Good morning and welcome to the Molten Ventures POC about Molten Investor Presentation. Throughout this recorded meeting, investors will be in listen-only mode. The team will not be addressing questions during today's meeting. However, review all questions submitted today and publish responses where appropriate to do so. You'll be notified via the Investor Meet Company platform. Before we begin, we'd like to submit the following poll. I'd now like to hand you over to Ben Wilkinson, CEO. Good morning, sir. Good morning, everybody. Thank you for joining us today. I'm Ben Wilkinson, the CEO of Molten Ventures, and today's session we wanted to run you through about Molten, really getting back to some of the core of what Molten does, giving more color on our approaches to creating value for our shareholders. I'm joined today by our CFO, Andrew Zimmermann, and Andrew will be taking you through some of the slides later in the presentation as we get into a bit more detail on our portfolio. What we'd like to cover with you this morning is a bit more detail on Molten's business model. We've had quite a few IMC sessions over the last few years, and we normally will cover interim results, but also full-year results. We have had quite a few sessions with our investment team, giving our shareholders some specifics on their investment thesis, the sub-thematics of where they like to spend their time and put capital to work. We thought today would be a good time to come back to that core of Molten's business model, and we will give you a bit more detail, of course, on the team. We will come into that a little bit later on. We will also cover more detail on the portfolio and the specifics of our construction and the support that we will give the portfolio companies through that journey of where we have invested in those businesses. As active managers, we sit on the boards of those companies, and we add a lot of value through the years that we are holding them. We will finish up with an overview of why we think Molten is a compelling investment case and the access that it gives to our shareholders to private markets. A bit of a refresher for people on Molten itself. Molten was founded initially in 2006, and we are almost 20 years old at this stage. Through that journey in 2016, we listed the public vehicle, firstly on AIM, and that was bringing in an existing portfolio of assets. As we grew the balance sheet over the years with some capital raising, but also through growth in the underlying investments, we then moved from the AIM market in 2021 through to the main market, which is where we are reflected now. We have always, through that time, invested in high-growth technology companies. Our investment thesis has remained consistent. We've always been looking for business opportunities across Europe, and we've always been in the technology space as a generalist. Obviously, through that time, technology themes emerge and change, and we can give a bit more detail about how we adapt to those changing themes. By being a generalist across many of those themes, I think that's given us the ability to continue to invest in the best companies over the last 20 years. With the public vehicle, we've deployed now over GBP 1 billion. That is what has driven the current GBP 1.3 billion of portfolio value, and that's with a further GBP 600 million of realizations in that period, which I believe will demonstrate to everybody that consistency of portfolio management and the rigor that's required to achieve those returns as well. We'll come into a little bit more detail on that approach through the presentation. Before we get into a little bit more of the detail on Molten, I thought it'd be worth taking a step back and thinking around what is venture capital, how do you approach venture capital. One thing that we always speak to our investors about is that venture capital is an asset class in its own right. It has a different risk profile. It has a different return profile to other asset classes, and therefore it stands very well as an asset class that provides diversification on a portfolio approach. The portfolio approach, we will talk about how we apply that same portfolio approach to our investment theses, but very much investing in early-stage technology businesses is a feature of how we approach venture capital. Venture can be in life sciences as well, but you're really, as a commonality about where venture invests, it's very much looking for high returns in companies that are disrupting existing markets or disrupting, or rather creating new markets. Venture capital is a risk asset class, and it is looking for upside returns in the many multiples of invested capital. When you take that into consideration, you therefore, of course, need to apply a portfolio approach because when you're investing in early-stage businesses that have significant upside potential, of course, not all of those businesses will go on to deliver that upside. Venture is very much skewed to the winners in terms of the returns that are generated. To be able to invest in this specific asset class, you need the experience, and that experience covers sector knowledge of specific technology sub-sectors. You obviously need an experienced team with years of practice of deploying capital into the businesses, but also managing those businesses through their growth journey, and then making sure you can realize capital to come back. I think doing that in many different economic cycles is also an important feature that we're able to demonstrate as Molten. Scale, I think, is important. It allows Molten as a vehicle to deliver a balanced portfolio, and it allows us to manage risk and provide the governance and oversight that's required, particularly