Good afternoon and welcome to the International Public Partnerships Limited Interim Results Investor Presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged and can be submitted at any time by the Q&A tab situated in the right-hand corner of your screen. Just simply type in your questions and pr ess send. The company may not be in a position to answer every question received in the meeting itself. However, the company will review all questions submitted today and publish responses where it is appropriate to do so. Before we begin, I'd like to note the following poll. I'd now like to hand you over to Erica Sibree, Head of Capital Solutions and Investor Relations. Good afternoon. Good afternoon and thank you. I extend my welcome to you all for joining us today for the International Public Partnerships Results Presentation for the six months to 30th June 2022. I'm Erica Sibree. As the introducer said, I'm Head of Capital Solutions and Investor Relations here at Amber, who's the investment advisor to International Public Partnerships or INPP as we call it. We are thrilled that so many of you are able to join us here today for what is our first presentation on the Investor Meet platform. As a reminder, this presentation is intended for a UK retail audience. We hope this will be one of more regular updates through Investor Meet. Joining me today, to present the details of the results, is Chris Morgan, the Investment Director at Amber, responsible for the INPP portfolio, and also Dan Watson, who's the Head of ESG here at Amber. At the conclusion of Chris and Dan's remarks, as the introducer says, we'll obviously be happy to take Q&A. Please add them to the functionality in the app, as we go through, and we'll come to them at the end of the presentation. As you'll hear from the team, the company has performed well over the six-month period to 30th June 2022. There's actually been a good level of activity since that time, too. To take you through the details of the result, I'll turn you over to Chris. Thanks very much, Chris. Thanks, Erica, and good afternoon, everyone. Thanks again for joining us. Just starting on this slide, our approach, and really I just want to touch upon the investment proposition, and I think there are a few key characteristics that I'd like to draw out, especially given current market conditions. Now, our approach hasn't changed since we first listed the fund back in 2006. We continue to maintain a diversified portfolio of low risk infrastructure investments that we actively manage to drive benefits for all of our stakeholders. The majority of the assets within our portfolio generate what we call availability-based revenues or regulated revenues. And those are paid to us by government or government-backed counterparties. So we have a very high level of security over our income streams. Now, the contracts that we have with government or the licenses that underpin our regulated assets explicitly stipulate how our revenues are adjusted every year to reflect prevailing inflation, and therefore, we have a great deal of confidence and visibility in terms of the inflation linkage of our revenue streams. I think these two points, that high security of income, the high level of inflation linkage, and the resulting low correlation with the wider market, a sort of defensive characteristics that I think are really important, especially at the moment when we're in a period of macroeconomic and market uncertainty. The portfolio itself is well diversified. We have now more than 140 different investments within the portfolio. These are spread across around 10 different geographies. They are all stable, developed geographies with strong credit ratings and rule of law. We have investments in the US, Canada, Australia, the UK, Germany, and Denmark. There's probably one I've missed, but that's the majority of them. We recognize that being a responsible steward of our infrastructure assets is key to the ongoing performance. As I said earlier, we actively engage with all stakeholders to make sure the assets are performing in line with expectations. You'll notice as we go through the presentation, for example, you can see the boxes on the bottom left of this slide. The alignment with the UN Sustainable Development Goals or UN SDGs is a key part of our approach to the integration of ESG factors and the assessment of the benefits that the portfolio delivers. Just moving on to the next slide, and this is really a little bit of a dashboard as to the key financial performance in the period. On the right-hand side, we can see some of the wider social and environmental benefits. Touching first on the valuation of the fund, the net asset value or NAV, that's increased significantly in the period. We opened the period at GBP 148.2 per share, and at 30th of June, the net asset value had increased to GBP 157.3 per share, which is a 6.1% increase over the period. I think, you know, when you're looking at the total return over the period, I would look at the increase in the net asset value, and that's the 6.1% I just mentioned. I would also look at the dividends that were paid out in the period because we paid investors GBP 0.038 of dividends during the six-month period. Therefore, when you add together the capital gain on the net asset value and the dividends, you calculate a total NAV return of 8.7%, which I think is really good for a six-month period. We'll go through shortly some of the key points that underpin the change in that valuation, but probably the three things that I would draw out