Thank you everyone for attending today. I hope you enjoyed the brief video on Specialist Real Estate. All four of LGC videos are available on our website free of charge. I'm looking forward to, and indeed proud to be introducing LGC to the investment community. As usual, the forward-looking statements apply. While LGC is a large and successful business already, I'm confident it will become larger and more successful in the future. We have set some clear objectives for today. We will remind everyone about our track record, including our financial performance, and provide data that answers some of the key investment issues. L&G's competitors we think of as BlackRock, Blackstone, KKR, Brookfield, and Apollo. In respect of LGC, we will also demonstrate why it exists and what it does, coupled with the size of our many opportunities. You will hear from several of our management team explaining why returns from this business are sustainable. One objective is to provide you with data on why LGC may be undervalued by the market. The consensus valuation for LGC is around GBP 4 billion, compared to its book value of around GBP 9 billion. L&G and LGC, as one of our five divisions, can be seen through the retirement solutions lens with our strong commitment to inclusive capitalism and ESHG, which includes health. We are a globally trusted brand. Our business model is unique, combining our collaborative culture with multiple synergies and outstanding management teams. In addition, we have consistently delivered a 20% ROE. The 20% ROE is just one of our strong financial metrics. Operating profit growth of 9% per annum sits alongside EPS growth of 10% and dividend growth of 11%, and book value per share growth of 7%. In addition, we have a very strong balance sheet. We're also making good progress on achieving our five-year cash, capital and dividend ambitions, GBP 8 billion-GBP 9 billion of cash and capital generation, and GBP 5.6 billion-GBP 5.9 billion of dividends. We do recognize that there are issues which investors have highlighted and that they would like to better understand. Some comments on the specific questions. Our share price has reacted disproportionately to exogenous events, which, as our 10-year financial performance record indicates, have had limited impact on how we manage the business or how it has performed. On credit, since 2007, our default provision has grown from GBP 0.5 billion to GBP 3.4 billion. That's a 680% increase, with the bond portfolio only increasing by around 480%, hence the coverage has increased. The percentage of investment-grade credit has also increased from 90%-98%. We've also had no defaults for 12.5 years, and just GBP 24 million since 2007, despite various credit events. My colleagues at L&G have simply done a great job. There does need to be some myth-busting around capital use in the PRT business as well. Since Solvency II was introduced, we've seen our S2 surplus rise by GBP 1.8 billion. Our SCR has only risen by GBP 1.2 billion, despite writing GBP 47 billion of new business. Our coverage ratio today is 12% higher than in 2016. We are also very strong believers in the importance of ESG or ESHG. We don't see any trade-off between doing the right things for the right reasons, delivering the right outcomes, and earning attractive returns. Our 20% + ROE is compelling evidence for that. Onto LGC. Laura will cover most of the detail, some headlines first from me. LGC exists to deliver healthy returns while successfully competing in attractive frontier markets. We all know how quality alternatives have been growing and expect to grow further in the future. We have set up LGC in four strategically selected markets: Housing, SME Finance, Specialist Commercial Real Estate, and Clean Energy. We have deep subject matter capabilities in all of these lines of business. LGC has been on a great journey from 2014, when we started working with Symon at Pemberton. I've always really enjoyed our frank, honest and respectful conversations, and I very much enjoy a similar relationship with Kevin at Cala. We also started our journey in 2014. These two businesses have successfully grown quickly, and you will hear from both of them about their plans for future growth. Continued growth in frontier sectors is supported by long-term trends, notably increasing investments from DB and DC pensions, which bring in additional third-party capital and provide valuation and realization points for our shareholders. There is a live list of examples on this slide. LGC is a competitive advantage for L&G. We are confident that we will deliver strong returns. We have created a first mover advantage. We are delivering 50 to 200 basis point uplift over the same rated credit for LGR. GBP 25 billion-GBP 30 billion of third-party AUM is our ambition, and we continue to support ESH&G. I'll now hand over to Laura. Thank you, Nigel. Good afternoon, everyone. I'm Laura Mason, the CEO of Legal & General Capital. Today marks a welcome return for me in my first capital markets event back in LGC since I left the business at the end of 2017 to run LGR, our institutional annuity business. As you'll see throughout the presentations today, LGC has undergone a significant transition over that period and is now firmly established as a key pillar in Legal & General. In November 2020, at our last capital markets event, we set out a vision for the future growth of LGC. I want to talk about those ambitions today, as well as to provide greater clarity on how our asset creation platforms work in practice. LGC is a key part of the Legal & General business model, investing to create assets for the group. Our business uses shareholder capital to achieve three clear goals. The first, to deliver attractive financial returns for our shareholders by creating and investing in real assets. The second is to self-manufacture matching adjustment eligible assets for LGR global annuity business. Our asset sourcing also provides investment opportunities for third-party investors looking to access private market opportunities in new cutting-edge sectors. Lastly, we aim to ensure our investments secure lasting value for society. In 2016, two years into LGC's journey, we held only a small allocation, around GBP 1.1 billion in alternatives. 2021 shows a very different picture. Alternatives NAV is expected to grow to GBP 3.5 billion by the end of the year and constitute around 40% of LGC's total NAV, up from 18% in 2016. In the last five years, we have shifted towards alternatives to access higher returns across a broad range of asset classes and work collaboratively with our colleagues in LGR and LGIM to establish asset platforms in LGC that create assets to back annuities and third-party liabilities. As our Alternatives portfolio has grown and started to mature, the blended 8%-10% returns we can now achieve have driven LGC profit growth. We expect full year 2021 operating profit from Alternatives to reach around GBP 340 million, constituting around 75% of total LGC operating profit, up significantly from 2016. We intend to increase our Alternatives allocation towards 60% by the end of 2025 to further capitalize on the higher returns available. We expect LGC's capital base to grow modestly over this timeframe, so that by 2025, we expect to be managing approximately GBP 5 billion in Alternatives. It is worth highlighting that our portfolio is dynamic. We will continue to realize profits in some of our investments, and in the coming months, we'll be announcing a series of external realizations that will release growth capital ready for deployment in new ventures. Our historic returns from Alternatives have been growing and becoming more consistent over time as our businesses continue to scale and mature. As such, we expect the 8%-10% return per annum that we generate currently to increase to 10%-12% by 2025. Therefore, we expect to generate total LGC operating profits of around GBP 600 million-GBP 700 million by 2025, of which around GBP 500 million-GBP 600 million will be from Alternatives. We're long-term investors of the group's capital, and therefore, the group's 6 strategic drivers are key pillars of our investment philosophy. To address the expected shift in aging demographics, for example, we have invested in our later living retirement communities, and our city regeneration work is a clear example of us investing in the real economy. Achieving double-digit percent returns on alternatives consistently requires significant skill. Over the last eight years, we have built a differentiated investment approach that is difficult to replicate. We have strong investment teams in LGC with deep sector expertise who invest selectively and with conviction. We don't restrict ourselves to traditional models of fund investing. We have built strong, scalable asset creation platforms in the sectors we cover and are supporting the growth of these platforms through ongoing capital investment. In delivering this growth, our teams can draw on an impressive wider network brought together by the convening power of L&G. Internally, we can lean on the group's institutional rigor to build resilient businesses fit for the long term. We can access different funding sources across the group and its client base to help accelerate investment in our platforms. We invest across four major asset classes: Housing, SME Finance, Specialist Commercial Real Estate, and Clean Energy. We provide a range of housing by tenure and type to support local communities. We invest in SME businesses to stimulate economic growth and support emerging technologies. We provide specialist commercial real estate solutions to support urban regeneration and to provide the digital infrastructure needed for the 21st century. We invest in clean energy to support decarbonization and to provide growth equity for innovative clean energy solutions. Together, they amount to a comprehensive proposition to support and transform our local communities. We'll share further details of our investments in each of these sectors later. You'll also hear from several of our business leaders, from Kevin Whitaker, CEO of Cala, Symon Drake-Brockman, CEO of Pemberton, and two of our more recent additions to the LGC team, Wes Erlam, Director of Urban Regeneration, and Pete Maher, Director of Venture Capital. They'll share with you updates from their business areas and give some insights into the way that they think about investing. As I've highlighted, our model allows us to choose the right asset creation platform to address each of the opportunities we've identified. We can invest through 100% owned operating businesses like Cala or Affordable Homes. We access third-party capital funds through stakes and boutique asset management GPs like Pemberton and NTR. We partner with sector experts and strategic investors through joint ventures such as Bruntwood SciTech and Kao. We can also invest directly in portfolio companies such as Pod Point or Kensa, overseen by our LGC investment teams. Being able to choose from a range of models allows us to tailor our investment approach to meet the particular challenges of the market we're investing in. We're experienced in picking the right management teams to back and in selecting the right platform from which to grow and support these businesses. On to asset creation for LGR and other long-term investors. Through its investments, LGC demonstrates a positive cycle of asset creation. We invest growth capital through our LGC asset creation platforms to create investment assets suitable for long-term buy and hold investors. On completion, we are able to realize the LGC-created investments to LGR or third-party long-term investors. We can then redeploy the capital into creating more of these types of assets. To bring this to life further, I want to take you through the investment model for one of our fastest-growing asset creation platforms, Affordable Homes. We have developed an innovative and repeatable funding model with LGR to provide affordable housing assets to support new pension risk transfer business. The business expects to create GBP 1.7 billion of assets for PRT business by 2025, as well as potentially attracting third-party equity. LGC provides the initial capital to invest in affordable housing developments. Our wholly owned operating business oversees the development, once completed and income generating, our PRT business uses the housing income to back long-term liabilities. The returns are therefore multiple in nature. LGC typically earns 15% or higher development returns on equity and benefits from fee generation on the development and long-term management of the assets. We are then able