Good morning, everyone. Thank you very much for joining us. On the call today are David Schwimmer, Group CEO, and Anna Manz, the Group CFO. After an introduction from David, Anna will walk through our H1 results in detail. David will then share some additional insights into our business performance before we open the lines for Q&A. You can submit written questions via the link on this webcast. To ask questions in person, you will need to be dialed in on one of the numbers provided in our release this morning. With that, let me hand you over to David Schwimmer. Thanks, Paul. Good morning, everyone. Let's start on slide three. LSEG has delivered a good financial performance in the first half of the year, reflecting strong revenue growth across all divisions. Six months after our acquisition of Refinitiv, we're making great progress integrating the business and delivering on our operating and financial targets. We are ahead of where we expected to be. Our cost synergy program is ahead of plan, and we're raising our full-year target for cost synergies up from GBP 88 million - GBP 125 million. We also remain confident in achieving the other financial targets that we have previously set out. We're making excellent progress on the integration as we execute across a number of workstreams to deliver the strategic and financial benefits of the transaction. We completed the disposal of Borsa Italiana to Euronext Group, and our high-caliber management team is in place and working well together. In addition to all the operational progress, integrating systems, and building new products and capabilities, we have also rolled out a leadership culture and integration program to align the broader team, and that's going very well. Turning to slide four. My three priorities are integrating our business, driving growth, and building an efficient and scalable platform. I will regularly update you as we execute on these priorities over the coming years. With our diverse world-class assets in a number of growing markets, LSEG is well-positioned to capitalize on the trends driving change across our industry. Our integration is enabling our customers to access data, trading tools, analytics, liquidity, and risk management across the financial markets, and at scale around the world. We are improving how we execute across the business in sales, in operations, in technology, among other areas. We're making significant but targeted investments in projects that enhance our customer offering and deliver a more scalable and efficient business, particularly in Data & Analytics. This will support our revenue growth and lead to further operating margin improvement. I'll talk in more detail about the performance and the opportunities across our three core operating divisions, but first, let me hand over to Anna to talk through our first half financial performance. Thanks, David. Good morning. Turning to slide six, we've delivered a good first half financial performance. We are making great progress on integrating our business and on delivering on our financial targets. All divisions demonstrated good revenue growth. Our cost synergy program is ahead of plan at the half year, and we're on track against both our cost and CapEx guidance. We're confident in the delivery of our acquisition financial targets, and we're embedding a disciplined and rigorous performance management approach across the group as we drive execution. In summary, it's been a good first half. Let's look at it in more detail, starting on slide seven. Throughout, I'm going to talk to constant currency pro forma performance, excluding the impact of the deferred revenue accounting adjustment, as it gives you the best understanding of our underlying performance. This slide highlights the key results and our financial performance in the half. I won't read all the numbers, but you can see we've delivered good results across a range of measures. There's three things I'd like to pick out. Revenue growth of 4.6% and 5.5% in the second quarter. A big reduction in net debt -to -EBITDA leverage to 2.2 x on the back of the disposal of Borsa Italiana and t he dividend. Our policy remains unchanged, we've announced an interim dividend of GBP 0.25 per share, a 7% increase on last year. Let me take you through the drivers of our performance, starting with the top line, turning to slide eight. Overall, we've delivered high-quality top-line growth. Currency moved against us in the first half. Looking through that, our total income, excluding recoveries, rose 4.6%. The majority of this growth is in subscription revenues driven by Data & Analytics. Our transaction revenue growth was also of high quality, with strong performance at Tradeweb and strong growth in RepoClear. As we expected, Net Treasury Income was impacted by an exceptional COVID-related year-over-year comparison. Overall, we're seeing good growth driven by supportive market trends and the actions that we're taking to better meet our customers' needs. Slide nine looks at that growth on a divisional basis. Our income is high quality, with 66% recurring revenue, the growth in the half is broad-based. Data & Analytics grew 4.8%, we saw an acceleration in revenues over the period, with Q2 growth of 5.1%. This is a result of the changes that we're making. Capital markets also delivered a strong performance with 9.6% growth, excluding NTI, our post-trade business grew by 8.4%. I'm pleased with both our performance and the quality of our revenues, which remains very high. Before I walk through the divisions, I wanted to flag that we're introducing a number of new KPIs. These are designed to better help you understand our business and its performance. Starting with Data & Analytics on Slide 