of London side has built its business off U.S. institutional clients 99% plus, the rest of the world is open green fields for us. The question is, what are you gonna do about it? We've recently struck an agreement with a group in the Germanic-speaking countries to extend our reach there. We are looking at a relationship in Australasia, and for the first time really in a number of years, have looked and said, "The rest of the world deserves our good asset management, so let's go and find them." Creating the marketing force to do that, it can be expensive, so we're doing it in a careful manner, but it's absolutely an area of priority, and I would be surprised if we don't make good inroads in the next year. Great. Thanks, Rian. All right, another question. This is dividend related. Post-dividend payout, you'll have a substantial amount of cash. How will you look to deploy this moving forward? I'll take that again, and if anybody else wants to chip in, that's fine. We do at times look at special dividends. We've done it twice in the past, in recent years. We also would consider a potential acquisition. We don't have anything on the boil at this moment, but to the extent that we could find a team to bring in, you know, and have a sort of a quasi-organic process, we would absolutely consider that. We also are looking at areas of adjacency. To the extent that we could find a team with some assets, maybe undersized because they haven't created their own distribution network, if that team could fit with us, that would be another use of cash. Really, special dividend is something we've done, and we have done one merger in our history. It's been five years. It's gone extremely well. I think it's a source of confidence that we chose each other and that we've worked so well together and integrated well. I think contemplating another is easier, but at the same time, we're gonna be extremely selective. Great. Thanks. Here is one that's investment oriented. Michael Edmonds, CIO of CLIM, mentioned the size-weighted average discount as a measure of the attractiveness of closed-end fund investments as an asset class. How does the current SWAD compare to recent months and years? Yeah. Thanks, Courtney. The size-weighted average discount is a measure of kinda the absolute level of discounts, but it doesn't really speak to what is the kind of repeatable source of alpha that we're taking advantage of, which is the discount volatility. And the discount volatility is pretty much ever-present, but it can be at different levels of absolute levels of discount. It's fair to say that if you go back a year, our size-weighted average discounts have narrowed, so you know by 200-300 basis points. Certainly they're narrower, but that doesn't mean that we think the opportunity set is inferior, because really it's all about taking advantage of that discount volatility. We continue to see that exhibited throughout our universe. Yes, the size-weighted average discount is narrower, but no, the opportunity set is not particularly reduced. Great. Thanks, Mike. I think we have time for one more. It's surprising to see net outflows despite strong performance. What are the trends you're seeing? I'll start with that, but Mike, maybe you can add in since you've also been speaking to clients. Last year in the September, October, November period, we and everybody else witnessed a lot of angst around the U.S. election, and there was a lot of tariff terror, I would call it. Some clients I think and have heard were basically, you know, shoring up, getting a little cash in case things went the wrong way. I think there was an element of, let's be careful here. We don't know what's gonna happen. I do also think that there were remnants of fatigue, the people looking at emerging markets returns over a long period of time. For me, looking at capital cycles, you know, when, at the... As capital leaves an area, it becomes more attractive and you have to, you know, give investors a higher rate of return to attract them again. I really felt that some of those redemptions, the fatigue, were redemptions at the end of a capital cycle that would allow for refreshment. I would say that some of it might have been capitulation. This year, as you know, if you think about someone selling in October, November, December, they missed all of the performance, 20%-30% performance that our funds have provided. This year as some of, you know, our clients, many, you know, most, the great majority have benefited a great deal. I think that the narrative changed and that people looked and said, "We've way outperformed. City of London and Karpus have both outperformed. We can do a little top cutting. I think this narrative is more appropriate for City of London than it is Karpus. Charlie, if you have a different perspective, please chip in. I think it was capitulation in the first instance, tariff terror, and I do think that the second part was people harvesting outperformance this year. Maybe I'll Mike, would you wanna speak to that? Yeah. I mean, I think that's exactly the case that you know in some ways we're a victim of our success, but you know if you get your statement back and you've got 500 basis points of outperformance, you might think about taking a little bit off the table. But I think it's also the case as Rian mentioned that you know we have seen a period even though EM has done well and our strategies have done well, EM up to certainly the end of our fiscal year hadn't outperformed global markets. What we're now seeing is they had flattened versus global markets and now we're beginning to see some outperformance. Chinese markets are, I think, over the last year, some of the strongest markets globally. We're definitely starting to see some performance from those emerging markets. It is a case of, you know, people rarely allocate right at the bottom of the cycle. They're typically taking money off the table. If we start to see some outperformance of emerging markets, I'm sure we'll see people coming back into the space and, you know, obviously it would have been probably better for them to allocate, you know, six months ago. You know, it's likely that we'll see some more allocations if we see that performance coming through. You know, it's a shame, but it's part of the cycle. On the KIM side, I can add some color to a few things I've noticed. We've seen more than once a consultant, a new consultant come into an existing relationship and account and kind of already have their mind made up where they would like to allocate money. We find that just to be unlucky because it's not performance related. It has very little to do with us as we see. Sometimes, consultants, when you get a new one, they have their mind made up and the money goes to maybe a friend or something like that. Hard to say, but I've seen that happen more than once. In another way I've seen a company looking to acquire another company, and maybe we were the byproduct of that transaction. You know, they enjoyed our performance. We still have relationships with them, but it's just more random than anything. It has little to do with our performance, and that's kind of the only things I've seen that would consist of any sort of trend. I'll just add to that. That's exactly right. We've had a couple of examples on the international equity side where we've seen a consultant change and that's resulted in an outflow. You know, these things happen in the market. You know, there's still additional opportunities. Yeah, it's part of the natural cycle. All right. Well, thanks everybody for those responses and for the questions that came in. We really appreciate the collaboration. We would like to just close out now, remind everyone about our upcoming AGM on October 27. Please, you're welcome to attend. On the slide you can see that any other questions that we didn't get to during the course of this presentation can be directed to Deep or Jonathan. Their contact details follow. Please, follow us on LinkedIn, our profile's linked, listed on this page, as well as visiting our website. We'd also like to direct you to the links below that share the link to the audited financial statement, and also a couple other thought leadership pieces for topics that were touched on today for interest. Again, thanks to our presenters. Thank you all for our listeners for your time. We very much appreciate it. Have a wonderful day. Thank you. Thank you all for updating investors today. Can I please ask investors not to close this session, as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete, and I'm sure will be greatly valued by the company. On behalf of the management team for City of London Investment Group PLC, we'd like to thank you for attending today's presentation, and good afternoon to you all.