to recycle the growth capital for deployment in new opportunities to further support new PRT business. With the structuring now in place, this model can scale rapidly. As our investment platforms continue to scale, they will increasingly generate assets for the group and for third-party investors. We have identified a significant pipeline of capital opportunities for LGR to invest the U.K.'s pension money into LGC-originated assets. For example, in partnership with University of Oxford, we plan to create GBP 4 billion of assets that support the university's growth plans, funding new academic facilities and world-class research centers, and providing accommodation to serve the city's academic population. These types of investments will ensure LGC can create assets to support LGRI's ambition of writing GBP 40 billion-GBP 50 billion of U.K. PRT over the next five years. We expect to attract GBP 25 billion-GBP 30 billion of third-party AUM by 2025 via our boutique asset management driven by Pemberton. We also expect to scale up our deployment of strategic co-investment through bespoke deals with like-minded investors. Asset creation therefore generates significant incremental value for the group above and beyond the value created in LGC. LGC benefits from 10%-12% returns on investments. LGR benefits from yield uplifts on LGC-created assets, allowing it to write higher PRT volumes. We can generate incremental future fees on third-party funds which are growing all the time. On this slide, we have provided a breakdown by business of how we expect third-party AUM to grow from our full year 2021 estimate of GBP 12 billion to GBP 25 billion-GBP 30 billion by 2025. We expect our existing platforms to continue to manage the majority of the third-party AUM by this time, building on their impressive growth to date. We also see significant potential upside to create third-party assets in our other businesses. Whilst these are at an earlier stage of development, they have significant long-term growth potential, and all of these businesses are expected to grow their AUMs by 2025. LGC's interest in responsible investing is deep-rooted, and we have been investing in ESG assets since our inception. Our positive environmental impact centers on our clean energy business, investing across the energy sector, in renewable power generation infrastructure, in new and more efficient technologies, and in innovative businesses looking to drive positive changes in society's consumption. We are deploying charging point and heat pump technologies in the buildings we create to accelerate the transition to a Net Zero economy. As I showed you earlier, our social impact is inherent in the sectors that we invest in, creating affordable housing, regenerating the U.K. cities by investing in new communities and spaces, and investing in businesses delivering incremental jobs to the U.K. economy. Our investments are transforming and reshaping Britain's landscape, bringing jobs and housing back into cities and improving infrastructure. We're continuing to bring forward major projects at scale across our U.K. cities. In Oxford, we're supporting the local community with a pipeline of GBP 4 billion of investment opportunities into new homes, affordable housing, clean energy, and health and life science technologies. In Manchester, we have already invested GBP 400 million into new homes, life sciences, and media and technology. Our investments touch nearly every corner of the U.K., and we are delivering holistic impact in local communities. There are, of course, huge alternative investment opportunities outside the U.K. Global alternative AUM stands at $9.5 trillion. Governments around the world recognize that significantly more investment is required to meet society's challenges. An estimated $130 trillion is required to address climate change globally. As we look to grow, we are looking increasingly at international deployment opportunities. We are already investing in Europe through Pemberton NTR and are looking to expand in the U.S. in a number of our sectors through asset creation platforms with like-minded investors. We'd now like to take you on a deeper dive into the sectors that we cover, explaining our investment strategies and providing further details on our investment performance to date, as well as the potential growth opportunity in each of our sectors. We plan to break for Q&A after the housing section before closing for a final round of Q&A at the end of the presentation. We'll first start with Housing. LGC has built its Housing platform to address many of the structural issues in the U.K. housing market. For the last 50 years, we have seen chronic undersupply of U.K. housing, with the government now identifying the need for 345,000 homes to be built per year. In 2020, only 123,000 new homes were built, the lowest annual total since 2012. In LGC, we are building a market leading multi-tenure housing platform to meet these challenges head on. This is helping us to achieve above-market risk-adjusted returns as a principal balance sheet investor, generate platform volume, value through fee revenue, and produce assets at scale for our retirement platform, as well as attracting third-party capital. All while making an important societal impact by providing quality homes for all tenures and demographics. As a business, we have the access to capital, the expertise, and the commitment to continue to scale up this platform. Our Housing business currently stands a little under GBP 2 billion of NAV, having grown from just under GBP 400 million in 2016, and is expected to generate operating profits of around GBP 180 million at year-end, three times the level of 2016. Our largest housing business is Cala, our wholly owned build-to-sell platform, which represents 30% of LGC's NAV. Cala's valuation represents the carrying value of the business at NAV. We have five other market leading housing businesses across a range of tenures and types, supported by land holdings, as listed on the slide. For now, I'm going to hand over to Kevin Whitaker, CEO of Cala. Thank you, Laura. Welcome, everyone. My name is Kevin Whitaker. I'm CEO of Cala Homes, Legal & General's wholly owned house building business. As a company, we have had significant growth ambitions, and we have seen strong growth since Legal & General took a 50% stake in the business in 2013. Having now grown to the U.K.'s 10th largest house builder by revenue, Cala has been central to LGC's performance in recent years. In the last eight years, Cala's profit has increased 10 x, and we've increased the number of homes we deliver each year from under 1,000 to nearly 3,000. Continuing this trajectory of growth, we are targeting the annual delivery of around 4,000 homes by 2025, with turnover increasing to GBP 1.5 billion and profits nearly doubling again to GBP 240 million. The delivery of this strategy has been driven by our experienced management team, the local regional directors. Our approach to quality and customer service is highly rated, continually being rated in the top three house builders in the U.K. Across Cala's regions in England, we have the capacity to deliver organic growth through additional operational sites in our regional businesses. The organic approach would deliver an additionality of around GBP 365 million of turnover to the business, some of which is already in play. This will be supported by our existing teams, continuing to deliver additional outlets in our current areas. In addition, we have the opportunity to consider suitable acquisitions to further supplement existing land bank or enhance the operational area. With regard to margin and return on capital employed improvements across the businesses, as it stands, they have been improving, but remain behind our listed peer group. The main focus in terms of return on capital employed is to reshape our larger sites using the land bank to improve the range of opportunities in LGC, bringing sites forward on a multi 10-year basis, releasing and recycling cash in a shorter timescale than originally planned. By 2025, we are forecasting an operating margin of around 16% +, with return on capital employed in excess of 20%. Our main focus is towards contracting, purchasing, and delivering sites at a hurdle rate of 23% gross margin. Our overheads will reduce to 5% of turnover from the current 6%, in line with the growth plan, as the business becomes operationally efficient. Other areas of improvement are a switch to digital sales and marketing platform, consistent digital approach towards our construction management, along with a focus on maximizing our net prices on our sites. These initiatives are all part of our plan and benefit Cala in the short term. As with all of Legal & General's businesses, sustainability and the road to net zero is a top priority for us. In line with LGC's wider residential commitments, we are targeting for all our homes to be operational net zero by 2030, with a further plan to become embodied carbon net zero from 2040 to 2050. We remain just one of three house builders currently measuring our embodied carbon, emphasizing our commitment to lead the way as we seek to set science-based targets and align with the Paris Agreement. An example of our approach is the change to timber kit construction on all of our sites. This creates a 20% reduction in our embodied carbon as an example. Turning to each of the regions, we have strong management teams in place across each of our operating areas, with business plans to focus on additional sites, operating margins, and the development of their experienced teams to support the growth. These specific organic regional opportunities will deliver the growth plan over the next five years. Examples of this would be our regional business in North Home Counties, covering Hertfordshire and Essex on the map. We currently have 10 operational sites in the area, where some of our competition will have up to 20 to 25 operational sites. This growth can be delivered within our existing market geographical areas. In summary, Cala has strong growth ambitions over the next five years, with significant improvements forecast in profits, operating margins, return on capital employed, and turnover. This will lead to the production of many more homes, alongside additional sites to help tackle U.K.'s chronic undersupply of housing. We will deliver this with the experienced management team, with a proven track record of delivery and growth. Our land bank being used to create opportunities for Cala and the wider LGC businesses, at the same time as recycling and releasing cash to support a wide range of additional sites to support the growth. A continual focus on the quality of our product and our customer service, and making the most of the geographical opportunities that exist for Cala, along with a clear focus on the path to delivering our operational Net Zero homes and our targets. The size and range of our land bank supports the delivery of growth in the Cala business and provides for wider opportunities for other LGC housing businesses on the sites. Our typical large site could have four different L&G housing proposals on site at any one time. Cala build-to-sell, Legal & General Homes, communities build-to-sell, affordable housing, and build-to-rent. These opportunities are starting to happen with initial sites being delivered at Crowthorne and North Horsham. As a mature business with a track record of delivery, we are actively knowledge sharing with LGC's wider housing platform, providing opportunities for its scale-up and start-up businesses as they enter the early stages of growth. These sites provide additional opportunities for the wider LGC long income housing divisions. As these businesses mature, a key strength within LGC will be its ability to develop the multi-tenure placemaking sites and deliver large scale master plan developments. This will help accelerate the overall delivery of housing and increase our build-out rates whilst creating compelling and enduring communities for all. Our current master plan at North Horsham is an exemplar of this, bringing together Cala's build-to-sell product, Legal & General Homes communities build-to-sell product, along with LGC Suburban Build-to-Rent, Affordable, and Modular Housing businesses. North Horsham will be able to offer a unique, sustainable multi-tenure site across its 2,750 homes master plan. This will also allow us to deliver important infrastructure for the local North Horsham area, including a new primary school, sports facilities, medical facilities, public green spaces, and the potential for a new railway station, all delivered by Legal & General. I would now like to hand you back to Laura to take you through the rest of the LGC housing platform. Thanks, Kevin. Thank you, Kevin. North Horsham is a great example of our housing businesses working really well together. The need for more housing in the U.K. is well understood, but it is not just a shortage of housing, also a question of the suitability of the U.K. housing stock for different demographics. How to meet the U.K.'s environmental goals. Our housing platform, which in addition to Cala, comprises affordable homes, later living homes, build-to-rent, and modular, looks to address these challenges. I am now going to talk a little bit about these other businesses, which are managed by Simon Century, our MD of Housing, and Rosie Toogood, CEO of our Modular Housing business. Our L&G Affordable Homes business was established in April 2018 to address a lack of capacity in the affordable housing sector, as traditional providers, such as housing associations, are significantly constrained in their ability to meet the growing demand for affordable housing. From a standing start just three years ago, we have grown our pipeline to almost 7,000 homes across the country, and forecast operating profits of GBP 100 million by 2025. Testament to our position in the marketplace, the business is now a Homes England-backed strategic partner with GBP 120 million of funding provided by government to support further growth. We're well on track to deliver over 3,000 new affordable homes each year once the platform is fully scaled. We're accelerating the growth of affordable homes by accessing funding from LGR and third-party financing. We established our later living provider, Inspired Villages, in 2017 to meet the growing demand for age-appropriate housing. Since its inception, the business has scaled rapidly. Inspired Villages now has over 2,300 homes within its pipeline and a gross development value of GBP 2.1 billion. As we look to lead the way on the road towards net zero, this business has also recently broken ground on the U.K.'s first operationally net zero carbon later living developments, which will create more than 350 energy-efficient homes. In August this year, we announced a new JV with the NatWest Group Pension Fund. Selling 50% stake in our first 11 sites, the follow-on commitment will help to build a portfolio of up to 34 sites with 5,100 homes and a gross development value of around GBP 4 billion. This JV has the potential to create a platform enabling other pension funds to invest in the sector. This would allow U.K. pension funds to be deployed at scale to match long-term liabilities and support great outcomes for later living and U.K. society as a whole. L&G's urban build-to-rent proposition is a demonstration of the way that LGC and LGIM work together to create solutions for third parties. The business is scaling quickly into a diversified portfolio of best-in-class build-to-rent assets across the country, with 5,000 homes in operation or development. Rental properties are developed in a bespoke joint venture funded by LGC and one of our strategic partners, PGGM, and then once established, assets are sold to the LGIM-managed build-to-rent fund. This fund currently stands at around GBP 600 million of AUM. Our Suburban Build-to-Rent business, which launched in November 2020, and is not included in these numbers, has similar high growth plans. We plan to use both LGR financing as well as third-party capital to scale these businesses further. To conclude, we are confident in the current trajectory of our diversified housing platform. We're on track to meet our ambition to have GBP 2.5 billion of housing NAV by 2025, which will deliver significant enhanced returns. As we look to the next five years, we will continue to innovate across each of our businesses and be both environmentally and socially impactful. We are helping to address society's housing needs and are committed to being a leading player in the sector on carbon emissions targets. Nigel's going to join me on stage now, and we'll take some time for questions on what we've presented so far. For those of you joining by webcast, please send your questions via the platform. Can, when each of you announce your name and the organization when you ask a question. Greig, then Andrew. Yeah. Andrew, why don't you go first? You're nearer the mic. It's Andrew Crean from Autonomous. A couple of questions. In terms of your growth ambitions, I think you've grown by, in the first 4.5 years, by about GBP 2.3 billion, and you're looking to grow by GBP 1.6 billion in the next 4.5 years, which I think is a growth rate of about 9%. You put up a slide there saying alternative assets were gonna grow at 10% per annum, so that would imply lost market share. I'm sure that's not how you'd like to portray things, but could you give us a bit of explanation behind that and whether you'll be applying some more pressure on Laura to up her targets? The second question is, I don't really understand the incremental future fee generation. Bringing a lot of excess or third-party capital in, can you not start charging them performance fees and management fees to incrementally increase your revenues? How much of your revenues are you planning to get from third-party fees? Yeah, I think I'll answer the first question and then talk a little bit about the second one, because I think some of that's gonna be revealed when my colleagues get to speak. You're right, Andrew. I hate saying that, but you're right, Andrew. Doesn't trip easily off the tongue. The numbers we put in are on the measured, prudent side, I think of what we could achieve as a group. I think you've seen in Kevin's presentation that there's a degree of ambition, but in one sense, it's not going as fast as it was in the past, in terms of the projections that we're presenting to you today. When you added them all up, we felt as though that was sufficiently ambitious to keep people like yourselves and our investors happy that these are deliverable and realistic across all of the business. If you look at the underlying maths, which you've highlighted very quickly there, I might add, Andrew, we were hoping to get away with it just for today. We could easily do better than that because the markets are in our favor. When you listen to all of the presentations, that's one of the conclusions that we hope you arrive at. Actually, these are well-grounded, not extravagant in any way, or not overly aggressive forecasts for the future, that we've captured in the word ambition rather than forecast. As you rightfully said, I think I'll be pushing a little bit harder with everyone for across all the different businesses in terms of what we think these businesses are capable of delivering. We feel as though we've got to take investors and analysts on side with us. If we put down some of the targets that we've already achieved today, three or four years ago, you would have just said, well, actually those are just ridiculous, t hat we're too ambitious. As Kevin said, we've grown Cala's profits 10x. If we'd said, by the way, we're going to grow it 10 x, you'd have been very skeptical about it, but that's what we've managed to deliver. I think when you listen to the other presentations, you'll get the same feeling. On the question of fees, I suggest we cover that after you've heard the presentations on SME Finance. Rest assured that the people who are sitting in the room are pretty aligned to your own thinking. Pemberton, who you're going to hear most about from Symon, are the most advanced in terms of the businesses. They're all following a similar trend. If you look at the numbers we produce just in our half-yearly results, we've only had GBP 14 billion of ambition. We're at GBP 25 billion-GBP 30 billion today, and that's only a few months later. If you extrapolate that, you'll come up with some ludicrous numbers. But we have enormous opportunities. The point that we made subtly in the presentation is we think that the government will change the rules around DB and DC pensions and encourage them to invest in absolutely the sort of assets that we're talking about today. If that happens, then all bets are off in terms of what we can achieve, given that we are by far the biggest pension provider in the U.K. It's a natural trend. These are the assets that society wants, the government wants to see. We're market leaders in pretty much all of these asset classes, there's going to be a massive opportunity, we think, in addition to the one that we've articulated today in DB and DC. The fact is, as Laura mentioned, NatWest Group Pension Fund came in to co-invest alongside us with a huge financial commitment, I think, to build out our later life living business, which is hugely successful in the U.S. and Australia and Korea and New Zealand, lots of places around the world. Massively underserved. When we knocked on the door, we suddenly realized there's huge potential, we got planning much easier than we'd expected. That's why we wanted to bring in 1 of the U.K.'s largest, maybe the largest pension provider to co-invest so we can keep those assets, develop those assets, and really realize the potential for this business opportunity. Can you just keep handing the microphone there? We've got to sanitize it after each person. All right. Sanitize. Oh, gosh. Greig, you've got no chance. Hi. Thanks. Andrew Baker, Citi. I guess similar but slightly different to Andrew's question. If I look at slide 18, the total NAV growth, it basically increases by GBP 400 million from 2021 to 2024. Obviously, there's mix changes within that. I guess, what's the constraint to the total NAV growth of LGC? Is it surplus capital, the ability of LGR to generate surplus capital? I think it's looking at it through the wrong lens. We've tried to produce reasonable projections around it. Clearly, if we do better, we'll invest more capital because we're actually not capital constrained really in any way. We didn't want to produce numbers that were so ambitious that you guys would come away highly skeptical. We wanted to get you on side that actually these are all quite well-grounded numbers. They're very realistic. I think as you'll see from the management team today, they're all convinced that they will be able to deliver those numbers or even better, and they're absolutely capable compared to the market opportunity. You're right in a sense. We could have put much bigger numbers in there if we'd wanted to. The key thing was would actually, even if we keep the capital constant, we can deliver a fantastic return for our shareholders with amazing momentum behind all of the subdivisions. You'll all see they've got the same J-curve momentum behind these businesses. No, that's really helpful. I guess just one more point of clarification. The GBP 25 billion-GBP 30 billion third-party capital, is that L&G share, or does that include all Pemberton assets as well? All Pemberton. Okay, great. Thank you. Thank you. Larissa Van Deventer from Barclays. I had a similar question on the fee sharing, but I'll park that until after the later presentation. Two questions. The first one is on slide 29, you show the GBP 25-30 that was just mentioned. How do we think about that target versus the GBP 20 billion target that was there previously? You didn't speak much about modular homes. Recognizing that it is fairly new, but it's also fairly new to the U.K. How do you see demand for that housing sector, and how should we think about break-even points considering the capital investments of the factory in Leeds? Yeah. Laura's going to take the first, and I'll take the second. To answer your first question there, they're apples and apples numbers. We've just increased, as Nigel said, we've increased how ambitious we're saying we're being at the moment, they are the same numbers. Yeah. On modular, we were very excited the other day. The chancellor spent three hours at the factory. Which, surprised he had three hours just to spend in the factory, but he just about managed to make a house himself in the journey round. If anybody hasn't seen the videos. He was so enthused at it. We're getting real take-off right now with three sites up and running. Selby, which is very close to the factories, in a great position. Bristol, which several of the non-executives went down to see. Visitors are there. We have a big pipeline now. We're seeing modulars really happening. We want to get to about 3,000 units. We're about 1,500-1,600 units right now, going through the factory. We look as though we have a terrific order book for 2022 and beyond. People are recognizing that there's something very positive about