10. We have broad-based momentum across the business. Data & Analytics generates revenues in three ways: through recurring subscriptions, revenues linked to asset values, and revenues linked to transaction volumes. We've color-coded the chart to make that clear. Performance has been driven by subscription revenues and asset values. Trading and banking revenues were flat overall. Banking grew 1.9% and trading declined slightly as the pace of decline in Eikon desktops slowed. Enterprise data grew 2.4%, with our pricing and reference service growing ahead of the market, and real-time data stabilizing with an improving outlook. Investment solutions continues to grow well at 8.4%, with index subscriptions growing 7.9% and the increasing value in assets under management driving asset-based growth of 18.2%. In wealth solutions, the transaction revenues from BETA declined as we lapped high volumes driven by COVID last year, and the rest of wealth grew well at 5.7%. Customer and third-party risk grew over 37%, and even removing the acquisition benefit from GIACT and Red Flag, it grew in the mid to high teens. A very pleasing and improving performance, reflecting good supporting market trends and the disciplined execution. The next slide shows KPIs for Data & Analytics. We show a KPI for each of the revenue types I described on the previous slide. I'm only going to touch on the new ones. Firstly, Annual Subscription Value, or ASV. This covers nearly 90% of Data & Analytics revenues. It's a constant currency measure giving the annualized value today of our subscription contract book against a year ago. You should compare it with our subscription revenue growth rate. It's higher, reflecting positive sales momentum. You'll recognize our ETF AUM metric, which relates to our asset-based revenues. We've added an ESG AUM metric, as this is both an area of strength and focus for us, and you can see it's grown by almost 200% to GBP 132 billion. Finally, we have a KPI which gives you transaction volumes in BETA. Turning to Capital markets. Capital markets delivered another strong performance, driven by good primary markets activity and Tradeweb's growth. U.K. equity ADV declined in the half against elevated trading last year. However, less volatile markets supported primary issuance. There were 75 in the first half, more than twice as many as last year. As a reminder, accounting treatment spreads that revenue recognition over several years. Revenues from our FX business declined by 0.8%. Although FX volumes rose 4%, mix was the primary factor here. We delivered good growth in our dealer-to-client platform, FXall, offset by weakness in dealer-to-dealer volumes on our Matching platform. We'll spend time on both of these businesses at our next investor event in October. Finally, fixed income and derivatives was driven by Tradeweb, where revenue increased 15%. This growth is driven by rates products, particularly derivatives, and growth in cash credit products, which generate a higher fee per million. Overall, a really strong combined performance. The next slide shows KPIs linked to capital markets performance. Again, I'll only touch on the new ones. FX ADV is a measure of volume traded, although this combines a number of FX products. The KPIs for Tradeweb will be familiar to those of you that follow the business. While there are a number of traded products through their platform, more than half of the revenue is linked to rates, either cash or derivatives. We are including cash credit as well, given it is driving strong growth. The increase in these measures in the first half reflects continuation of the growth in electronic trading plus market share gains. Let us look next at post-trade on slide 14. I have already highlighted the COVID-related dynamics driving exceptional NTI performance last year. Excluding this, the division grew by 8.4%. OTC derivative revenues rose 2.4%. Securities and reporting revenues rose 15.3%. This was driven by increased repo activity linked to European debt issuance and service expansion into new products, such as clearing green bonds. Non-cash collateral revenue increased 17.5% as customers posted more non-cash margin. The current levels of both NTI and non-cash collateral are a good indicator for the second half. On slide 15, you can see that we've introduced two new KPIs to help understand post-trade performance. Firstly, for SwapClear. The new metric is a client average 10-year notional equivalent. It's a measure of the size of our client portfolio, weighted for duration, and is more closely correlated to our revenues. It has increased in the period. The second new metric is average non-cash collateral. It provides a value of the non-cash margin held. We charge a fee on this collateral. I'll now turn to costs and investment, starting on slide 16. I want to give you an update on the key areas of costs, investment, and margin. Put simply, our cost, investment, and margin guidance is all unchanged. Our execution is on track, and our cost synergies are ahead. In a bit more detail, we're making great progress on cost synergies. We're ahead of plan after five months. The CapEx required to deliver our integration remains GBP 150 million in the year, and we're targeting full-year 5% cost growth in line with guidance. Cost growth will reduce after this to low -single digit in 2022 and 2023. We're on track to achieve our target 50% medium-term EBITDA margin. Guidance on ongoing CapEx is unchanged at GBP 650 million-GBP 700 million per annum. We've included a couple of slides in the appendix to help you with your modeling. We're making disciplined investment now, which will support delivery of our 50% margin target and drive further margin enhancement beyond