are the high level of performance of the assets, the high level of inflation linkage. As inflation has increased, we've seen higher cash flows coming through. The successful capital raise that was undertaken earlier in the year and the revaluation of one of our larger investments, the investment that we have in the Thames Tideway Tunnel. Now, just while I've mentioned it, the Thames Tideway Tunnel is the 25-kilometer super sewer that's being built under the River Thames at the moment. That sewer is being built because the existing sewerage system was built some 150 years ago, and was built for a population of London of around 2 million. It's basically unable to deal with the sheer volume of combined rainwater and raw sewage that it has to deal with. As a result of that, rather than the existing sewerage system effectively backing up and flooding streets, it discharges that rainwater and raw sewage into the River Thames, which is obviously very, very polluting. The new sewer that's being built is being built to intercept those spills, and it's currently under construction, but should be operational in 2025 and will have a hugely positive environmental impact on the river and obviously wildlife in it and people that sort of live and work and enjoy the areas around the river. In terms of dividends, as I said, we paid dividends of GBP 0.038 in the six-month period. That dividend was 2.5% greater than it was in the comparable period from 2021, and it was still well covered by net operating cash flows. We have dividend cover of 1.2 x. Just to pick out a couple of other factors, inflation linkage, I've mentioned, it is key. The way we look at inflation linkage is to say, well, what additional returns would we generate if inflation runs above our expectations? For every 100 basis points that inflation runs above the assumptions that we have, we would see a 70 basis points pick up in return. Another way of looking at it is a sort of 70%, you know, protection or linkage to inflation, which when we're in an environment like we are today, where we're seeing projections of inflation running much higher than our assumptions, I think is a really important point. Perhaps the other point I'll pick out is the 0.27, which is the correlation to the FTSE All-Share. Having a low correlation is a function of the nature of our cash flows, which are very predictable and stable. As I said, we have a high level of security and predictability over our cash flows. I think when we're going through a level of, or a period of, market volatility, having a low level of correlation is attractive. Just looking at the right-hand side of that slide, and we're obviously very proud of the contribution that our assets make to the UN Sustainable Development Goals and the positive environmental and social benefits that they bring, and we've just tried to set them out on the slide there. I've mentioned Tideway and what Tideway is, so maybe I'll bring that one up first, which is the blue box number six with 37 million next to it. 37 million representing the current cubic meters of volume that is currently discharged into the river at the moment. Obviously the construction of Tideway will intercept those and prevent the majority of, if not all of, the discharges into the river. Another key one to pull out is the contribution that our OFTO assets make to the country's transition to net zero. OFTO stands for Offshore Transmission Owner. These are the entities that own the subsea cables and associated infrastructure that connect the offshore wind farms to the onshore substation. These assets enable offshore wind farms to transmit their electricity through to the national grid. The owners of the offshore wind farms are not allowed under law to own transmission assets and hence why the ownership is separate. As the owner of the transmission asset, we, you know, we're not dependent on the amount of electricity that's generated or the price of electricity. We are simply paid an availability-based revenue stream for the term of the fixed revenue period granted to us by Ofgem, the UK energy regulator. I should be clear that when I say things like availability-based revenues, obviously what I'm saying there is as long as the asset is available for use, we get paid our revenues in full. It doesn't matter if the asset is not used to its full extent. If the wind doesn't blow, we still receive our full revenues, provided our cable is available for use. Just moving on to the next slide. Now, what we've tried to show here is the growth in the dividends since the IPO or the initial listing of the fund back in 2006. You can see that dividends have successfully grown every year since the IPO, and the average rate of growth in the dividends is 2.5%. We have a lot of confidence in our future revenues. I've talked quite extensively already about the security we have and the confidence we have in our revenue streams, and we are able, as a result of that, to provide our investors with forward guidance. We typically try to provide forward guidance going out the next couple of years. You can see on the top right of that slide that we expect to pay dividends of GBP 7.74 for 2022 and GBP 7.93 for 2023, and I'm sure in due course, we'll release additional forward guidance. Now, the chart at the bottom, what that is trying to show you is the projected investment receipts from the existing portfolio. These are the consolidated cash flows that we'd expect to receive from all of our assets, based on the 30th of June valuation and the forecast made at that