precision-built housing, where everything works day one when you walk in it. We think it has an important role to play. Interesting that several of our competitors we listed on the list of competitors, are investing in this. Goldman's invested in a Swedish modular housing organization earlier this week. This is one of the things that's going to happen. It's another J-curve business that we've got that generating real momentum. Truly, it was hard to get it going during the pandemic for obvious reasons. We lost 18 months, while that was happening. It's allowed us to improve the technology, improve the productivity of the factory. If any of you are so enthusiastic you want to go and visit it, we'll be delighted to have you. There's more demand for questions in this section than we anticipated to answer. I promise we'll get everyone out of here a reasonable time. Thanks. Alan Devlin from Goldman. Two questions. One, if you hit your GBP 40 billion-GBP 50 billion PRT target and need GBP 15 billion-GBP 20 billion of real assets, how much of them will come from LGC? How important is LGC to LGR? Then the second question, just to clarify the 2025 target, GBP 600 million-GBP 700 million. Does that include the third-party fees, i.e., include your share of the Pemberton profits? Just to clarify. Thanks. I'll answer the second one, and then Laura can give the long answer that required to the first one. The second one's yes. Okay. First one. I mean, Alan, I guess all of the U.K. investments have come from a combination of LGC and LGIM managed assets. I think one of the LGC assets is becoming an increasingly big proportion of that. We've talked quite a lot over the years about the urban regeneration assets, which have given us a real sort of benefit compared to our competitors. Increasingly, we're now starting to see them from our operating businesses, like the affordable housing example. Well, we didn't explicitly say this in the presentation, but we'd expect the same model from the urban regeneration and some of the other asset classes that we're going to be talking about later. It's quite a significant proportion now, but will be growing. I think the other thing is all investments are not sort of created equal. Actually, these assets where we do sort of create them ourselves and they're not sort of just the ones that everyone else and our competitors are competing for, we get a sort of a disproportionately higher benefit from a sort of yield uplift perspective. Self-manufacturing is very important. If you looked on this slide there, you'll see things like affordable housing, which are demonstrably just in LGC. If you looked at the Sky project or the Oxford project or the Cardiff project, what we want is everybody to collaborate. We say, "This is an LGC project, this is an LGIM project." It's just not the way we operate as a firm. The two teams work very closely together. Often, there's people from both or all three parts of the group, LGR, LGC, and LGIM, represented on the board of these companies. It is a truly collaborative, synergistic solution. The self-manufacturing component is definitely rising as we're adding the products. You'll see that very clearly in the next section, when Wes in particular, talks about what we're doing. Indeed, Laura talks a bit more about Clean Energy, which are further areas where we're going to have new asset classes going into the LGR portfolio. Sitting on the wrong side, Greig. Can somebody get Greig? Hi. Afternoon. Just one question from me, please. It is Abid Hussain from Shore Capital. Just a big picture question, really. You mentioned at the beginning, some listed peers. I am just wondering, what is your ambition with LGC down the line? Are you sort of thinking of potentially listing this business, given that the peers have significantly higher valuations? No, I think it's a very interesting question as to what. We're still in the very, very early stages, we think of, in respect to LGC. The things within LGC that we will be listing at Pod Point, and you're going to hear about shortly, is one of the many examples of portfolio companies that we've invested in that have truly exciting futures. We're going to talk much more about the micro rather than the macro. The macro is LGC is a very important part of the group. We're really happy to have it as a part of the group. It's very synergistic, therefore, breaking any one of the bits out is really difficult because of all of the collaboration and transfer pricing that goes on in a very collaborative way, and that would obviously have to change. What we're trying to do today is just get everyone to grab this, really. Just a reasonable understanding of what's going on in the business, what the dynamics are, what each of the different lines of business hold, and where we are on the journey. Maybe in three or four years time, we'd have a wider discussion of the topic that you've raised. Today is really focusing about the four lines of business we just got, what's the potential of those businesses, and why in aggregate they're valued at a much less than book value, when even the book value is probably a very prudent estimate of what the underlying bits of the business are worth. Hello. Can you hear me? Yeah. Yeah. Greig Paterson, KBW. Two things I was thinking. One is, the stock of alternatives that you have to generate up to 2025. You've obviously got the LGC's NAV, which is GBP 3.5 billion. You've got third-party Pemberton, which is, I think, GBP 13 billion up to GBP 25 billion-GBP 30 billion. There's two other big components. I think you've got ambitions to increase the percentage of alternatives in your current GBP 80 billion odd book, plus the GBP 40 billion-GBP 50 billion also as to alternatives. Those latter two, I wonder if you could just give us a ballpark how much alternatives LGC will have to generate over the next few years, because that swamps the other two. That's question one. The second one is I'm wondering, obviously for Solvency II, you sell bonds once they've been downgraded, that's the reason why you never have any defaults. The key question to me is rather, what has been the rebalancing post-downgrade costs since 2008? That's a true reflection of the actual downgraded default cost. Yeah. Maybe a number for another day. I know it's a complex calculation. Why don't I take the second one, and you take the first one? Yeah. Yeah. Might have to. I'll take the second one first. To some degree, that is just not true, that we sell bonds when they get downgraded, Greig. The best example of that, we have about 2% BB. The portfolio is 98% investment grade, and that doesn't get sold when it's downgraded, as it turns out. The biggest example of BB is Tesco, and we held on to Tesco all the way through. We were convinced by the management team, and so it's a myth that we actually do that. We ask the people to trade out their bonds at times, but it's very much a buy-to-maintain portfolio. Not a high turnover portfolio. At the end of the day, we've upgraded the investment grade portion from 90%-98%, Greig. It's gone upwards over time, and that maybe partially explains why we've had so few defaults over time. It's left us incredibly, I think, well-positioned, that we've just got an investment grade portfolio. Investment grade very, very, very rarely defaults. Symon's much more of an expert on that than anybody else I suspect in this room by a long way. Why don't you grill him afterwards about what the real understanding of the bond market is? Because I know he and others were very impressed by the fact that we've had zero over a long period of time. It's actually, we've only got a little bit of universe that sits within the likely to default area. Our BBB minus component of our portfolio is tiny as well. Do you want to go on the first question? Yeah. There were a few numbers there, Greig, but I think the key thing probably to take away is we're trying to increase the alternatives, or we're aiming to increase the alternatives within LGC in terms of our actual NAV there. Some of that will be through increasing the third parties that we've got, as we said, driven by Pemberton. The asset creation platforms that we have that make up part of that NAV will be generating the assets for LGR to create the sort of GBP 40 billion-GBP 50 billion of PRT business. There's one another GBP 20 billion, GBP 30 billion that needs to be originated anew. Yeah. those will Yeah. Yeah. It depends where you treat lifetime mortgages in that. For the GBP 8 billion-GBP 10 billion, I'll just use GBP 8 billion for the moment. Say GBP 4 billion is we want to do per annum. GBP 1 million of which is lifetime mortgages, let's call that GBP 3 million. The GBP 3 billion across LGIM and LGC, we've got more than that in the hopper. If you just look at that one slide that Laura Mason put up, the GBP 4 billion for Oxford, a lot of that's going to go into the portfolio. GBP 1.5 billion for Manchester. We put down GBP 1.7 billion for affordable. We didn't put down anything in that for build-to-rent, and build-to-rent's going to be GBP 0.5 billion-GBP 1 billion per annum. We're not short of opportunities right now, Greig Paterson. We're feeling really good about the capability to back the portfolio. Jeff and I have just been going through the budget reviews, and we've certainly got lots in the hopper, and it looks a lot of it. The other part of that, it's allowing us then to generate assets for third parties. One of the reasons we didn't do it before, we didn't have any spare. We required every bit of asset that we generated for ourselves, for our own business. Now we've realized we have tremendous capabilities around this. If you take NTR, do we think there's third-party money going to flow into NTR, offshore wind and onshore wind and solar and the likes? You can answer that yourself, Greig. You know the answer is yes. We've got a great distribution vehicle for that. It's called LGIM. You'll see us do different things than we've done in the past to generate third-party capital into these businesses as well. We're now going to move on to the next. All right. Sorry. Hi. I'm Louise Miles from Morgan Stanley. A really quick follow-up question, actually. On slide 24, and what Greig was talking about as well, when you're originating these assets, and as you start to have the excess from LGR to potentially give to third parties, how do you actually decide which ones go to LGR and which ones are going to go to the third parties? Obviously some of them are going to be more. It's trivial in many instances. There's a thing called the matching adjustment, and the matching adjustment means. That's literally, yeah, the ones that are eligible go to... Yeah. We managed to generate. There's lots of non-matching adjustment assets that we'll create in certain situations. Some of the ones that are matching adjustment, we might split and give to third parties at the same time because our risk appetite or whatever for a particular something that's GBP 1 billion, GBP 0.5 billion In one particular asset, we'll say, Well, actually, we'll take GBP 400 million and our third parties. We've only done it once so far, and we made one phone call to get rid of the asset, which just tells you something. There's huge demand for those assets if we wanted to do it. Now we've got the capability to do exactly that. I'm going to pass back and sit down, and we'll start again. Great. Thank you. Thank you for your questions, everyone. I'd like to now turn to our SME Finance businesses. There's huge potential for LGC to grow in the SME Finance and venture capital sectors. As banks have withdrawn from SME financing in recent years, alternative asset managers have stepped in. There are now 200 million SME businesses worldwide, which need financing to invest and to grow and to create new jobs. SME businesses account for 9 out of 10 of all businesses, half of global GDP, and two-thirds of jobs worldwide. At the same time, the global VC market has grown significantly. The European VC market alone is now worth over $600 billion, larger than many of the European midcap indices. We're already capitalizing on this macro trend through our investments, and the growth of Pemberton in particular demonstrates this. Currently representing around 17% of LGC's alternative NAV, our SME Finance business has been on a strong growth trajectory since 2016 and now stands at over half a billion of NAV, having grown at a 12% CAGR since 2016. Operating profits have grown even faster at a 40% CAGR to reach around GBP 80 million. The portfolio is made up of our GP stake in Pemberton, as well as LP holdings in Pemberton funds and our venture capital investments