our 50% target. Let's go to slide 17 to look at synergies. We've made good progress with the realization of our cost synergies. In the first half, we've delivered a run rate cost saving of GBP 77 million. This slide shows we have a clear plan for delivery, and we're executing well. We now expect full-year delivery of GBP 125 million of run rate savings, well ahead of the GBP 88 million guided. Let's turn to operating costs on slide 18. Guidance for OpEx is unchanged. On the back of our strong execution in the half, I want to pull out some key things. Our full-year cost growth target of 5% is unchanged, as the lower growth in the first half is largely phasing. Cost growth will drop to low -single digit in 2022 and 2023. We're on track for our 50% medium-term EBITDA margin target. The investments we're making and our execution progress means that we can deliver further margin expansion beyond the 50% after 2023. Let's unpack the drivers of our cost growth. First, this year, we have the full-year impact of acquisitions made by Refinitiv in late 2020. These drop away from next year. Second, we have higher costs as we replace old technology. We should get through this during 2023. Third, as we signaled before, there's costs associated with revenue synergies, such as new salespeople. This impacts the next two years. Fourth, normal cost inflation and higher levels of cost at Tradeweb supporting the expansion in that business. Finally, partially offsetting this are the cost savings. Net-net, guidance is unchanged, and our investments will create a sustainably better, more efficient, and resilient business with stronger margins. Slide 19 outlines our outlook on CapEx. The main point here is that ongoing CapEx is unchanged and steady at GBP 650 million-GBP 700 million. There will also be CapEx for synergy achievement. You can see the investments being made here are the ones that you've heard about from David and Andrea. They support revenue growth and create a more efficient and scalable business. In addition to the financial benefits, these projects also deliver the service our customers want, a reliable business that can adapt to their needs with agility. Our business is strongly cash generative, as you can see on slide 20. We've generated GBP 606 million of free cash flow whilst we've continued to invest in the projects to support growth and efficiency. Slide 21 summarizes our strong financing position. We've achieved a lot in the first half, including refinancing the group. Our blended cost of debt now stands at just 1.7%, with a weighted average maturity of six and a half years. Our credit ratings remain at pre-Refinitiv levels of A3 and A. Our leverage ratio has reduced to 2.2 x. We are comfortably on track to reaching our target ratio of 1x - 2 x. Slide 22 gives you guidance for this year, 2021. The headline is that our outlook is largely unchanged. At the full year, we said this year's revenue growth would be below 5% due to the tough prior year comps in some of our businesses. Against that backdrop, 4.6% growth in H1 is good. I've covered costs and synergies. Depreciation will be lower than guided at about GBP 790 million for the year. Net finance expense will be about GBP 205 million. The tax rate is expected to be 21.5% for this year, and within the 22%-24% range next year. In short, we expect to hit all of our financial targets. To finish on slide 23, we've delivered good first half results. We are executing well, and we are building a growing and more scalable business for the long term. With that, I'll pass over to David. Thanks, Anna. Let's turn to slide 25. Our capabilities across the broad range of customer workflows in the trading life cycle are driving many growth opportunities. The combination of a truly global footprint, multi-asset class capabilities, market-leading Data & Analytics, and a long track record of customer partnership positions us very well as a leading global financial markets infrastructure and data provider. Turning to slide 26. Financial markets infrastructure is a rapidly evolving sector. Our customers' needs are changing as they look for efficiency and simplicity with fewer but deeper partner relationships. We're delivering innovative products and services aligned to long-term industry trends, such as the digitization of markets, multi-asset class connectivity, the continued growth of passive investing and wealth management, as well as ongoing regulatory change. We have natural linkages among our businesses, and those linkages drive many opportunities. Our data businesses and our execution businesses are mutually reinforcing. Liquidity begets liquidity. Data begets data. Executions generate more data, and data leads to more trading, more execution. One example, we use our pricing and reference data in the construction of FTSE Russell's fixed income indices, and we are able to sell both the index and the corresponding reference data. We're applying the same approach to our ESG indices. Another example, we're exploring how our Post-Trade data can be used to help inform customers' pre-trade decisions. I'm really pleased with the early progress. We're creating new content, strengthening our sales and distribution channels, and serving our customers better. Over the next few slides, I'll provide more detail across Data & Analytics, Capital Markets, and Post-Trade. Starting with Data & Analytics on slide 27. Last month, we laid out how we're accelerating our performance to deliver revenue growth in D&A of 4%-6% per annum over the medium term. We're doing this through focusing on execution, bringing rigor to how we run our business day in and day out, enhancing the customer experience, driving value from the investment in Workspace