Good morning, ladies and gentlemen. Welcome to the Litigation Capital Management investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time using the Q&A tab situated on the right-hand corner of your screen. Please simply type in your questions at any time and press send. The company may not be in a position to answer every question received during the meeting itself. The company review all questions submitted today and publish responses where it's appropriate to do so. These will be available via your Investor Meet Company dashboard, and we'll notify you when they're ready for your review. Before we begin, we'd like to submit the following poll, and your attention would be most appreciated. I'd now like to hand over to CEO Patrick Moloney. Good afternoon or good morning, should I say. Good morning, and thank you for participating in LCM's half-year interim results for the six-month period ending 31st December 2022. Starting off with highlights, there's really two principal factors which have dominated the six-month period to 31 December, and they are growth and the building of scale in this business, which has occurred at a rate more significant than ever in LCM's history. The second one was our first resolution in respect of a Fund I investment, which allows us really to demonstrate the leverage and the power that we are able to bring to equity investors through that model. Just starting with, you know, the growth in LCM's business. Most investors will be familiar with us branching out into asset management or funds management in March 2020. We now have two funds under management. The first one, Fund I, fully committed, and Fund II, we are now committing into. As at 31st December, $79 million had been committed, and as at the date of this presentation, which we're at, we are at $114 million. Assets under management, we've just tipped over half a billion dollars worth of assets in under management at 31 December. As at 28th February, you know, $537 million. The largest amount of assets under management that LCM's ever had in its history. In terms of commitments, they were up very significantly as compared to the previous period. To 31 December, we had commitments at $107 million, the largest level of commitments that we have ever had in LCM's history. Similarly, with capital invested, up very significantly from the prior period, $31.5 prior to $56.9 million. Not only are we increasing the commitments, we're increasing the funds under management, we're also increasing the capital which we're invested into that. In terms of financial performance, we suffered a loss for the period of $5.5 million, which is really a reflection of the timing of revenue recognition. As most investors know, we don't fair value our book or our portfolio, therefore, we recognize revenue, only when it is actually earned and when it's received. Had we, had we recognized a few of the resolutions which have occurred very early in this second period, in other words, two of those investments which were post-period, it would have generated or converted across into a profit of $6.3 million. In terms of our performance over the period, at the 11 and a half year mark, measuring the performance of every single investment that LCM has completed, we've generated a return on invested capital across that entire portfolio of 154% and an internal rate of return of 79%. We're getting very consistent performance in terms of our investment performance over that period. During the half year to 31 December, we've increased our team globally, but most particularly here in the London office. We've had a few incredibly experienced practitioners in litigation finance join our London team. Just touching finally upon those two post-period resolutions. The first one in the Carillion matter, which we'll talk about in a little more detail as an example of how the funds management business model really leverages our funds, also a class action in Australia, both contributing very significant sums to our revenue line. LCM's business model, most people or investors are familiar with the way we run our business. We're running two models. First of all is direct balance sheet investments. That's utilizing LCM's balance sheet capital to make direct investments into disputes. The second one is our asset management business, where we are managing third-party pools of capital through which we generate performance fees. What we do is we have a crossover in respect to those two business models by co-funding every single investment that we generate across our platform. Just moving on to talk about the business model in some more detail. What is the, what is LCM's investment proposition at this point in time? First of all, and really importantly in the current market, is the returns on our underlying investments are utterly uncorrelated with what else is happening generally in the market. What I mean by that is we've come out of a period of COVID disruption. We've come out into an economic cycle, which involves inflation at a very high rate. We've got interest rates being increased by central banks in an effort to bring that inflation under control. We've got political risk. We've got disruption to supply lines. None of those factors influence the outcome of our investments. They're utterly uncorrelated. With all of those features of the market, they have a tendency, historically, to increase the opportunities available to the litigation finance sector. We operate, in that regard, countercyclically to the market cycle more generally. Not only are our underlying investments unaffected by what's happening in global markets, it's