across the years of investing in a portfolio itself, but also from managing different pools of capital and managing many companies across different vintages. That experience and that scale are crucial when you look to invest in this asset class. The other crucial factor is access. Venture is very much a people business. Is very much driven by access to good companies, but also access to networks and then providing those portfolio companies access to our expertise, our networks that we benefit from as a VC investment house, and ensuring that our portfolio companies are able to benefit from that years of experience. For the investor into venture capital, you have the advantage of investing in a diversified approach, so you get access to returns which are distinct from other risk correlations in your portfolio of investing in other companies. You are also investing in the future growth of economies. The companies that we will invest in, they drive productivity, they drive innovation, and that drives growth into our economies and employment for people. It is a very crucial, but perhaps underserved part of the economic equation, and it gives you an opportunity for significant upside. When the returns come in venture, as I say, they're often skewed to the winners, so the upsides are quite impressive. Molten's approach to venture capital is what we'll touch on here. Why do we focus on venture capital? As I mentioned, there's a lot of benefits of this ecosystem. It's an ecosystem that fosters and mentors new generations of activity. Through our public vehicle, we're democratizing access into what is traditionally a gated asset class, so quite hard for people to access private funds, particularly if they're not able to invest at scale, and therefore the Molten vehicle gives you that access through a liquid investment. We generate returns for our shareholders by providing that diversification and that growth, and we feel that the Molten platform is a compelling way to, one, access an asset class to drive growth and innovation and ecosystems across Europe, but also to deliver growth and return for shareholders, which can outperform other asset classes. VC in itself, of course, as I mentioned, is just one form of investment, but we think this is where you're able to access distinct returns. Also, in a world where we're having generational shifts in technology and increased disruption, venture and new companies creating new solutions are able to create value for shareholders and create value within portfolios. We think that this is an exciting arena for us to invest in. It's where we have our pedigree. It's where we have our years of experience, but it's also where we still believe you see the best opportunities and the most excitement that comes out of the underlying portfolio companies. Thinking around more specifically what we actually invest into, we're always looking for companies that are born across Europe. We're a minority investor into those companies, and that means that we take a smaller equity stake, not a majority ownership stake, and we think that's an important model as part of risk management, but also as part of sharing the upside with the founder teams and ensuring that those founder teams are incentivized and optimized for the best returns on that journey. There's no denying that the founders that we invest in are very compelling. They're very driven. They're very ambitious, but they're also taking significant personal risk with these businesses. Being with them on that journey and supporting them to achieve those outcomes is an important function that we play. We hold our companies for the long term, and we like to back the winners in our portfolio with more capital. That portfolio approach, which we'll touch on a little more, is absolutely crucial. As As these companies grow and scale, and we see those market opportunities unfolding over time, we add more capital. Our vehicle is not constrained by artificial time horizons. It means we can hold our winners for longer until it is appropriate to move those companies on, usually into the next stage of their journey, be that trade sale, an IPO, or perhaps even a sale into private equity. Just touching in a little more detail on the model and some of these slides give a visualization of some of the things that I've been talking about. Molten's investing in European tech startups. To do that, we pool capital. The largest pool of capital is the PLC. The PLC vehicle, as it stands today, is GBP 1.3 billion of portfolio value and GBP 1.2 billion of net asset value. In the prior year, we've invested around GBP 70 million from the balance sheet, and we've invested just over GBP 30 million from the EIS and VCT funds. We also pool third-party capital. The rationale for pooling capital is to bring different sources and different investment groups into the same deals. It's really about a co-investment model where it's appropriate for that pool of capital to come into the same companies. And for Molten, the rationale of having those pools of capital is ensuring that we have the right level of investment check to come in and lead transactions with exciting businesses. All of the companies that we invest in have lots of different opportunities to take different forms of capital from different investors. Obviously, to at least have the right conversation and the seat at the table and the right to invest in these companies, you need to be investing at the right scale. Pooling these different sources of capital is a very efficient way of doing that and giving different groups access to those exciting companies. When we do invest, most of our capital will go into the businesses directly, so we'll become a shareholder of those