point in time. There's a little squiggle sort of halfway along or more, actually, more towards the end, and that skips a number of years. It's really just done so we can easily fit it all on, you can see the bars more clearly. Actually, the cash flows from the fund run out until 2150, and that's because the Thames Tideway Tunnel that I've mentioned has a design life of 120 years from 2030. That's why the chart goes out so long. This chart is really just a reminder that the investment proposition is a long-term one. We have a weighted average investment life in excess of 30 years. Now, just moving on to the next slide and to talk a little bit about valuations. The approach that we take is one of a discounted cash flow valuation methodology. That's the methodology that is extensively adopted across the industry. We determine a discount rate at which we would discount future cash flows that we forecast. Now what you can see from this slide is some of the key metrics. You can see the weighted average rates that we use in the portfolio. It's a way, I suppose, for you to gauge the return that you might expect this portfolio to generate. The box at the bottom there, other than the NAV per share, which we've already talked about, the growth of GBP 9.1, it really shows you the movement in those weighted average rates and the discount rate range over the period. You can see that the discount rate on a weighted average basis has remained broadly constant. Perhaps ticked up slightly, but it's a relatively small movement. I promised earlier on in the presentation that we'd go through the movements underpinning that increase in net asset value. I'll do that briefly here using this waterfall chart. Hopefully what you can see on the sort of the first green box is the capital that was raised during the period. We had an initial target for the capital raise of GBP 250 million, which we exceeded, and we managed to raise GBP 325 million, which we're obviously really pleased about and grateful for. That came from both new and existing investors. The next couple of bars that talk to the discount rate point that I mentioned on the previous page, and you can see they broadly net each other out, but perhaps a slight uptick of around GBP 13 million has come from discount rate movements. The next bar is the payment of the dividends because we paid cash dividends to investors during the period, as I mentioned earlier, GBP 3.8 per share, which is a total cash payment of GBP 62 million. Then we've got some macroeconomic movements like foreign exchange rates and inflation rates. Inflation rates is the one that I wanted to just pause on for a second because what we are required to do under accounting standards is consider our assumptions and discount rates as at the valuation date. As at 30th of June. The assumptions that we've assumed within our forecast for inflation, they were prepared at 30th of June. If you wanted to go to slide 31, I think it is, you can see a breakdown of the inflation assumptions that we assume. You might look at those and say, "Oh, you know, gosh, perhaps they look a little bit prudent." I think in hindsight, given the publications and projections that have been published since, maybe they do. Obviously inflation projections have evolved quite significantly over the past few months, and therefore I think our assumptions are at the moment relatively prudent. Which means that actually we should find there's greater benefit to the portfolio if inflation runs ahead of our expectations. Just moving on to the next slide. Again on inflation, because there is uncertainty in the actual level of inflation that we'll see over the next six, 12 months and beyond, we've tried to include some short-term inflation sensitivities that are just designed to show you the impact on the net asset value per share in the event that inflation runs higher than our assumptions for the next three years. If inflation runs 100 basis points or above our assumptions for three years, we would expect the NAV per share to increase by GBP 0.033, other things being equal. If inflation was to run at 200 basis points above our assumptions for three years, we might expect the NAV per share to increase by GBP 0.068 per share. Again, other things being equal. Hopefully this is just indicative, but hopefully it gives you some feel for the inflation linkage within the portfolio. I think it's important to say, unlike perhaps some other investments, or contracts, we don't have any material caps or collars within our contracts or licenses which would otherwise limit the inflation linkage of our revenues. I think this is a really important feature of INPP. Now the next few slides are designed just to give a brief update in terms of the performance of some of our larger assets. I'll just go through those now, and I'll start with this slide on Cadent Gas. Cadent Gas is the largest asset within the portfolio. It's a UK gas distribution business. It owns and operates four of the UK's regional gas distribution networks. Cadent doesn't buy or sell gas, it just effectively enables gas suppliers to get the gas to homes and businesses. Cadent owns the pipelines that connect homes and businesses. It doesn't provide the gas itself. The fact that we can all choose who provides our gas, and we can select a different gas supplier if we wanted to, but we can't select a different owner of the actual physical infrastructure, means that Cadent's assets are effectively monopolistic in nature. Which means they're regulated by Ofgem, the UK energy regulator. Ofgem