actually producing more opportunity for investment. We're in a market with low market penetration, which gives us many opportunities across the sector. We've got growing demand globally for litigation finance. We're seeing an increase in the demand for the capital in our industry year by year. Next, we are shifting to an asset management model, or a co-funding model, that's allowing us really to leverage LCM's balance sheet capital and increase the returns for our equity participants. You've got the shifting legal market dynamics, which really puts lawyers in a situation where they're recognizing the benefits of offering litigation finance to their clients, really, to help defray the very large costs associated with pursuing disputes through the court system or the arbitral process. We look at then our LCM's business model again. As I mentioned, two business models cross over through co-funding. We're still running our single case investment model. We are investing in portfolios of disputes globally and through acquisitions of claims. In terms of our asset management business, a number of features of this model which are worth observing. The first one is being able to leverage LCM's own capital by using third-party capital and defray the risk associated with every dollar that we invest from our balance sheet across a much wider range of investments. Just looking at the type of investor into our asset management business, we're looking at large and sophisticated investors such as U.S. university endowments, U.K. and European pension funds, large global investment banks, family offices, and funds of funds. A really important observation to make, in addition to the sophistication of those investors, is the fact that they have entrenched rights to participate in our third and fourth fund moving forward. We look at next at market dynamics as they're presenting. I touched upon the COVID disruption, high inflation, increased interest rates, geopolitical disruption through the war in the Ukraine, supply logistics disruption, and economic risks, all placing pressure on capital allocation into the disputes market. All of those factors are really driving the demand for capital in the litigation finance industry and in particular LCM. Secondly, we've got economic uncertainty. We've got the risk of recession in many global markets, and the effect of that uncertainty and the risk of recession really drives demand by large and well-capitalized corporates to participate and use risk management tools such as LCM's capital. We're seeing a significant increase in the number of insolvency events and restructuring. We've seen, you know, in the last seven days, the corporate collapse of two U.S. banks. That is really driving the number of insolvency and restructuring related disputes that we're seeing coming through our pipeline. We're also seeing an increase in the number of investments that we're seeing in shareholder mis-selling and fraud claims. We're also seeing an increase in the number of investments which we're seeing in the competition space as that market develops, most particularly here in the United Kingdom. The market conditions across all of those sectors is increasing the demand for LCM's capital. In terms of operations, we have had the largest capital commitments in LCM's history in the first half of this financial year at GBP 107 million. In addition, we've had the largest amount of capital investment over that half year period at GBP 57 million. In terms of our performance metrics, we're still achieving a very similar performance metric of our investments as we have over the last 11 and a half years. In terms of assets under management, we just tipped over the AUD half a billion point as at 31 December. We're at now AUD 540 odd billion dollars at 28 February. We're seeing really an increase in all of those parts of our business. What we're seeing at LCM now is really a transition from direct balance sheet investments, where LCM was contributing 100% of the capital required to bring a dispute through to conclusion, to a co-funding model. Some of the factors which really weigh into that are the ability using third-party leveraged funds to increase the overall assets under management. If we look and compare, financial year 2019 through to 2023, we're seeing very, very strong growth in the total assets under management, which is really building that portfolio and building LCM's business at scale. The second and middle graph there shows the contribution of LCM's balance sheet capital. Whilst we are increasing assets under management, we're utilizing less of LCM's balance sheet capital to fuel that growth. Finally, in the last bar chart there, we're showing the diversity of those investments. Even though we're using less of LCM's balance sheet capital to grow an ever-increasing and diverse portfolio, we are deferring that balance sheet capital across a much larger number of investments, thus reducing the risk. We're getting all of those benefits by transitioning across to an asset management or funds management model. Whilst we're achieving that phenomenal growth, what we're doing, we're doing that in a really disciplined way. We, as a management and an executive team, have been highly focused on making sure that we keep our OpEx under control. If we look at the last sort of 2, 3, 4 years, we've been able to maintain that within a range of 5%-3% of our overall assets under management. We've been very focused upon making sure that we deliver growth in terms of asset management and assets under management, at the same time as maintaining that level of OpEx. Looking