companies. As I say, we're active managers. We'll sit on the boards. We'll support those journeys. We are able to invest in other ways as well. The balance sheet that we have gives us flexibility about our approach to creating value. One of those ways is through other funds where we become an LP, a limited partner, which is effectively a shareholder in other funds. That gives us access principally to earlier-stage businesses that we can track and see them as they scale and grow and then become more appropriate for our direct investment, where we want to get more exposure to the businesses that we feel are going to create substantial value. The final way we will invest is through secondaries. If we're investing in companies directly, sometimes we won't see the best companies or the best companies will break out very quickly, and therefore secondaries gives us another opportunity to create value at a later stage of a company's journey or even through an entire fund buyout scenario where you're getting exposure to several companies at once. That breadth of investing strategy has served us very well and has been a feature of the Molten investment approach throughout the 20 years we've been in existence. Supporting those companies once the capital has gone in is a key differentiator of value creation, but also as we look to win new deals, the experience of the founders and therefore the references we will have in the ecosystem will lean very much on the experience that founders and portfolio companies have had with Molten as an investor. This journey of supporting, this journey of trying to ensure positive outcomes by driving experience and networks to our companies is a crucial part of the journey and something that Andy will touch on in a bit more detail later on. The final stage of a company's life cycle, at least on the journey with Molten, we will realize investments. The majority of the capital, over GBP 600 million that we've realized since the 2016 IPO, has come through trade sales. If you consider venture, and particularly the companies that we invest in, as an outsourced R&D model. The large technology businesses will look to new technology trends and emerging markets for their own growth, and quite often they will have to acquire companies to achieve that. More often than not, we're not selling businesses on the basis of their financial profile. We're selling them for their upside potential and their inherent underlying IP. Trade sales are the majority of the value that's created through our realizations. When there is an IPO window, and we haven't seen one of those for a while, of course, when there is one, IPOs are another viable route for companies to go into the public markets. I think as we all appreciate, the growth that is happening in private markets is largely remaining in private markets and not coming to that public arena. We feel that that's a very compelling rationale for owning Molten to give our investors access to that underlying growth. Touching on the process of how we find companies, this is, of course, critical, but we have a very well-established embedded process where we will screen thousands of companies across Europe. We will track those businesses, and we're tracking on the basis of our investment team's own thematics around which markets are going to be significant, where is the growth going to come from, what types of business models are sustainable and defensible, and where does the inherent IP come from. With that knowledge, we're out in the market engaging with founders and iterating that approach to which are the best companies we feel in terms of getting access to and wanting to partner with for what is usually a 7-10 year journey with these businesses. It is a very significant, not only capital investment, but also engagement of people over a long period of time. So, we will track companies we think are interesting, founding teams that we have either backed before or that we would like to partner with, and we will look to invest in just 10 to 15 new companies every year. We are whittling down that large top of funnel of thousands of companies down to 10 to 15 that we will actually put capital to work with. At the same time, we have a portfolio of businesses where we will look to back the best of those companies with further capital. Managing the portfolio and then backing the right companies as they scale and grow that are already within our portfolio alongside investment capital are the key dual uses of our capital sources. Our broader investment approach does give us greater access. As I mentioned, secondaries will give us other opportunities to create value and likewise tracking what comes through our fund of funds. It is a very broad funnel of opportunity that we have access to to screen these companies that we invest in. As we've touched on, growing those businesses and subsequently exiting them gives you the life cycle of our investment process. Each one of those brings different requirements in terms of skills and experience from our team. To allow us to visualize those stages a little more clearly, if you consider the life cycle of a company as they begin with an idea, there would be what we'd call the seed stage, and a team will have some capital that they will raise from seed funds, and they will put that to work in their idea, their thesis. At the stage where they start generating commercial traction, that's where we will start looking at those businesses as a direct investment. At the fund of funds stage, we can invest in the seed funds, which generates good returns. For us, it's really about information and access to a whole swath of companies across Europe so that we make sure that we're tracking the best of those