determines on a periodic basis an appropriate level of return or appropriate level of revenues to provide Cadent with. That's a long-established transparent regulatory regime which gives us a great deal of visibility in terms of our forecast cash flows. You would have heard a lot of publicity around changes in the price of gas, the increase in the energy price cap. You've heard things like gas suppliers going bust. Actually Cadent is largely insulated from all of these factors, and that's because its revenues, other than timing differences, are not linked to the price of gas. An increase or decrease in the price of gas, other than short-term timing differences, has no impact on Cadent. In terms of the energy price cap, again that has no bearing on Cadent. In terms of where we've seen gas supplier failures in the market, those suppliers benefit from the government's supplier of last resort regime. The government has this process or regime, the supplier of last resort, which steps in when a supplier fails. The key purpose of that is to ensure continuity of services and to make sure homes and businesses remain on gas. Now, the other point more widely that I wanted to talk about in terms of Cadent is some of the work that it's doing to demonstrate the key role that it can play in the transition to net zero. Cadent has been undertaking a number of trials, which is aligned to show that actually we could repurpose the existing natural gas infrastructure to transmit hydrogen in the future. Hydrogen is a much cleaner fuel at the point of use because it doesn't emit any carbon when it's being used. There are a number of trials underway, a lot of which Cadent is involved in to try and demonstrate the safety and feasibility of using hydrogen. Cadent continues to make a lot of good progress on that front. It's aligned with government policies and strategies. If you read government strategies, heat and building strategies and others, it will talk specifically about the future use of hydrogen within the existing natural gas infrastructure as a way of reducing the carbon intensity of our heating network in the UK. Just moving on to Thames Tideway Tunnel, probably at risk of over-mentioning this asset. Just very briefly, progress on the building of the Super Sewer under the River Thames is progressing very well. We are now just in excess of 80% complete. The underground excavation works, this is where you've got the tunnel boring machines driving the tunneling underground. That is all complete. The focus is now on the secondary lining, which is effectively where machines are going through to add another lining of concrete to make sure the tunnel is watertight and meets the required specifications under the contracts. That's the focus, the secondary lining, and setting up a system commissioning phase as we approach the end of the build phase. The estimated cost of the project is GBP 4.3 billion. It's obviously a very significant investment, which will bring very significant environmental benefits. The cost of the project is effectively in line with the initial estimated cost to Thames Water bill payers that set out back at the outset of the project. We've managed to conclude some favorable changes to Tideway's license. These relate to the sharing of COVID-19 related costs and another financing adjustment mechanism within the license. These came into effect in March 2022 and reduced the risk further for business, which is very good. I mentioned earlier the transaction in Tideway in the period because that prompted us, under fair value accounting rules, to revalue the value of our existing stake in that business. What happened was we signed an agreement in June 2022, along with our co-shareholders in Tideway, to agree that we would buy out one of the other co-shareholders who needed to sell its stake because the fund in which it was holding its investment in Tideway was coming to the end of its life. Now, the value or price at which we paid for that stake is effectively another fair value benchmark, and therefore we are required to uplift the value of our existing stake, which is really positive. It's reflective of the reduction in the risk of the asset for all the reasons I've mentioned, the progress on the build, the license amendments, and other factors. We're really excited and pleased to have made that additional investment in Tideway. It's an asset that provides attractive financial returns, positive social benefits, and will obviously have a hugely positive environmental benefit once it is constructed and operational in 2025. Just moving on to Diabolo Rail. This is an asset. It's the physical infrastructure, the tunnel and the track that connects Brussels Airport with the wider Belgian rail network. Now, what we've seen, and I should say that, you know, it is just a physical asset. We do not run any of the train services or collect passenger fare revenues. Some of the revenues that we are paid by the Belgian authorities is linked to the number of people that use Brussels Airport. Therefore, over the last couple of years, we've seen lower passenger numbers on that asset. However, I think things are, you know, things are turning around. It's very encouraging and positive to see that we are now up to around 85%. I think even more when I looked at the very recent figures, between 85%-90% at pre-COVID levels, which is really positive. It's also worth saying that when we forecast our revenues for this asset, we get the help of a technical advisor who is much better placed than us to determine