at the portfolio. LCM's portfolio of direct investments, as I mentioned before, in a period of transition across, so we have a historic portfolio of investments where LCM is still contributing 100% of that capital commitment. All of those investments are at a very mature stage and starting to see resolutions come through, and we should expect to see more of those resolutions coming through in the next 6-12 months. In terms of co-investment, you can see that the amount of capital allocated towards co-investment has now increased above 100% investments, and through that mechanism, we're deferring the risk across many more separate investments. We look at the portfolio as a whole. We're still seeing great diversity across industry sector, across jurisdiction, across territory, and we're seeing a portfolio which is not punctuated by concentration risk in any one single investment. We're also seeing an increase in the number of investments which we're seeing in the Northern Hemisphere, in the EMEA region, which is really healthy. What we're seeing really is us gaining traction in the U.K. market. If we now move to the profile of Fund I, as investors know, this is a fully committed fund of $150 million. We have currently deployed just over half of, or invested just over half of that capital. We look across again at the composition of that portfolio. We see diversity across industry sector, we see diversity across jurisdiction, and we don't see a portfolio which is has concentration risk. Finally, we look at the profile of Fund II. In its very early stages, so in terms of AUD 114 million so far committed. We're seeing, early stages, the diversity which we have seen in our other portfolios of investments, we would expect over a period of time, as we fill Fund II or totally commit Fund II, that it will exhibit sort of similar characteristics as Fund I and our direct balance sheet investments. With current trends such as increase in insolvency, increase in competition claims, we might see a few more by way of% of those types of disputes present in the Fund II portfolio. Really importantly, I wanted to spend a little bit of time focusing upon the Carillion matter, which is our first substantive resolution in Fund I. I wanna do this really to demonstrate the leverage that we are able to obtain to LCM's balance sheet and through the balance sheet to equity investors of using third-party capital. If we look at the left-hand column, that is the investment performance of this standalone investment. We see that it generated a return on invested capital of 140%. We see that it generated an IRR of 79%. Pausing there, those performance metrics are very characteristic of what LCM has been able to achieve over the last 11.5 years. Very commensurate with our track record in terms of performance metrics. If we then move to the middle column, this is LCM's balance sheet performance once it's paid its performance fees by Fund I. It increases the return on invested capital coming back to LCM's balance sheet to 278%, and it increases the IRR to 109%. We can see that we are really maximizing the return that comes back to LCM as a manager of third-party funds. Finally, we look at the performance of Fund I for those who've invested in Fund I directly, and this is net of fees, still generating a return on invested capital of 90%. An IRR of 61%. Really, really strong performance metrics across that spectrum. Enhances LCM's performance and the amount of revenue that we are able to post to our profit line and balance sheet, and really good metrics for those who have invested in Fund I. We look at sort of the maturity profile of LCM's overall investment. We are seeing a real transition, and we're seeing that those investments which are at their most mature are those ones where LCM's capital has been funding those investments at 100%. We should expect to see those investments coming to a maturity and reaching a liquidity event in the medium term and in the near future. We see a very good mix of LCM's balance sheet capital and our funds management capital across the balance of those portfolios. As we have said now for a number of years, we should expect to see an elongation of the time for those investments from historically 27 months to between 36 and 42 months. That's what we are predicting that the current portfolio will be. A bit more granular detail around what our investment portfolios look like. We start with direct investments. One direct investment in Australian class action has completed and concluded just past the post period. That's generated a gross profit for the balance sheet of AUD 5.8 million. Two investments have been successful at first instance, which are subject to appeal or challenge. We then have one arbitral investment which has been unsuccessful during the period. That is a feature of any investment class that we from time to time will sustain losses. We're awaiting a judgment or award in 3 further direct balance sheet investments. We have final hearings scheduled during the 2023 calendar year in respect to 3 further investments. Really good progress in advancing our direct investment portfolio. With respect to Fund I, we've resolved 2 of the overall portfolio. 