companies for our direct investments once they have that commercial traction. At the moment, we're tracking over 2,500 companies through that seed fund of fund program. We've touched on co-investment capital, the majority of the capital coming from the public limited company. The balance sheet allows us the flexibility of investing directly at the Series A stage when there's that early commercial traction, but the majority of our capital will go in at the Series B stage, which we would consider to be the early growth stage where the companies are generating GBP 5 million-GBP 10 million of revenues and starting that scaling journey. This is where businesses will need more capital, and that is why the majority of our funds will go to this stage. It is also those businesses that have the proof points of growth and traction, and we feel that that is the best risk-reward balance for where we want to put the majority of our capital to work. Alongside the Series A and Series B stages, we will have co-investment capital, principally currently coming from EIS and VCT investments, but also we have third-party capital that can come in alongside. This is a part of our strategy that we'll look to expand by raising additional pools of capital that can co-invest with us at the Series B stage. I touched on the fact that venture capital is a people business. That applies to our network, our engagement with founders, our engagement with advisors and the broader ecosystem, but also the funds that we will partner with on investments as well. Being a minority investor, we'll partner with other funds on certain assets. The key crucial part is our team and the people in our team and the expertise that they bring are really what drives the opportunity within Molten Ventures. We've structured ourselves with an investment team, which I'll come on to in more detail in a moment, and then supporting functions to enable that investment team to be successful. Those supporting functions cover across marketing, across deal flows, so managing that funnel and the opportunities in the market, and then deal execution, which is closing deals that we want to invest in, making sure our legals are in the right order, but also the subsequent portfolio management of those companies. Thinking across that life cycle of day one investing through 7 to 10 years, there is a lot of work that goes on behind the scenes to drive the numbers that we will talk about in a moment. Supporting the investment process is an operations team. At Molten, we are over 50 people. On the operations side, we cover finance, legal and compliance, our investor relations, both public and private investor relations to ensure reporting and transparency, and also ESG to ensure that we have high standards across all of those important areas of compliance, both from a Molten perspective, but also within our portfolio companies as well. It is another lens that we can add value to our portfolio companies with the skill sets we have. It is a broad team of specialties, and we work together as a group. We will always say to our portfolio companies when they're taking an investment ticket from Molten that you will get access to the whole team. Whatever specialty is appropriate at whichever time, we'll give our portfolio companies access to our people as well as managing our own business. The investment team itself is made up of many years of experience, and we always hire people with a diversity of experience and backgrounds. We feel that particularly being a generous investor, investing through cycles and different technology trends, that serves us the best to bring different viewpoints into that investment committee as we diligence deals and opportunities and as we support companies on their journey. There are many years of experience here covering different geographies in terms of where our investors will spend their time, such as Christos spending time in the German part of the market or different subsectors like with Vinoth on financial technology, Inga on digital health, Niki on consumer technology, and George on climate. These are areas where we need some specific experience. The team will also be broad across general technology investing and deep experience of different market environments as well. With this team that is supported by a broad team of associates and the model of operation which I've just described, we feel that we're well placed to continue to invest in the best companies across Europe, but also supporting those in our existing portfolio. With that, I think I'm going to hand you over to Andrew, who's going to take you through a bit more of the detail on where we deploy, but also specifics on some of our portfolio as well. Thank you, Ben. Good morning, everyone. Thank you for joining us in this webinar. We are a European venture capital investor. We deploy capital across Europe. We are looking for the best opportunities across the continent. Europe has great technology clusters. In the U.K., we've got the likes of London, Oxford, Cambridge. Half the world's science clusters are based in Europe. We have fantastic technology companies like Klarna, Skype, so on, where the founders then can exit and move on to new opportunities with other businesses. We are continually looking for those opportunities across and deploying capital. We have an office in London where most of the staff are based. We also have a small office in Dublin, but we are basically out across Europe looking for the best opportunities. We are location agnostic. You can see about 40% just now. That is the bulk of our deployment, but we have a good spread across the continent. In terms of the investment sectors that we invest into, we have four broad sectors that we