through our wholly owned manager, ADV, and through our fund of fund portfolio. Pete Maher, who recently joined us as Director of VC, will talk a little bit more about our VC businesses in a moment. I'll now hand over to Symon Drake-Brockman, who will talk more about Pemberton, its impressive growth trajectory to date, and the potential scale of opportunity from here. Thanks, Laura. Thank you, Laura. Good afternoon, everyone. I'm Symon Drake-Brockman, the Managing Partner of Pemberton, which is a leading European private credit manager with one of the largest investment teams and office networks in Europe. In just over six years, our platform has raised over GBP 12 billion of capital from 147 investors globally. By the end of 2021, we expect to have just over GBP 8 billion of lending deployed to around 100 companies, actively working with them to support sustainable growth and expansion in their sectors. Through our network of eight European offices, Pemberton has built a market-leading origination platform, which is able to provide borrowers flexible financing and solutions. We believe that the ongoing withdrawal of bank financing Europe continues to create an exceptional opportunity for direct lenders like Pemberton to provide financing to leading mid-market companies across Europe as they grow their businesses. From here, we expect to have over GBP 20 billion of fee earning AUM in our lending business by 2025. Pemberton has built this business around five key pillars. Firstly, to be seen as a institutional lending platform across the whole of Europe and not just a credit fund. Our partnership with Legal & General has played an important part in achieving this role. Today, we manage capital for circa 35 leading insurance groups and 40 pension plans in Europe, as well as a large number of investors in the U.S., Middle East, and Asia. Secondly, was to build an office network with people who had run the leading leverage finance business in each of their key markets. This has enabled us to build strong partnerships with corporates, private equity firms, banks, and to have a market-leading and highly successful origination platform. Thirdly, to use this origination capability to build highly diversified portfolios across sector, geography, and to provide our LPs with access to leading companies in the key economies of the U.K. and Europe. Fourthly, to have a dual-track credit process with an independent chief credit officer, sector analysts, to challenge the investment team, to create a highly sophisticated credit monitoring process. Finally, to provide our LPs with credit risk transparency through our advanced internal credit rating models, to provide clarity about the risk-adjusted returns. These five pillars have helped us to build a market-leading business today. As I highlighted, our credit assessment process has been the cornerstone of building the business. Our dual-track credit process with separate papers from our portfolio management showing the rationale and relative value of the deal, and our credit analyst papers showing financial projections and market position together provide an in-depth analysis of each of the businesses we invest in. We overlay this with strict monthly monitoring of the financial data from our businesses. This enables us to monitor any underperformance and to intervene quickly if we feel that the management team is not performing as we would expect. This table shows the range of strategies that we manage today. One of the key drivers of growth has been our ability to provide LPs and borrowers access to funds that are tailored to their yield expectations and risk profile. We now have three core lending strategies, which provide financing solutions for BB and B companies, and across the entire capital structure. This range of financing has led Pemberton consistently being one of the most active providers of financing to private equity transactions and private corporates across Europe. 18 months ago, we introduced our working capital strategy, which provides working capital facilities and short-term financing. With these four strategies, we see the opportunity to grow significantly over the next five years as banks continue to restructure their business activities and shrink from lending. From a standing start in mid-2014, we've built one of the largest loan origination platforms in Europe. This table shows we have consistently been one of the most active originators, lending across opportunities in Europe. We are particularly proud of our market position across all the key economies in Europe. Clearly, 2020 and 2021 was a challenging time for borrowers in their business. I'm extremely pleased to say that through our strong credit underwriting, monitoring, and on our portfolios have all performed extremely well. The strength of our portfolio in 2020 meant that we were able to actively support clients through the past 18 months. As an example, in April last year, in the midst of the COVID correction, we financed the acquisition of Hermes parcel delivery business by Advent. This transaction was one of the leading deals in the European mid-market in 2020 and was voted Deal of the Year by Private Debt Investor. We believe that it's this consistency that has differentiated Pemberton from our peers. It's this focus that has made Pemberton one of the leading financing platforms for many sponsors. In the past 24 months, we've reviewed over 1,200 financing opportunities and invested GBP 5.9 billion in highly attractive parts of the market. These include GBP 1.4 billion in food manufacturing, GBP 825 million in business services, GBP 685 million in healthcare and pharma, GBP 395 million in e-commerce, and GBP 385 million in technology, and GBP 320 million in financial services. We've seen a record number of opportunities through the first three quarters of this year. We expect to review 800-1,000 deals, and by the end of the year, invest in approximately 50 transactions. Europe continues to see record levels of M&A activity, particularly in the mid-market, where you have a number of very positive trends and sector consolidation due to aging founders who are looking to retire and management teams who are looking for private equity sponsors to provide additional equity financing to drive growth in their businesses. We believe our local presence in all the key European markets provide us with a strong competitive advantage in identifying these opportunities early and using our deep understanding of the local business and regulatory environment to be a preferred financing partner. This slide shows the proven track record of growth. You will see that between 2015 and 2021, we have increased the number of LPs from 11 to 147. We have grown committed capital from GBP 1.1 billion to GBP 12 billion, grown deployed capital from GBP 320 million to GBP 8 billion, and delivered revenue growth from GBP 9.5 million to GBP 80 million. By 2025, our plan is to grow direct lending and working capital finance business lines into GBP 27 billion of committed capital, GBP 20 billion of deployed capital, and revenues of GBP 190 million per year. We see the European market continuing to develop rapidly. We believe we're well-positioned to take advantage of this growth as we move forward. In addition to our existing business, this slide shows we have several exciting adjacent areas that we are exploring for additional growth, which I'd like to share with you today. We see considerable opportunity to expand our direct lending and working capital finance businesses into Asia, the U.S. over the next few years. Both markets provide significant opportunity in different ways. We see working capital finance as a global business and have already established an origination team in the United States and a partnership in Asia. In direct lending, we think that Asia will grow significantly over the next 10 years, as it is currently very similar to Europe a decade ago. We've also identified fund NAV lending, inventory finance, and equipment leasing as highly attractive potential areas for growth as banks continue to adapt their business model. We believe that these strategies will provide us with considerable opportunity to broaden the Pemberton offering to our LPs and to provide exciting additional growth for the Pemberton business. When it comes to ESG, Pemberton is a responsible investor with a proactive and innovative approach for which we have won awards, not only doing the right thing, but future-proofing the business as a leader in the direct lending market. Pemberton became a signatory to the United Nations Principles for Responsible Investment in July 2018. In 2020, we joined the Net Zero Managers initiative, today, Pemberton is a net zero carbon firm. Our rigorous investment approach incorporates negative screening, an ESG questionnaire, ESG-specific due diligence, ongoing monitoring, and a partner-led ESG committee. We actively encourage our portfolio companies to implement ESG guidelines and processes. We've introduced an innovative financial incentive through a ratchet margin in our loans in order to financially incentivize borrowers to further strengthen their ESG commitments. We see ourselves as a steward of responsible investment, supporting our borrowers and private equity sponsors in building value through sustainable growth. ESG is a critical part of the stewardship and responsibility, and we're committed to furthering the interest of our limited partners and the private debt community in this area. As a firm, we also have a strong commitment to building social mobility and diversity in our business through our Pemberton ID, our Inclusion and Diversity Council. I hope this gives you a good understanding of our business, and I would now like to hand you over to Pete Maher to continue the presentations. Thank you. Symon, thank you very much for that overview of Pemberton. Where Pemberton provides debt financing to businesses, LGC's venture program supports startups in the U.K. and Europe with equity capital to turbocharge growth in the innovation economy. I'm very excited by the evolving opportunity set in Europe and LGC's strong brand positioning to execute on it. That's why I found it so compelling to join L&G earlier this year. Beforehand, I worked at Cambridge Associates, an institutional investment firm where I advised large asset owners on private markets portfolio construction and manager selection. By the end of my time there, I led our EMEA private equity and venture capital team responsible for originating, evaluating, and syndicating capital to invest alongside the best managers in Europe. The European venture market continues to grow quickly. Record fundraising, rising valuations, and rapidly scaling startups have resulted in 91 companies reaching unicorn status as of 2021, 3x the amount in 2018. Total 2021 European deal value is on track to increase almost 12 x since 2012. Material exits and IPOs have generated significant value for investors and resulted in repeat entrepreneurs securing capital for their best ideas. L&G provides capital to this opportunity through its fund of funds program and wholly owned venture firm, ADV. In doing so, we back a traditionally capitally starved market that is quickly creating jobs at the leading edge of the digital innovation economy. We have hired a dedicated team of venture investment professionals and are leveraging L&G's brands to access the highest conviction investment opportunities, while also contributing to our goals of inclusive capitalism. Pursuant to this, it's our ambition to raise third-party capital into our venture capital program and scale it further. Doing so will enable institutions and individuals to gain exposure to a high-growth asset class that was previously inaccessible to them. LGC is uniquely positioned to do this, as it builds off of strong performance in our venture fund of funds program and ADV. Across both entities, we have nearly GBP 200 million committed to 29 funds, 19 managers, supporting over 300 startup businesses across the U.K. and in Europe. On the fund of funds program, in particular, we began making commitments in 2016 and accelerated that deployment into 2017. Performance has been strong, with our program returning 22% net IRR since inception. These returns are tracking ahead of initial forecasts, especially since the average fund life is still less than two and a half years old. We've done this alongside ADV, our venture capital firm, investing in the U.K.'s startup ecosystem that leverages strong seed-stage manager relationships to help generate attractive direct deal flow. On ADV, we're excited to announce that just this