1 just passed the, or post period for the 6th month. The successful conclusion of the Carillion investment contributed $6.3 million gross profit, and we've talked about the metrics in respect to that. 2 additional Fund I investments have been successful at first instance and are subject to appeal or challenge. Those investments have been largely successful and de-risked but are subject to challenge. One Fund I class action investment in Australia has had a partial resolution through settlement. We're expecting a resolution in that in the near future, the balance of the defendants in that matter. Six further Fund I investments have final hearings and are awaiting judgments or awards. Two further Fund I investments have final hearing dates scheduled in this calendar year. In respect of Fund II investments, early stage, we're really in the commitment period of that fund. Things are looking really good, and the emphasis there is that we have had a large level of commitments in the 6th month to 31 December than we've ever had in LCM's history. Building out our team of investment managers, two very senior investment managers have joined LCM in the 6th month to 31 December. Fiona Hayes has joined from one of our competitors to take up a position as head of underwriting. Timothy Mayer has joined again from one of our competitors as a senior investment manager. Both joined our London office, both very, very senior in their field and really building out our bench and our level of experience here in London. We have Danny Kinnear, who has joined from the investment banking community, ready to head up our focus upon corporate funding opportunities and portfolios. Two other practitioners, one out of Hong Kong, joining our Singapore office, and Alice joining Sydney with particular expertise in class actions. I'll hand over to Mary just to talk about the financial review for the period. Thank you, Patrick. For the interim results for the period ended 31st of December, on a standalone basis, LCM only performance, investments at cost increased to GBP 119 million. More importantly, drawing upon a point that Patrick made earlier, is as we grow assets under management, and we've now tipped over the GBP half a billion mark, we are investing less. Whilst investing 100% was, you know, delivered buoyant returns, investing up alongside the third-party funds invested is showing through the Carillion matter that we are able to enhance those returns by investing less into the underlying matters. Total capital invested in the period was GBP 21.3 million, again, up on the prior period. Gross revenue was GBP 3 million. Again, that is a product of the timing of recognizing the revenue on the resolution of matters. More importantly, had the two matters previously announced post the 31st of December been brought forward, gross revenues would have increased by GBP 22.5 million and would have delivered an adjusted operating profit of GBP 6.3 million. However, as a consequence of the timing of recognizing revenue, we had a loss of GBP 5.8 million for the six-month period end. Cash at the period end was at GBP 16.6 million. Turning over to the balance sheet, we've touched upon capital invested. Total equity, again, is down as a result of the timing of recognizing the revenue. Cash generation, again, timing of revenue, that we expect that to increase in the second half of the year as a result of the two most recent resolutions. Cash as of the period end was GBP 16.6 million. Post-period end, we had GBP 23.2 million as a result of the resolution coming through from Carillion. Subsequent to that, there is also the performance fee that we are owed on that Carillion matter, as well as the class action in Australia, which would increase the cash position to over GBP 40 million following those two resolutions. The cash flow waterfall tends to follow a very similar trend every period with the main cash generated and the main cash deployed in the investment. Expenses broadly remain in line with prior periods. We have seen an increase in the interest charge as a result of the third party, the Northleaf facility. Placement fees are increased due to Fund II raise that we just recently did. Pretty much everything else remains in line. In terms of outlook looking forward, we are building the scale of our business and, you know, during the 6 months to December 2022, we showed the greatest level of growth that we ever have in our history. This is really expanding our global platform. We're growing our asset management model, which is producing enhanced returns for LCM's balance sheet and equity participants. We expect, given the economic conditions, to see an increased demand for LCM's capital. We're already starting to see that in terms of commitments in the period up to 31 December. We're expecting an increase in insolvency and restructuring related disputes as the moratorium rolls off and the number of insolvency events increases in global markets. We expect an increase in the resolution of LCM's mature portfolios in the near future and into the medium future. We are building out the capacity that we've got here in our London office so that we can really take advantage of the opportunities and the increased opportunities which we are seeing moving forward. We are looking into the second half of this financial year, and beyond that, we're seeing great opportunity for LCM. That concludes the presentation. We might move on to any questions that we have. That's great. Thank you very much indeed for your presentation. Ladies and gentlemen, please do continue to submit your questions using the Q&A tab situated on the right-hand corner of your screen. We just want the company to take a few moments to review those questions submitted already. I'd like to remind you that a recording of this presentation, along with a copy of the slides, can be accessed via your Investor Meet Company dashboard. Ladies and gentlemen, thank you very much indeed. I can see a number of questions submitted by investors today, so thank you