describe. We have consumer technology, enterprise and SaaS, hardware and deep tech, and digital health. Consumer technology is the one that has the headline names a lot of people have heard of. We've got Revolut there as the little icon. They're basically customer-facing technologies that really make a 10x type difference to your life. Enterprise and SaaS is probably less household names a lot of the time. These are the technologies that are helping businesses be more efficient, deliver greater returns, and just do work better. Hardware and deep tech is more R&D-heavy type stuff. The physical products where there's a technological aspect. We've got the icon there is to do with space, and I'll come on to that presentation later. The last broad sector there is digital health, which is a smaller allocation of our portfolio, but again, really important is where digital technology can make a difference to the lives of individuals. In terms of these broad sectors, they then also break down more into investment themes. As Ben touched on earlier, we're really going through a generational shift in technology. There are some really exciting things going on. In terms of these investment themes that break out from there, we have things like fintech. Revolut, we've talked about or mentioned in passing there earlier, is doing really well, by the way, as an aside. Hopefully, people saw the results yesterday. Thought Machine is a cloud-native core banking system. Banks, the established banks, traditionally have legacy systems which are quite difficult to replace. Thought Machine is just completely redoing that from a cloud base. It's got a great pipeline of tier one clients that will help it grow. Climate, our theme is really around tech, I suppose, and digital information and helping businesses monitor their footprint, optimize their supply chains, and so on. Material Exchange is a good one in terms of helping fashion brands and textile suppliers connect and have that full audit trail of their supply chain. Space, Isar Aerospace is, I guess, the European equivalent of SpaceX, or it's aspiring to be. Hopefully, people saw some of the links online to that with the first rocket launch that it did, which was a big success in terms of getting test information for the future launches. Isar, I'm going to talk about in a bit more detail following these slides. In the healthcare one, I'm going to talk about HiLo, so I'll come on to that one. Another one I like, there's Oliva, where that's a platform that helps employers give mental health support to employees. That's a really important topic now, which everyone is much more aware of. In the AI, meta, and quantum, just to call out a couple, Robin AI is a legal AI tool helping law firms operate more efficiently, which is, I'm sure, a good thing for anyone who has to have a legal bill. They can generate contracts and the like much more quickly. Finally, in hardware and deep tech, which is the internet of things, it's really the pipework that connects everything. We live in a very internet-connected world, and obviously, you need applications to run that so all these devices can talk to each other, whether it's your car or your home or anything else. Oh, sorry, one other one I wanted to touch on in the other space was the quantum. Quantum error correction. I'm not going to go into the physics because it's way too complex for a Friday morning. The quantum error correction bit of Riverlane, we're getting close to having working quantum computers in Riverlane as part of that process and solving the error correction so that it generates accurate output. Once that is cracked, which here in the industry should be in a few years' time if they continue on this path, we'll have computers, quantum computers that are a trillion times more powerful than current computing, which is mind-blowing. In terms of, we're going to call out just a few. I've got three portfolio companies. Just to give you a flavor of the kind of things we're investing in and the excitement. This first one is HiLo. It used to be called Aktiia. It's just rebranded. It's a Swiss-based company, and it's a blood pressure monitoring company. You can see, actually, I've got one of these bands just to show that we actually live the values. It basically has a, it's like a Fitbit kind of band, I suppose, but it's just specifically to monitor your blood pressure. It connects to an app on your phone. I'm not going to show you that in case my blood pressure is too high from doing this webinar, but you can continually track it through your, it follows you through your sleep. The band is waterproof, so you can wear it 24 hours a day. I think there's a couple of hundred thousand users now, so it's growing rapidly. As you collect the data, you can track things, what might be spiking your blood pressure, whether it's a webinar or if it comes down while you sleep. As you get to know your trends, you can adjust your lifestyle, and you can even then share it with your GP or other health practitioners should you wish to do so. You do not then need to go in to see them, do the whole cuff test. It can help you with your monitoring. The next one is Manna. Much like children, you are not really meant to have favorites in investment portfolios, but this one just makes me smile every time. Not just because the drone looks cute. It has really nice eyes there. Mana is an Irish firm. Basically, they are doing drone delivery. They are up and running already. Their main site is in Dublin, and they have done over 200,000 deliveries already, but they have also got a site in Texas where they are doing a pilot, if you pardon the pun, and in Finland. Oh, sorry. I'll click onto the next one. That's the drone. The bit that