the recovery in the passenger numbers. That independent technical advisor continues to indicate that passenger numbers should return to pre-COVID levels by 2024, which again is positive. We have the ability within our contract to adjust the fare revenues. Under certain circumstances, where passenger numbers drop below a certain level, we are able to increase the passenger fee, which should drive higher revenues. That's a contractual entitlement that we have and something that we are currently in discussions about implementing. We hope that will be implemented next year, but prudently, for the purpose of this valuation, we haven't assumed any such passenger fare increase. I think more generally, you know, the high levels of performance, high levels of passenger numbers before COVID, the long duration of this contract, because we still have around 25 years remaining, give us a great deal of confidence in terms of the future performance of this investment. Just moving on to Angel Trains. Angel Trains is a rolling stock leasing business in the UK, so it owns more than 4,000 vehicles that are on lease around the country. If you get a train, you know, for example, I get the Southeastern train. Southeastern is painted all over the side of the trains, but Southeastern is what we call the train operating company or the TOC. Southeastern doesn't own those trains. Those trains are on lease. That's a similar picture around the country where trains are generally on lease from rolling stock leasing companies. Angel Trains is the largest rolling stock leasing company in the UK, and it has 4,000 vehicles on lease to probably around 15, roughly the train operating companies around the country. Now, within those lease agreements that Angel Trains has with the train operating companies, the revenue that it receives or the lease rates are not linked to the usage. It doesn't matter if the trains are at 50%, 20%, or 100% occupancy, Angel Trains's revenues are unaffected. Of course, you know, it is very positive that we're now in a position where we are seeing passenger numbers across the U.K.'s railways at around 85% of pre-COVID levels. You probably would have read about industrial action in the rail sector. We've seen strikes from employees of train operating companies. Network Rail proposed strikes, or I think they've now been confirmed, strikes from train drivers. There's a lot of unrest in the sector. Actually, Angel Trains is not directly impacted by or involved in any of that industrial action. Obviously we'll continue to monitor the situation and support the train operating companies where we can do. During the period, Angel acquired a business called the Readypower Group. It was a relatively small acquisition in the context of the wider Angel business, but I think it was a positive step. Readypower is a business that provides or leases specific or specialized on and off-track plant equipment to enable contractors to undertake the maintenance of the rail network that's required, and also undertake modernization projects like electrification. I think it's a really positive step by Angel Trains, and it is evidence of their wider commitment to investing in and supporting the UK rail industry. Angel's got a quite diversified fleet, so I mentioned earlier more than 4,000 vehicles. Around 75% of those vehicles are electric multiple units. The remaining minority are diesel units or sort of diesel and battery units, and they're required on certain areas of the line where you know where the line has not been electrified. We still need them in order for people to be able to use the train and transport themselves around. Angel Trains's business plan has been directed towards decarbonization efforts. It hasn't bought a diesel train since, I think, 2010 or 2011. Its focus is on sort of hybrid units or electric multiple units. We think Angel Trains will continue to play a key role in the rail industry, as the rail industry itself plays a key role in the transition to net zero and you know specifically bringing down greenhouse gas emissions from the UK's transport network. Just on the OFTO. OFTOs, as I mentioned earlier, it stands for Offshore Transmission Owner. These are the entities that own, as I said, the offshore subsea cables that connect offshore wind farms to the onshore substations. Now, these assets are highly attractive, highly sought-after assets. They enable wind farms to transmit renewable electricity through to the grid. It's, I suppose, a de-risked exposure to renewable energy because we're helping to contribute, but we're not taking the level of risk that the wind farms are taking. We are granted by Ofgem, the UK energy regulator, a fixed revenue period where we are granted availability-based inflation-linked revenues, typically for a period of 20-25 years. Actually, the assets that we own outright have a useful economic life of in excess of that, so typically up to around 40 years. I think, you know, the life extension of these assets is a really important point because we, and the wider industry and Ofgem, obviously want those assets to continue to be used beyond the initial revenue period, so that they can continue to contribute, to the UK's transition to net zero. This is something that Ofgem has continued to consult on because it wants to make sure that the policy framework that underpins those extensions is as appropriate as possible. We are obviously working with them and other industry stakeholders to make sure that that happens. I think it's a, you know, positive step because we