for your engagement. If I may hand back to Simon, and I believe, Simon, you're going to moderate that Q&A. Thank you very much indeed. Thanks, Mark. First question. Your core competence is clearly the assessment of cases. Given that you're a growing business, how can you guard against the deterioration in the quality of decision-making about which cases to fund? Specifically, a couple of bad decisions to fund very large cases could be a real drag on profits. I think the way that I would address the answer to that question is, first, when you look at the construction of the portfolios that LCM has, whether it be its direct investments or Fund I portfolio or Fund II portfolio, we guard against concentration risk in respect of any single investment. What we're looking for is diversity, and we're building that portfolio to ensure that any single one investment does not dominate and does not create concentration risk associated with that. The second way I would answer that question is to say that the way we guard against a deterioration in performance is through discipline. You know, I think if you look at LCM's track record over the last 11.5 years, it's remained remarkably strong and within a really tight band. Even if you sort of break that down into 3-year rolling periods, representative of roughly the life of these investments, interestingly, what you're seeing is you're seeing an increase in performance in the last sort of 3-year period. These are metrics which we tend to publish to the market at the end of each financial year, as distinct from the interim period. We're seeing actually an increase in our performance rather than a deterioration. The final point I'd make in answer to that is, you know, we've been asked the same question. We moved into the public markets in 2016. We were asked exactly the same question then. As we've moved forward to 2023, we're still performing in terms of our investments at a very similar level. There's been a couple of questions about one of your peer group in Australia, Omni Bridgeway. They recently reported results which showed much lower return on invested capital and internal rates of return on their funds compared to what they were doing when they were just investing from their balance sheet. As you pursue the same strategy of moving into third-party funds, what are you doing differently to ensure a more positive outcome for shareholders? Look, I think the way I'd answer that is in a similar way to the way I answered the previous question, which is, you know, we are approaching the process of underwriting risk and undertaking a rigorous due diligence process in determining which investments to participate and which not, in precisely the same way as we have done historically, and that's how we've generated the track record we've generated. Now, if we just look at the Carillion matter, for example, that is our first resolution in terms of Fund I, and it is, as a standalone investment, produced remarkably similar characteristics and return metrics than what we have in respect of every other investment which we've concluded during the last 11.5 years. We have an expectation that those performance metrics will stay in some way commensurate with that moving forward. There are a few questions on this issue too. If realizations, remain quite slow, do you foresee any additional cash flow needs in the coming years in order to meet the 25% co-investment requirement on third-party funds? Obviously, LCM's cash flow and future demands with respect to balance sheet capital is something that we monitor regularly, consistently, and in a really conservative fashion. We have modeled out our expectations with respect to returns for the life of balance of Fund I and into Fund II. We're starting to see resolutions in respect to Fund I that matters already, and we're very confident that we have sufficient capital to meet our requirements, not only in terms of operating expenses, but our 25% capital contribution towards that moving forward. Now, if we look out beyond that into sort of Fund III and Fund IV, the executives of LCM will look really carefully at what our capital needs are, and we'll look across the board at whether, you know, it's appropriate for us to think about whether the 25% contribution is the right number, but also look at all sorts of other capital which might be available to us as well. The final point I'd make is, you know, LCM's business has a remarkable ability to generate organic capital. You can see that in terms of the return metrics. It does really, beyond any other business, have a remarkable ability to generate organic capital. Thank you. What can you do about key man or key woman risk, given how much emphasis you place on the ability and expertise of your team? Look, I think in relation to key man risk, it's. The answer is somewhat similar to performance. We got asked similar questions when we went to the public markets, albeit in Australia in 2016. If I think about what we've achieved in diversifying the investment managers across the period of time between 2016 to now, we are a very much more robust company with very many more experienced people inside LCM at a senior level that could step up and fulfill a role, a role of leadership inside LCM. It's something that we are focused up on, it's something the board considers on a regular basis, and it's something that we are always conscious of building into as we increase the scale and size of the business. Little more granular question here. In the recent Australian class action when the return on invested capital was only 70%, which is lower than your historical