really excites me about this is that I can see how this is going to be in my life very soon. I'm old enough to remember when Deliveroo and Uber Eats seemed like a bit of a crazy proposition. It's like, why would you not just go to the restaurant? Now everyone's getting things delivered by a person. These drones are just taking it to the next level. They're environmentally friendly. They're largely autonomous. You do have one person controlling multiple drones just for health and safety kind of aspects. They fly, obviously, rather than get stuck in traffic, and they don't have a person that's going to eat your chips on the way there or get distracted and go off somewhere. My favorite example of the delivery drone here is not just food, actually. They can be used for delivering anything that the drone can carry. In Dublin, they had a good example of a book being ordered from an actual physical bookshop and then put on the drone and delivered to a person in less than 10 minutes, which actually is faster than Amazon ordering a book from Amazon. You're supporting your local bookshop, which I like, and you're also then not indirectly making Jeff Bezos wealthier just so he can send his fiancée and Katy Perry into space, which I think is something everyone can get behind as an investment. That's an example of the drone there, which again, to me, that just looks really cool. I love that technology. Finally, I just want to talk about Isar, which we mentioned in passing before. That is a satellite company. It's Finnish. We've been in that for a few years now. What they do, and this is an example of the rocket taking off to launch the satellite into space, ISAR makes what they call synthetic aperture radar satellites. These are much smaller than the old traditional satellites. They use radar, this aperture radar, to study the Earth. I'll show you a picture. Hopefully, this comes up in enough resolution. There are 48 satellites, I think, now orbiting the Earth. You're basically constantly monitoring it. Because it's a synthetic aperture radar, it can see through clouds. It can take pictures at night. It doesn't matter in the weather. You can constantly monitor points in the world to see what's going on. The resolution on the satellites, it can go right down to 25 centimeters, which is, again, unbelievable. This is an example of it monitoring a naval base. Obviously, there's multiple applications. It can be used for climate changes, disaster events to see what's going on, like the LA wildfires or flooding or defense applications where you can see what's going on on the ground. That 25-centimeter resolution, again, is just mind-blowing. I'm making sure my back garden is very tidy because I know that I can be seen from space if not. They actually have a really good example on their website. There's a nice human interest story. I'd encourage you to have a look at it, where they were doing crop monitoring in North America. Someone spotted in a field that a farmer had planted a marriage proposal into his soybean field. I think it said, "Will you marry me, Natalie?" They picked this up on the satellite and managed to get in touch with the farmer and do that. He was going to just do it through drone pictures, but they were able to send him satellite pictures. I thought that was a really interesting human angle to the technology. And finally, we do not just write a check, give it to the portfolio company, and then walk away for 10 years. Ben touched on this earlier as a team. We spend a lot of time helping the team, helping the businesses to grow using our expertise, our networks, connecting them with different people. As an example, there'll be things like helping them introduce new people to their team at different phases in their growth, bringing the right board members onto their boards at the right time as they grow and develop, helping with go-to-market advice and optimization, again, and maybe introducing them to people in terms of what best practice is for different operational aspects. As that business continues to grow, we'll be introducing them to other founders, other people in their industry, key suppliers, and corporate partners. As Ben alluded to, a lot of exits really come through strategic partnerships where this venture is an outsourced R&D model. Introducing these businesses to the right people at the right time so they can start to build those relationships will eventually help them as a possible exit route. They may go IPO, but most exits seem to be through the strategic acquisition now where they really get the value of the underlying technology or IP because they spent a long time working with it, and they're prepared to pay a premium for that. We obviously spend a long time working with the businesses, helping them with that, and also just getting them ready in terms of when is the right time to exit. Do we stay with them for longer, or actually, should they be thinking about this is the right time to maybe move into an exit and generate some value rather than hang on indefinitely and get stuck? There is a session on this in May, I think, which I know Ben will refer to, where our Head of Portfolio Development, Andrea, is going to talk about this in a lot more detail. I would encourage you to attend that because it is really interesting, and it does highlight the value add. It is not just about providing capital. It is about providing much more than that. With that, I will pass back to Ben. Thank you, Andy. I think everyone appreciates that talking about the Molten Model is important, understanding how we create value is important. Actually, the real excitement is when you get into the portfolio companies themselves, see the changes that they're driving in societies, whether