week, U.S. firm Best Buy has agreed to acquire Current Health, an ADV portfolio company that was founded in Scotland to advance remote patient monitoring and telehealth. In total, this is a pure-play venture capital portfolio with commitments made to some of the best-known seed and early-stage VC managers in the region. On this slide are some examples of the strong GP relationships we back with LP Capital and the businesses that they have built. Among this group are several companies now valued greater than $1 billion. These companies are creating thousands of new jobs and are now category leaders, not just in the U.K. and in Europe, but beyond. With these relationships, our track record, the experience of our team, and L&G's brand, we're well positioned to increase capital deployment and raise third-party capital alongside L&G's balance sheet with an ambition to reach GBP 1 billion of AUM by 2025. Thank you. I'll now hand it back to Laura. Thanks. Thank you, Pete. As we grow LGC's role as a significant alternative asset contributor and value creator for the wider L&G Group, we'll look to replicate our successful model of GP investing and to leverage opportunities in the fund of funds strategy in order to deliver exceptional diversified performance and to generate LGC profits. We've shown through investments like the one in Pemberton that with relatively modest investments, we're able to accelerate growth for early-stage asset managers, attract in third-party capital, and generate value for shareholders. We have appetite to access more direct investment opportunities using this model. I'm now going to move on to our Specialist Commercial Real Estate sector, headed up by Wes Erlam, who will present with me, and Matteo Colombo, who heads up our Digital Infrastructure investing business. Legal & General has been involved in the urban regeneration of towns and cities across the U.K. for over 20 years, and it's been a key part of our strategy for LGC. Building back better and leveling up are now commonly used phrases, and it's clear that as we emerge from COVID, there is a need for both the public and private sectors to play a role in creating positive economic and social change. Widespread investment is needed, not just in traditional sectors, but increasingly in growth sectors such as data and life sciences. Taking the growth of data as an example, 90% of the world's data was created in the last two years. The importance of life sciences research and business that could commercialize this research has been made particularly clear during COVID. The pandemic has been a further catalyst to growth in life sciences, a sector which is already critical to the U.K.'s health, wealth, and resilience, employing more than 250,000 people and generating GBP 80 billion of annual revenue. We are supporting this theme, in particular through our SciTech real estate, which Wes will talk about more in a moment. These themes are, of course, global, and therefore have potential to scale beyond the U.K., and our partnership model can be replicated globally. This part of our portfolio is relatively capital light from an LGC NAV perspective. We develop assets that on maturity are invested in by LGR or other long-term investors and capital recycled into new developments. Over the last two years, we've created assets with over GBP 3.6 billion of GDV for long-term investors in places including Cardiff, Newcastle, and Manchester. As I mentioned, as well as what we've done over the long term in urban regeneration, we're increasingly investing in high-growth real estate. The table shows the breakdown of investments at present, and we'd expect a higher weighting to these newer sectors over time. Before handing over to Wes to talk a little bit more about our SciTech investment and his thoughts on what gives L&G a competitive advantage in the wider commercial real estate arena, a quick overview of our investment in Kao. Our Kao investment develops and manages data centers across the U.K. It provides facilities on the London-Cambridge Innovation Corridor, the genomics research at the Wellcome Sanger Institute, as well as hosting the U.K.'s most powerful supercomputer for the GBP 500 billion market cap NVIDIA, also known as Cambridge-1. NVIDIA supercharges healthcare and life sciences research, including for COVID vaccine research for AstraZeneca, Pfizer, Oxford Nanopore, and Guy's and St Thomas' Hospital. Since we invested in 2019, we've grown the enterprise value of the business by two and a half times, and we're aiming to increase this by a further 5 times by 2025. Seeing the demand and growth potential for global computing, we want to expand Kao internationally. To that end, we are co-investing in Kao with HRL Morrison, who already own and have successfully grown one of Australia's leading data center platform, which managed some of the country's largest computes, for example, amongst others, the Australian government and for Microsoft. With a great platform, strong partners, and therefore well-placed to scale this business further. We also see significant opportunity for LGR annuity capital to fund purpose-built data centers for large investment-grade cloud players. I'm now going to hand over to Wes Erlam, Director of Urban Regeneration. Wes, go ahead. Thank you, Laura. Good afternoon, everyone. I joined LGC in April this year, and I've been involved in U.K.-wide regeneration, investment, and development for the last two decades. I was delighted to have the chance to join L&G and continue the fantastic work that's already underway. On this next slide, I'd like to delve a little deeper into our SciTech investment. SciTech is the U.K.'s leading provider of life science and technology-focused innovation districts. The business is a 50/50 JV with Bruntwood, and was formed in 2018, which is actually very early in the establishment of the life science real estate market in the U.K. SciTech was created with an initial portfolio of seven projects across 1.5 million sq ft. Today, the company has a GBP 600 million property portfolio across 2.5 million sq ft, and we are now supporting over 17,000 jobs. Business is focused on the growth of the knowledge economy, helping companies to scale and grow through the SciTech real estate ecosystem. It's off a startup space, which is fully managed, right through to bespoke lab solutions in premium buildings at the forefront of design. SciTech has a footprint in prime locations across the U.K., with hubs in Cheshire, Manchester, Birmingham, Leeds, and Cambridge. It's the strength of the local partnerships that we've created that recently helped us win the Manchester Innovation District bid, a 15-year JV with The University of Manchester, where we will deliver a world-class science and technology district. This project alone has a value of over GBP 1.5 billion and is the final component in the regeneration of the city core. SciTech will also be working with LGC and our Oxford JV at the Begbroke Science Park expansion. This demonstrates how we can leverage our presence across all of our platforms to create greater value. Over the next 5 years, the portfolio will grow to over 3 million sq ft and a value of over GBP 1.4 billion. This is just the start. Post-pandemic, life sciences will be one of the leading opportunities in the real estate sector, but SciTech is ideally placed to capitalize on this new wave of investment. Now let's turn to our urban regeneration portfolio. It's here that our inclusive capitalism vision is turned into reality. We are investing in projects which are reviving town and city centers across the U.K. Working alongside our LGIM colleagues, we are creating thousands of jobs, providing homes to rent or buy, and improving infrastructure. All of this is done with an unwavering commitment to sustainability and low carbon development. We have a portfolio which spans 18 U.K. locations, including Cardiff, Newcastle, Manchester, and our flagship project in Hertfordshire for Sky. By working with partners such as Homes England, we are able to leverage skills and resources across the entire real estate spectrum, delivering lasting and meaningful change where it's needed most. In addition to our regeneration schemes, we also have a JV with University of Oxford. Another brilliant example of how we work in partnership to deliver exceptional results. We have three projects due to start on site in early 2022 with a combined gross development value of over GBP 325 million. In addition, there is an identified pipeline of GBP 4 billion, creating valuable secure income for LGR and best-in-class academic and residential space for the university. I'd like to turn to our competitive edge and what sets us apart from others. This can be broken down into the following areas. Firstly, our strategy is built on the principle of investing for the long term, an approach which is closely aligned with that of our public and private sector partners. Secondly, we offer a comprehensive solution to regeneration by leveraging the various components of L&G to unlock projects. The latest example of this is Bristol, where we are bringing together the combined strengths of funding from LGR, LGIM's build-to-rent fund, and LGC's affordable housing businesses. Crucially, we have a track record of successful partnership delivery on the ground. We bring projects to life. We provide tangible, positive benefits for local communities. It's these three factors that are an important source of competitive advantage. I'd just like to finish by offering some key takeaways in relation to our real estate portfolio. We've invested in best-in-class, high-growth real estate companies in the data and life sciences sectors. This will enable us to secure enhanced returns as those businesses mature. Our experience of track record and successful delivery with both public and private sector partners provides extensive access to off-market opportunities. Finally, over the coming years, we will continue to create a significant pipeline of ESG-focused assets at scale for LGR and third-party investors. Thank you. I'll now hand back to Laura to talk through our Clean Energy business. Thank you. Right. Thank you, Wes. Now I'm going to cover our last sector, Clean Energy. The team is led by our Director of Clean Energy, John Bromley, who's here today. John has more than 20 years of clean energy and infrastructure experience and brings a wealth of knowledge to L&G. There are three key interconnected drivers underlying our clean energy strategy. Firstly, climate change, the biggest challenge of our lifetime, but also a huge opportunity. Action to tackle climate change requires an estimated GBP 130 trillion of global investment by 2050. As a result, there has been a surge in the development of new technologies and businesses to respond to the climate crisis. These businesses need early-stage growth capital to reach commercialization and to scale up in response to changing consumer demands and government policy. There is also now increasingly growing demand from institutional investors, including LGRI and our LGIM clients and other third-party institutions to secure investment opportunities which meet their ESG and climate targets, as well as matching their long-term liabilities. Our energy transition investments fall into two types: low carbon infrastructure assets, which match long-term liabilities, and growth equity in newer technologies that are needed for a successful energy transition. As you can see, they have different risk-return profiles. Infrastructure assets currently comprises investment in our specialist renewable asset management partner, NTR, and cornerstone investments in two NTR renewable energy funds. NTR will grow by launching new funds and managed accounts for institutional clients. By 2025, we expect NTR to have scaled further and be creating assets for LGR and for third parties via LGIM. We're also looking to establish new partnerships similar to the ones we have with NTR, which could see us, for example, enter new asset classes and internationalize our Clean Energy business. Our growth equity investments provide strong returns for LGC and enable us to gain early-stage access to new asset classes and platforms. Our growth businesses are directly involved in developing and creating solutions that can be deployed at scale in the future. For example, electric vehicle charging infrastructure, network heat pumps, and high-efficiency solar generation. The innovations coming out of these platforms also present opportunities for LGC's other businesses. We're installing Kensa heat pumps in Inspired Villages sites and Pod Points in Cala sites. Taken as a percentage