averages. Given that this claim was quite old, how do you square that with the view that if settlement timings lengthen, returns are generally improved due to the rise in multiple? The one area in which returns are not increased over time is in class actions in the Australian market. Class actions, the returns that a funder receives with respect to taking on the risk of that class action together with providing the capital source is controlled by the court. In respect of LCM's investments, they don't all exhibit exactly the same return profiles. Some of these, such as this one, took longer than expected. It suffered delays as a consequence of COVID. Compared to other asset classes, it's still showing remarkably good return characteristics. Really importantly, it's despite being delayed as a consequence of COVID, it is something that was sort of brought to a successful resolution and has provided a liquidity event for LCM's equity investors. I don't think that we should or investors should think about investments moving forward as having similar characteristics to that. Indeed, the performance metrics, if you block them out into three-year running totals, suggest the complete opposite. Thanks. There's a few questions which I'm going to aggregate on shareholder returns versus reinvestment. Could you perhaps say a few words about whether you'd ever consider stock buybacks and whether you have a plan to implement a dividend policy? I think, these are matters obviously, for LCM's board. LCM's board is very conscious of giving considerations to capital allocation. It's something that we talk about regularly. Certainly we as a board give consideration to whether a share buyback is a prudent thing and the timing in respect to that and Other uses for LCM's capital. In a very similar way, we're continually thinking about, dividend and declaring dividends. That is very much part of what LCM and its board is considering together with other capital tools. Are you concerned that some resolutions are taking longer than your historic average, and is there anything you can do about it? Yeah. I think if you look at LCM's business, and the way we recognize revenue, I think perhaps one of the things that has created the most concern amongst investors is the effect of delays in terms of timing with respect to liquidity events in these investments. I can say, as a manager of this business, that's not something that I'm as focused upon as investors are. This is something over which LCM does not have control, the resolution of these investments is either brought about through a commercial negotiation of the parties to the dispute, or alternatively, being adjudicated by the court. Now, most of our investments, with the exception of Australian class actions, the returns are protected by rising multiples over time tends to enhance the performance of those investments. If we look at the granular detail in respect to the life of these investments, which we published at the end of last year, for the prior 11 years, you're seeing great diversity in terms of the length of time these investments take to achieve a liquidity event. Other than being highly focused on ensuring that we have sufficient capital for our OpEx and to continue investing, I'm very much less concerned about whether an investment falls on one side or other of the end of a financial period. It's not something that we can control, and it's not something that either the parties to that dispute or a judge would ever have regard to in terms of bringing about a resolution. When I look at the progress of our portfolio as a whole, we've generated tremendous value in that portfolio as it advances towards a liquidity event, that's probably something that's not as well reflected, given our revenue recognition, as perhaps we could achieve. Question on OpEx. How has this moved over the period, actual numbers, and what's behind the move? We do maintain a very disciplined approach, despite being in the growth phase of this business, a very disciplined approach towards how we allocate resource and how we manage OpEx. You'll see from the breakdown provided, whereby we provide a breakdown of LCM versus fund and a consolidated view that OpEx has in fact come down on the prior period. We broadly remain in line with the prior period when it comes to operating expenses. However, there has been an uptick in costs overall because of the finance charges associated with the Northleaf facility, and there are some additional costs that were incurred in raising the second fund, but broadly we do maintain quite a disciplined approach towards costs. Should we anticipate that the second half of the year will be similar to what we've seen in the first half? Certainly, in terms of OpEx, we should expect that. We're not expecting that overall OpEx in terms of this financial year compared to the previous financial year is going to move anything more than marginally. You know, in terms of the second portion of this financial year, you know, we look forward to more resolutions of our investments and liquidity events. It already looks different as a result of the two resolutions post balance sheet. Do you have a timeline for launch of Fund III and Fund IV, any indication on potential size? In terms of size, I don't think we have yet settled on a size with respect to Fund III. I mean, if we look at our Fund I, we started off at $150 million. Fund II, $300 million. You know, perhaps we'll be looking at the sort of half a billion mark or slightly above that in respect to Fund III. Very much depend upon commitments and how quickly we commit Fund III. As you