they're seen in the case of drones or unseen in the case of some of the enabling technologies or in the case of ISAR, as we described there. Unseen, they can see you, but you can't see them. I think the power of these technologies is the most impressive thing. Hopefully, these slides have served to give you an overview of our approach and the benefit of an investment into venture capital and the way that we approach venture in Europe. This slide that we've just put on screen here, this is talking about our achievements in the vehicle Molten Ventures since our 2016 IPO. There are just a few snapshots where you can see the demonstration of the growth over the last eight to nine years where we have taken our AUM to GBP 1.8 billion using numbers as of last September. The gross portfolio value I touched on earlier, that is the combined value of our total portfolio, which is GBP 1.3 billion. That translates into a net asset value of GBP 1.2 billion, which is roughly the size of our balance sheet in the public vehicle. Over that time, realizing over GBP 640 million is a very strong demonstration of our ability to turn those investments into cash. It is a strong demonstration of the value we hold those investments at because we have been selling those companies above the holding value we have them in the books. It is also a validation of the value that external parties will put onto these portfolio companies. I think we see that as a key feature of the model, and we're very proud to have been able to demonstrate that over a long period of time with consistency through cycles. A short recap of why we think Molten is an exciting opportunity, why we enjoy what we do, and the exposure that it gives to private markets. Private market growth, as I mentioned, is expanding. Private markets, more broadly, not just venture capital, have been expanding, and there's been less of that growth opportunity coming into the public markets. It is a gated asset class traditionally, so getting exposure to this growth, getting exposure to the innovations that we all see around us, I think, is really compelling and important for investors. Molten as a vehicle, therefore, has a very important place in that ecosystem. We deploy multiple sources of capital to ensure that we can access the best opportunities, and we can support those portfolio companies through their life cycle with the right capital at the right stage for their growth. The fact that we have an established team and established track record and years of experience are absolutely crucial because venture is a model where you need that depth. You need that ability to course correct and adapt, one for us as a vehicle, but two for the portfolio companies themselves. That depth of knowledge is critical. As we have seen through different asset cycles, the disciplined approach to capital allocation, be that investment, but also how we deploy Molten's balance sheet with capital that we receive back. We have been very clear with our shareholders about the benefit and the need of creating growth opportunities over time through different vintages such that we can demonstrate growth into the future, but also cognizant of supporting our share price while markets are disconnected and while the shares are not reflecting the full value of the underlying GBP 1.2 billion of assets. We think that the Molten model is compelling. We think it is compelling as part of the ecosystem with which we exist within. We think it is also very compelling for institutional shareholders and retail shareholders and the full variety of people who are investing for growth and want diversification in their portfolios. I am just going to finish our session by touching on the next session that we have with IMC, which Andy has just outlined there. We have our portfolio development session, which will have Andrea Kerwat from our team, who is our Head of Portfolio Development. He will take you through more detail on how we support those companies. We recognize that this is somewhat unseen in the journey of how we deliver growth and how we deliver value. We want to shine a light on this specifically. I encourage you all to take the time on the 23rd of May to hear from Andrea. Following that, Andrew and I will go through the full year results on the 13th of June. We put out our trading statement yesterday, which gives you the first flash of the full year numbers to the end of March. In June, once we've gone through the full audit process, we'll have the final results with all of the detail on the specific portfolio company valuation movements. We'll be able to give you more information at that time. Alongside those results, we'll run another IMC session. It just leaves me to say thank you very much for your time and for your engagement. We do genuinely really appreciate it. We appreciate the support that you give to us and the interest, not only to us, but to those underlying companies that we back and support and invest in. We're very grateful for that. With that, I will hand us back over to our investors. Fantastic. Look, thank you very much indeed for the presentation. As mentioned, the team will review all questions submitted today and publish responses where appropriate to do so on the Investor Meet Company platform. Ben, Andrew, thanks for updating investors today. Can I please ask investors not to close the sessions? You will be automatically redirected to provide your feedback in order for the team to better understand your views and expectations. This will only take a few moments to complete, and it's greatly valued by the company. On behalf of the management team of Molten Ventures, we'd like to thank you for attending today's presentation. Good morning to you all.