of U.K. CO2 emissions, three of the most polluting sectors in the U.K. energy system are power, heat, and transport. All three typically rely on dated and polluting technologies. The use of fossil fuels in power stations, gas boilers in homes, and internal combustion engines, and we expect all three to be obsolete in the next 25 years as a combination of government intervention and public sentiment will see them replaced by greener alternatives. The scale of this energy transition is vast and is not limited to the U.K. It represents significant investment opportunity. Our investments to date have been focusing on addressing each of these three problem areas, and we see considerable scope for future investments along the same energy transition theme. Looking in a bit more detail at two of our growth equity investments, Pod Point, our investment in electrical vehicle charging infrastructure, and Kensa, our ground source heat pump provider. Since our initial investment in 2019, Pod Point has increased the number of miles of electric driving it has provided by more than 4 x, and the number of public charging sockets by more than 3 x. There is currently a huge shift occurring in the automotive industry, driven both by societal demand and by regulation. We expect EV demand and Pod Point's profits to continue to grow as we move towards 2030, the year from which sales of new petrol and diesel-powered cars and vans will be banned. Turning to Kensa, our heat pump manufacturer, the number of Kensa heat pumps installed and the energy provided by them have both increased by 1.6 x since LGC's acquisition in 2020. We expect demand to continue to increase as we move towards 2025, the year from which gas and oil boilers will be banned in newly built homes. Any further policy charges and respect Changes, sorry, in respect of existing gas boiler installations could have a potentially significant positive impact on demand, and we're well-positioned to capitalize on this too. Clean energy is an important investment area across the group as a whole, and LGC is well-placed to benefit from and support L&G's other divisions and the group's wider network. We're working with LGR to deploy funds into new clean energy assets as it seeks to reduce its portfolio exposure to climate financial risks and align to science-based targets. As we highlighted a moment ago, we are working with our housing businesses to help them achieve their goal of creating operationally net zero carbon homes by 2030, and providing opportunities for our clean energy investee companies in the process. Finally, LGIM's clients are increasingly seeking opportunities to invest in both renewable infrastructure and adjacent technologies. As I end, and before I hand over to Nigel to conclude, here are three key things to take away on Clean Energy. Firstly, Legal & General Capital is now an experienced energy transition investor, capable of delivering strong, risk-adjusted returns in both low carbon infrastructure and growth equity. Secondly, our strategies focus on sectors of the energy system where the pace and scale of decarbonization requires substantial investment. Finally, we're working alongside partners like NTR to create clean energy opportunities that will allow both LGR and third-party investors to deploy capital into the energy transition at scale. Nigel, over to you. Thank you to all of my colleagues for their presentations, thank you for your close attention across. In summary, the strategy for LGC is to grow financial returns from existing businesses like Cala. To increase exposure to high return growth businesses, several of them mentioned today. To recycle capital from mature, unsuccessful projects to new growth opportunities, to grow third-party assets, of course, continue to source assets for our PRT business. Financially, LGC aims to deliver increased operating profit rising to GBP 600 million-GBP 700 million in 2025. A net portfolio return from alternatives of 10%-12%, or even higher, efficient use of capital. We think this is a compelling story. We're happy to take further questions, including some that Laura has on the iPad. Our subject matter experts are here to follow up afterwards, should you need it. Laura, just want a couple. We've got one from the U.K. We've got one here from Oliver Steel at DB. As Nigel said, the government is looking for pension schemes to invest more in alternatives. What percentage is held currently in alternatives in LGIM DB and DC pension funds, and what percentage does the government have in mind? It's a very good question. Suddenly, I'm not quite sure what the government's going to announce and when it's going to announce. Clearly, we've positioned our portfolio to be able to put these assets into DB and DC pension schemes. Apart from the IV, the Inspired Villages, that's the only 1 that we have a direct investment by DC or DB at the moment across the portfolio. How much could that be? In France, social impact investing is 20% of the portfolio. I suspect the government's going to start with a much, much lower target than that. Whatever happens, it's good for us because we are, by far, the largest player in the pensions industry here in the U.K. Another one from Oliver. If pension schemes are allowed to invest more in alternatives, what is the risk that this lowers the available investment returns for both LGC and LGR? Yeah. I think if you just go through Pete's presentation, the size of the opportunity in the U.K. is way beyond the capacity of firms like ours to invest in it. There's such a shortage of scale-up capital in the U.K. It's actually quite upsetting at one level for us because there's an enormous amount of entrepreneurs. There's brilliant startups right across the country. I know when I go around any of the universities, whether that's Newcastle or Manchester or Bristol, Oxford, Cambridge, Sheffield, there's brilliant entrepreneurs in those universities desperate to get more capital to grow. Very different from MIT, which is where I went to, or Harvard or Stanford in America. We have to replicate that model. If Sir John Bell was here, John and I presented together at Downton Abbey on Sunday, he would be telling you how much the life science industry in the U.K. is short of capital right now. That capital is not available right now to really scale up businesses in the U.K. We've got an interesting experiment right now, where we've announced we're going to IPO Pod Point. It will be really interesting to see whether this is an asset that the U.K. wants to invest in, or whether it's actually international markets that ultimately invest in these types of assets. As Pete mentioned very briefly, Current Health, which is one of our very successful businesses, has been sold to Americans. We have a lot of people looking at some of our businesses. That's why Laura mentioned further realization events. We weren't expecting that to happen quite so fast. It does because there's brilliant innovation businesses here in the U.K. which are not fully valued in the U.K. They're fully valued on a global market, and the global market prices them very differently from U.K. institutions. The U.K. institutions simply don't have enough capital right now. I think if Rishi does change the rules, I think that's really positive for us, and we're hoping that his visit to the modular factory was the swing factor in getting him over the line to realize that these are great things going on in the U.K., and we'd love to see them happen over here at scale. Should we now open questions to the floor? Again, can you just say your name and the institution you're representing? Hi there. Good afternoon. It's Steven Haywood from HSBC. Sorry, three questions, but kind of follow-ups really from previous questions. I think Louise mentioned about the matching adjustment part of the movement of assets from LGC to your PRT business. How does this change, do you think, with the U.K. Solvency II review? Do you think this sort of shift of asset increases massively so you can allow more different types of businesses into your PRT, sorry, more different types of assets into your PRT business? I think that's such a good question. I'm going to pass that one to Jeff Davies. Okay. Good. Second question was actually, I might have missed it, but I'm following up from Alan's question earlier on the fee part, the third-party fees. Did you actually mention whether this was included in the GBP 600 million- GBP 700 million target or not? The final question, which, sorry about my ignorance in Solvency II, but LGC Capital, does it come under the Solvency II regime? As it's part of L&G Group, does it have to? What are potentials it can do if it doesn't come under Solvency II? Jeff takes the first question, then Laura takes the second and third. Yes. Okay. Laura was hoping I was doing the third as well. I can do it very quickly. Do you want to stand up, Jeff, just so they can- Yeah, sure. In terms of assets that are allowable after any review of Solvency II, we've said we're looking to widen the universe of assets. I don't think we're going to see some huge softening of the rules by the regulator. If there's that move away from complete fixity of cash flows that we keep going on about, then that does mean lots of the things we've been talking about here would be available to move into that portfolio. We would need to do less of the structuring that we do around affordable, and we do around build-to-rent, which is a saving, and actually an efficiency in the yield that we'd be able to offer. If there's a bigger universe, it sort of counters the point all of a sudden, and to Nigel's point, there's a lot of assets out there, more than we can all invest in, and it also would mean we'd have more available that we'd be able to pass to third-party investors. We're already doing that in the secure income asset fund that we've done through LGIM, where pension funds can do the same thing as we've been doing for our annuity liabilities for some time. On your second one, and Alan's earlier one, I think the way that we're thinking, probably the best way to think about it is the majority of the third-party assets at the moment are from Pemberton, and therefore that is part of our profit projections. As we sort of said, there's also a lot more room to do more of that isn't there. On Solvency II and LGC, yes, at the moment, LGC is part of the Solvency II, under the Solvency II umbrella. I think probably a couple of points to make. The capital charges on these types of assets diversify quite nicely away from the annuity business. We probably reached a steady state in capital use now. As we realize investments and reinvest, the capital sort of won't really increase from here. Yeah. Pete was sandbagging his numbers as part of a budget negotiation with Jeff and I saw that there's I think there's plenty of upside to go for. Don't know if there's any more. God. Thank you. Hi, this is Ming Zhu from Panmure Gordon. Just two questions, please. First, quite a general question. What's the biggest challenge are you currently seeing in LGC, and what sort of competition are you actually facing? My second question is a bit more specific on slide 38. In the other housing business, your operating profit, that is almost like triple in four years' time, and your implied return, that's sort of going from 10% to the 14%-16%. Could you just give a color? Because that looks quite ambitious, if I'm just looking at the numbers. Could you just give a bit of color in terms of what have you got to achieve that? Thank you. Shall I talk a little bit about the first one? Yeah. We can do them both if you want. You can do them both. On the first one, I think in terms of the competition we see, Nigel mentioned some of the sort of bigger global competitors. I think the real competitive advantage that we've got that Wes touched upon in regeneration, but probably applies just as well to others, is our different sources of capital. As much as we sometimes think that MA is a pain, it also gives a really long sort of lower cost of capital to work with others who want to have that sort of capital that perhaps some of our bigger global competitors don't have. I think the other thing, particularly in the U.K., we've got a model where we are really integrated in terms of understanding how to work with local authorities, government. I think Kevin's example of Horsham, where we can actually bring together the different businesses. Kevin mentioned all the housing businesses, but I've also sort of mentioned how we bring the clean energy into that is a real differentiator for us. I don't think there are many other investors that can bring