want to make sure that our assets continue to play a key role, beyond that initial revenue period. We will continue to engage actively, as the consultation draws to a close in autumn of this year, and we will keep investors updated on any key developments. I think I'll just move on to the next slide. I think at this point, I was just going to hand over to Dan, if that's okay. Over to you, Dan. Great. Thanks very much, Chris, and great to be speaking to you all this afternoon. Hopefully from Chris's section of the presentation, you'll have got the impression we believe that INPP has some pretty strong environmental and social characteristics and has referenced the SDGs several times, which are very important for us for quantifying impact, but also guiding our approach to active asset management. Now, we've had this story, I suppose, for quite a long time, but what we're looking to do is enhance our narrative and tell our ESG story through emerging ESG regulation and best practice as well. We're doing a lot of work at the moment to gear up for enhanced reporting in line with the Sustainable Finance Disclosure Regulation and also the Task Force on Climate-related Financial Disclosures as well. During the period, we categorized INPP as an Article 8 financial product under the EU Sustainable Finance Disclosures Regulation, which is effectively a light green classification, which not only has some strong environmental aspects, but also some pretty strong social ones as well. We're doing a lot of work now to enhance our data tools, our policies and processes to enable enhanced reporting in due course. From a TCFD perspective, we've been working hard to enhance our approach to climate change risk assessment, and have been working with a third party to undertake a qualitative climate risk assessment, but also design a fit for purpose physical climate risk assessment. We are in the process of finalizing that, and we'll be screening and assessing the portfolio over the next quarter. All of this work is building up to next year to producing an enhanced sustainability report with relevant ESG disclosures, which we believe are gonna be really helpful from an investor perspective. Those of you who are required to report under SFDR or TCFD, or both, or equally just have clients who want to know what the positive impacts of their investments are, we're gonna have a much more enhanced report. It's not just the disclosure side that we're focused on. You know, at INPP, we are active managers of the investments we're responsible for and a couple of examples of the work that's undergoing at the moment, obviously net zero is a big focus for everyone, and it's quite a complicated topic when it comes to infrastructure. We're working with relevant stakeholders to design a cross-sector approach for determining net zero targets as they relate to infrastructure investment within the UK. We're working closely with the Infrastructure and Projects Authority and broader stakeholders who are involved in, you know, making these investments happen and operate on a day-to-day basis. It's that sort of engagement that's really gonna form the heart of our approach to net zero. 'Cause one of the key things that's lacking at the moment when we're talking about net zero in the infrastructure space is a lack of standardization, a lack of ownership in terms of who's responsible for what emissions. We're actively engaging on that because it's really important to us as supporters of the objectives of the Paris Agreement to get to a position on net zero. It's not just environmental. You know, we're also very much focused on the social side of things as well. While by their very nature, a lot of the investments have a really positive social impact from the schools that we manage to the healthcare facilities as well. We're also looking to manage them in a socially responsible way. Over the period, we're really pleased that as part of our lifecycle replacement, we were able to donate over GBP 194,000 worth of equipment to over 10 good causes. This is when tables and chairs and other fixtures and fittings require replacement as part of our contractual requirements, but they're still perfectly useful to others. We've been working with a third party broker to help support other organizations as well, which particularly at the moment is a really important consideration, and it's really great to be able to provide those additional benefits as well. I think just to sum up from a responsible investment perspective, it's, in our view, a really strong environmental and social proposition, and we're looking to enhance those disclosures and report on our active management over the next period. I'll pause there, and we'll pass back over to you, Chris, to round things off. Thanks, Dan. Yeah, no, I've only got a couple of slides left, so it won't be long. Please bear with us. Just moving on to the next slide. The pipeline. Here we're looking at the additional upcoming investments for the portfolio or for the fund. We've set out our committed pipeline at the top of that page. Those are the investments that we are committed to make. They sum to around GBP 230 million. Actually you can see an entry there for the Thames Tideway Tunnel. I've talked about that investment quite extensively, and that investment completed yesterday. That can be taken out and you can see that the total of the committed pipeline is in the region of GBP 185 million. The two largest ones to point to are the East Anglia One OFTO and the Moray East OFTO. These are the two additional