can see from our performance, key performance metrics, you know, we've had the most buoyant or successful period in respect of commitments in the period leading up to 31 December. If that continues, which market conditions would suggest it would, we are probably looking at about 12 to 18 months before we launch our fundraising activities for Fund III. Could you talk about the factors influencing the timeframe for case resolutions? Specifically, has the post-COVID backlog and bottleneck, is that clearing in courts globally? Yeah, definitely. I think when you look at the disruption in terms of COVID, any investment that we have entered into, probably for about a period 18 months leading up to the beginning of COVID, which was essentially the beginning of 2020, right through to the end of COVID and a little bit beyond, all of those investments will be in some way or rather affected or elongated in terms of time. It's not just a matter of bottlenecks through the court system or the arbitral process. It's also availability of experts and a whole myriad of factors which have all sort of contributed towards the elongation of time in respect of those investments. I should say, in terms of the way I think about this business, and I think about the progression of those investments, as a manager and someone who's worked in this industry, for, you know, north of 20 years, I'm very much more less concerned than the market more widely about delays in those investments. In your Carillion case study, there's a performance fee of $3.2 million. Is that certain or could it be clawed back? The fund itself does have the ability not so much to clawback, but we get distributed our performance fee on an investment-by-investment basis. Unlike some of our peers whose funds are very much backended, we have Every time an investment crystallizes or we have a liquidity event, there's a distribution of capital and LCM gets paid its performance fees. In circumstances where there needs to be a square-up or a clawback, it happens pretty quickly in respect of the next distribution event. As your expected duration of investments has increased, do you have any contractual mechanisms in place to protect against IRR dilution and inflation going forward? The way that these transactions are structured between us and the funded party, they're typically structured on the basis of a rising multiple or a rising percentage over time. There are limited exceptions to that. One of those is class actions in the Australian jurisdiction. Other than that, we have, you know. The performance of those investments is pegged to a rising multiple of our invested capital or an increased percentage over a period of time. Final question, I'm afraid. We've almost run out of time. This one's quite a general one. How will the current volatility in the markets and the failure of SVB impact LCM? No direct impact upon us. We certainly didn't bank with that institution, so there's no direct investment. I think that, you know, the failure of that bank really is symptomatic of pressures which are running right across markets globally at present. I think what we probably expect to see is a very much increased number of insolvency event failures, bankruptcies, restructurings, and what have you. Those types of activities, and in particular Silicon Valley Bank, will lead to an enormous amount of litigation. There's no question that there will be, in terms of the fallout of that across multiple jurisdictions across the world, there'll be an increased number of disputes as between people who banked with it, as between insolvency practitioners and the like. Our industry, and in particular LCM, will be exposed to those. On a wider basis, we would expect to see when you have instability, uncertainty in global markets, an increased demand for our capital. I think, you know, it's probably not a bad segue into, you know, what we look at, you know, moving forward, is, you know, increased number of opportunities for us to invest and, you know, being able to put that, you know, capital which we've got in our funds management business to work and leverage the returns for our equity investors moving forward. That's great. Simon, Patrick, Mary, thank you very much indeed for addressing those questions you can. From investors and of course, for all the questions that we haven't got through, we'll make those available, post today's presentation. Patrick, I know investor feedback will be particularly important to you and to Mary and to the company, and I'll shortly redirect those on the call to give you their thoughts and expectations. Before doing so, I wonder if I may, Patrick, just ask you for a few closing comments. Look, as I said before, I can't add any more to the fact that market conditions are really conducive to LCM's business. We're building out our capacity in the jurisdictions we operate, and we've increased the amount of capital we have available for us to take advantage of those opportunities. We are feeling very, very positive about the second half of this financial year and moving forward from that. That's great. Patrick, Mary, thank you once again for updating investors this afternoon. Ladies and gentlemen, please could I ask you not to close this session as we'll now automatically redirect you for the opportunity to provide your feedback in order that the company can better understand your views and expectations. This'll only take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team of Litigation Capital Management Limited, we'd like to thank you for attending today's presentation and may I wish you all a very good afternoon.