that type of investment, those investment capabilities together. Wes mentioned University of Oxford. That will be a combination of Clean Energy, Housing, SciT ech, everything probably, VC investing. Those are probably our real sort of competitive advantages. Although we might see competitors doing one or two of those things, being able to sort of really bring them together is a real differentiator. On the housing question, today, just in terms of deltas, we mentioned that the Affordable Homes are going to make about GBP 30 million, I think, this year, and GBP 100 million by 2025, and that's just maths. That's just getting bigger, as you can see on the slide. The rest of the businesses were making GBP 20 million-GBP 30 million, and we're putting down that they're going to make GBP 30 million-GBP 60 million in five years' time. I would be disappointed if that was the outcome, that those went from such small amounts. I think Simon nodding in agreement. That's going to happen. We should do much better because there's better later living, there's urban build-to-rent, there's Legal & General Modular Homes, there's Suburban Build-to-Rent, there's Strategic Land. If even one of those delivers, we'll manage to hit those numbers. I think I'm very confident that all five of those are in great shape right now under Simon's leadership. Simon's over there, so you can ask him afterwards. Bye. Thanks for the presentations. Dom O'Mahony, Exane BNP Paribas. A couple from me, if that's all right. Just in terms of the synergies, one of the slides which is very compelling is the slide that shows all the synergies between the different businesses you have. Some of the things you've highlighted really pull out the synergy between LGC and the other businesses. In particular, you were talking about the asset transfers from the Specialist Commercial Real Estate into LGR. Can you just run through some of the other examples of synergies? I guess there are other MA-eligible assets. Yeah. Presumably, there are synergies beyond that as well. That'd be really helpful. One other question. Why not? It builds on this point about the solvency reform. One sort of hint that was dropped in a recent speech was that the PRA was looking at MA eligibility for early-stage lending rather than just finished assets, which sounds like it's designed to support LGC, right? That LGR can lend into LGC at the beginning, not at the end. Does that actually create more opportunity to invest, or does that just mean you slice the cake differently at different times? Those are my two questions. Okay. Can I take the second one? I'll start with the first, you can add. In terms of the synergies, the urban regen one is probably the one that we've been doing the longest. I talked about our Affordable Housing model, which at the moment we are developing the assets, et cetera, in LGC, then LGR are then buying them, if you like, on completion. We also talked about the Urban build-to-rent model, which is a similar model in terms of LGC creating the assets, then that one is LGIM. We are increasingly using that model. We also are using that model actually now more in Pemberton, where we're able to use the technology, the structuring technology that we've created to create a matching adjustment sort of note from Pemberton. Increasingly looking at how we do that for some of the newer clean energy technologies. I think what we're now able to do, Dom, which started, as you rightly say, with the urban regen, is almost do the same sort of synergy model with almost all our investment sectors and in slightly different ways. That's the exciting bit, that leads on to the Solvency II, to your question of what. Yeah, I think the, hopefully, regulation and government policy are going to be aligned in a number of ways going forward. I've had that dream for 10 years and failed pretty four different Chancellors so far, I wouldn't count on it. That's always been the dream for us, that actually we would be given, as Jeff said, many more asset classes that become usable for DB, DC or PRT, I think we're well on the journey to achieving that. We certainly developed the capability because below all of the people you see here today, there's some great teams who are just doing an amazing job. Nilufer's at the back, got to see it firsthand when she visited some of the sites with the teams there a couple of weeks ago. I'm very confident that we'll get there, whether we get there very soon or in the next 18 months, two years. It's over a relatively short time period that we will get this alignment between government policy, regulation, and industry capability. Clearly, it is purpose-built, I think, for LGC. I think we're very fortunate to have invested 10 years in getting there on the hope that one day this stuff would happen. I think we are getting there right now. There's four more hands up for four more questions, and we're trying to get everyone finished by 2:00 P.M. If there's anybody else who wants to ask a further question publicly, then great, put your hand up. If not, we'll handle them afterwards when we're all going to hang around for a little bit longer. Great. Thanks for taking my question. Andrew Baker from Citi. Two from me. Capital Markets Day last year, you mentioned three, four climate-related businesses that could add north of GBP 100 million to operating profit. Is that inclusive of what we've talked about today, or is that in addition to what we talked about today? Some of them are coming through today. Pod Point is clearly one area that we're going to be very big in. NTR is another area that we're going to be very big in. We have Onto, which is our electric vehicle car leasing business. We have a raft of these businesses all coming through. We're just trying to hang on to them at the moment and make sure that we can develop them either ourselves to their full potential or with DB or DC money to help in the way that they're growing, like Inspired Villages would be the best example of that. Great. Thank you. Second 1. Are you able to actually give us the actual SCR that backs LGC, both pre-diversification and after diversification, by any chance? We haven't done that, I think the point that Laura was making was that actually, the way we presented it's somewhat capital neutral, in effect. There's no delta. One year might be slightly positive, one year slightly negative, but actually in aggregate at the moment over the plan, it's not an additional strain on it, which is one of the great things about it. We try to have a comparative static, if you like, for those of you who. Yeah. I know that. That it makes it easy. Otherwise, you have too many moving parts, and it just becomes a little bit more difficult. In the future, it probably will get more difficult. Actually, at the moment, you should get a view in time. This is the same amount of capital. Great. Thank you very much. Hello, good morning. It's Fahad Changazi from Mediobanca. Sorry if I missed the gist of it, Pemberton, for direct lending, for example, can you explain how you are different to, say, a NatWest Group? Perhaps also talk about excess liquidity now? Sadly Symon's left, and Symon was one of the most senior people in the NatWest Group for most of his career. He was there for a very long period of his career. I'm sure would give you. It's a very different, more nimble, more international, I think, focus than previously. With single purpose. We're a very focused business. I think the other thing is to say that many of the banks aren't doing at scale what we're now doing in Pemberton. Symon listed the four strategies we've got. I think in times gone by, RBS, as it was then, might have done some of those strategies but are increasingly doing less of them. I think Nigel's other point is key in that very deliberately, we've built up a model where we have got distribution. Well, distribution, they're more than partners. They're employees across Europe who really understand the clients and what's happening on the ground. In terms of the excess liquidity in the system comes for firms being cautious. Is there commentary around that? How it's affecting your business at all? For Pemberton or not at all? No. Nothing. The other question was also on, Cala it looks like strong bounce back 2021. We keep hearing about lots of vacancies in the construction sector. Are we back to normal in construction now? Oh, there you go, Kevin. Don't know. Not quite wall- You need a mic. Sorry. Not sure what normal ever was. There's plenty of people employed. The furlough took a little bit longer to unwind than we thought. The productivity. The delivery on site's not been compromised at all since the summer, which is surprising. The main challenge at the moment is supply around materials, but actual labor is available. That's where we are. Thank you. Larissa Van Deventer from Barclays. Just one. You have increased your targets for the third-party assets, you haven't increased the GBP 5 billion target for LGC. You're currently just above GBP 3 billion, but you have over GBP 5 billion of liquid invested assets within LGC. Why not deploy them? Laura's laughing. Why not deploy those faster into- You sound like me. That's why Laura's laughing, Jeff's laughing. I think we've tried to do this. This is what it looks like with the same amount of capital, about the same amount of assets with plans, that you can add them all up and see and make it pretty transparent. We know about plans, that they never turn out to be quite the same way. It's really to try and give you the direction of travel, the basic economics. That slide put up the IRR for most of the lines of business. You can look at where they are on the journey right now by calculating out the average return. It's to give you a better look and feel. Then over time, we'll explain in more detail some of the slightly more complicated parts of how we grow the businesses. Your insight is correct. This is the last question. You are going first and last, Andrew. Book ending. You're book ending. I've certainly been called worse things, mate, than a book ending. Let me tell you. Just one question. If Solvency II rules do change, and there's a wider array of assets which can be applied for matching adjustment, I'm assuming you get more bang for your buck by applying them to PRT than you do to DB or DC. If that's right, you have two choices. You can either increase the amount of alternative assets or higher yields on your back book, or you can drive faster growth in your new business. That can then offer a second alternative, which is you can do it for your own balance sheet, or you can do it for a third party. What's the preferred route? That's a very good question. Fortunately, we have some things like VC, which automatically fits in 1 camp rather than the other. We've got very good methodology for a long time on how we deal with urban regeneration and affordable housing, and that's predominantly going to go into back the PRT business. Inspired Villages, we were at one point thinking about whether we would put it into the PRT business because it has lots of the characteristics of that. We decided actually scaling it up quicker in partnership with NatWest was the best solution for shareholders. There isn't kind of a one-size-fits-all. We have, I think, a pretty good solution for all of the different subcomponents in there. Jeff and I slightly arbitrate on this at the GCC, but it's all very. It's all optionality. Yes, yeah. It's lots of optionality. There's lots of collaboration that we've got. We had a win, so there isn't a lose on that. Just getting the right mix is reasonably straightforward for us right now, whether in 18 months or two years' time, it's more complicated because we've got an even greater array of assets. It's not a bad problem to have. Can I just say thank you to everyone. We've tried to cover a lot of material. Thank you to all my colleagues who did a fantastic job pulling it all together, so that allowed Laura and I to look good today. Thank you for your questions. We hope there's many more questions in the future. We hope we're giving you updates on LGC which are favorable and address some of the questions that were raised by Larissa and others. I'd like to welcome those of you who are staying here to join us for a drink. It's really nice to see people face to face in meetings like this. I'm really looking forward to having more meetings like this. This is a good space for doing it. Next time, we'll probably allow more than one person to come from each firm. I'm sorry that one or two people couldn't come today. Rest assured, in the future, we're really looking forward to welcoming everyone. Thank you.