offshore transmission investments. They will total GBP 165 million, and we expect to close those in the next few months. I think once we have done, we will, you know, we will have used all of the the capital raise proceeds that we raised back in May of this year. We've obviously. That's our immediate pipeline. I suppose obviously in the longer term, we've got many more other investment opportunities under consideration, and we've tried to set these out at the bottom of the slide just so you've got an idea of the types of assets we are looking at. It's no surprise that those graphics and labels reflect the existing portfolio because the key message is that we're looking for more of the same. We continue to try and source assets in developed, high quality OECD countries with which provide us with, you know, inflation-linked, predictable long-term revenues. The reason I mentioned the geographies in which we are looking at is because I've seen a question come up around that. There is a slide that we can go to later on, which has a pie chart that shows the breakdown of the portfolio across the circa ten geographies that I mentioned at the start of the presentation. The key point I wanted to make is that we continue to invest in and review opportunities in high quality OECD developed nations. Just moving on to the final slide in terms of the summary and outlook. I think in terms of summary for the period, we're very happy with the portfolio. It's performed exceptionally well, both from a financial and an operational perspective. We believe the defensive characteristics that I mentioned at the start of the presentation, the high security of income, which comes from high quality government or government-backed counterparties, the high level of inflation linkage that we have within the portfolio, and the low level of correlation with the wider market, are key defensive characteristics that should stand us in good stead, you know, when we have times of market uncertainty, such as what we have now. Again, in terms of dividends, we provided forward guidance, so investors should have, you know, quite a lot of clarity in terms of the dividends we expect to pay over the next couple of years. Obviously we continue to expect to grow those dividends over time. Dan has talked about our categorization as an Article 8 financial product under the EU Sustainable Finance Disclosures Regulation. Obviously we expect to make enhanced disclosures under both the SFDR and TCFD requirements in the next few months. In terms of the outlook for further investment opportunities, I've talked about the pipeline just on the previous page, but I think, you know, more generally, it's widely acknowledged that significant infrastructure spending is required in order to address things such as, you know, historic underinvestment in infrastructure, climate change resilience, to address decarbonization. Obviously there are various other trends that will warrant additional infrastructure expanding. I think the other thing to bear in mind is that we are seeing a lot of pressure on public finances. If you look at the U.K.'s net debt to GDP ratio, for example, it's very high, arguably at unsustainable levels. Therefore, we do see a significant role for private capital in infrastructure going forwards. We've got a very strong track record of delivering additional attractive investments and, we think we're very well-placed with our existing portfolio and with our ability to capitalize on new investment opportunities that we think should come our way. Thanks. Chris, Dan, Erica, if I may, I'd just like to come in and say thank you very much. I think you've addressed those questions from investors. Of course, the company will review all questions for today, and we'll publish those responses on the Investor Meet Company platform. Just before redirecting investors to provide you with their feedback, which is particularly important to the company, Erica, could I just ask you for a few closing comments? Yes. No, thank you so much again for hosting us today on Investor Meet and for your time. You know, we appreciate that you could be doing other things, and your continuing or new interest in the company. The pack sounds like it will be available to you through the platform, but there's a wealth of information, including the interim report, and other similar sorts of documentation on the company's website, which is internationalpublicpartnerships.com. Included in the pack also are our details. We're always happy to ask questions or take questions, so you know, hopefully we see you again through this medium. Hopefully also the takeaway today is the company is performing very well in you know, pretty challenging environments. The historic performance obviously isn't any indication of future performance. For the reasons we've outlined today, you know, we're relatively confident about the position on a go-forward basis, particularly in relation to things like the forward guidance we've provided on dividends, for the next couple of years. A good news story hopefully for your portfolios. Thanks again for your time and look forward to seeing you next time. Bye-bye. Erica, Chris, Dan, thanks once again for updating investors today. Could I please ask investors now to close the 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 minutes to complete, but I'm sure be greatly valued by the company. On behalf of the management team of International Public Partnerships, we'd like to thank you for attending today's presentation, and good afternoon.