and the data platform, and focusing on high-impact priorities, synergy delivery, and the benefits of our larger group. We're seeing progress across the five businesses within the division. A few examples. In trading and banking, we're seeing improving retention rates as a result of a greater focus on our customers. We've also begun the Workspace rollout for banking customers with positive early feedback. In investment solutions, FTSE Russell continues to increase its range of climate-related indices. We've launched 15 new fund products and 11 new analytics products in the first half. FTSE Russell continues to benefit from the growth of passive investing with more than GBP 1 trillion of ETF assets under management now benchmarked to its indices. In the integration of the GIACT and Red Flag acquisitions within customer and third-party risk significantly enhances the breadth and depth of our offering, helping customers navigate the complex risk and regulatory landscape. As you'll see from the right side of the slide, in the second half, we will continue to develop cross-selling opportunities between PRS and FTSE Russell. We'll extend the rollout of Workspace into our FX community. We'll incorporate Yield Book analytics into our desktop products and Workspace. In capital markets on slide 28. Our multi-asset class franchise is continuing to drive growth. London's attractiveness as a leading capital-raising venue is clear, with the highest number of IPOs in the first six months of the year since 2014, and the pipeline remains strong into the second half. In FX, we've introduced some new functionality on our venues. The ongoing buy-side shift from voice to electronic trading is also driving growth at FXall. Electronification of markets is also resulting in market share growth at Tradeweb, which saw a 22% increase in daily volumes to more than $1 trillion a day. As we look into the second half, we expect some constructive changes to U.K. listing rules to make sure our markets remain competitive. We are enhancing our issuer services offering, adding ESG content for our issuers. We will expand FX traders' access to clearing by building connectivity from FXall to LCH's ForexClear later this year. We will make progress on the migration of FX Matching to our LSEG technology platform, which will further improve the attractiveness of our client offering here as well. In post-trade, on slide 29, LCH remains the leading clearer of OTC products worldwide and is growing in the uncleared market with SwapAgent. 47 new clients started using SwapClear in the first half. ForexClear processed over $10 trillion in notional during the first half and is onboarding new clients ahead of Phase 5 of the uncleared margin rules in September. RepoClear grew strongly as it expanded its offering and cleared higher repo volumes arising from European debt issuance programs. In the second half of the year, the global transition to alternative reference rates remains a focus for LCH. RepoClear will extend its sponsored clearing model, meaning it can clear for the buy side in addition to banks for euro repo clearing. Turning to slide 30. Our comprehensive ESG offering is supporting the transition to a net zero carbon economy and is embedded throughout our business. We're going through a generational shift in capital markets. We're seeing the growing demand and benefiting from that growing demand for ESG content. Our customers are becoming more sophisticated and more demanding about the ESG content that they are looking for. They are increasingly looking to access the data underlying the ESG scores that various vendors provide. This trend really plays to our strengths as we supply the data and analysis underpinning many of those ESG scores. We have a core ESG content set going back over 20 years across more than 500 metrics for more than 10,000 companies. At the same time that we supply the data underpinning ESG investments and help customers to identify opportunities, our markets are driving growth of the green economy, enabling issuers to raise equity and fixed income securities that are aligned with the green economy and the transition. We also provide the tools to benchmark performance of ESG investments through a suite of climate-themed equity and fixed income indices, such as the FTSE TPI Climate Transition Index, the first global index to enable investors to align a broad equity portfolio with the climate transition goals of the Paris Agreement. Turning to slide 31. As a group, we try to take a leadership role in our approach to sustainability and environmental stewardship through our own operations, and we're consistently ranked towards the top of ESG ratings within our peer group. In February, we became the first global exchange to commit to net zero, becoming a member of the UN's Race to Zero campaign. Our ambitious targets have been approved by the Science Based Targets initiative, and we've established an environmental management group to ensure we deliver on our targets and drive continued performance improvement. In summary, on slide 32, we've delivered a good financial performance with strong revenue growth across all divisions. We're making excellent progress on the integration and the synergies program as we execute across a number of work streams to deliver the strategic and financial benefits of the Refinitiv transaction. Our powerful combination of world-class assets, unique positioning in large and growing markets, and a long track record of customer partnership enables us to build on our strengths, creating an integrated business that is much more than the sum of the parts. I'm excited by the multiple opportunities, and I look forward to providing further updates on our progress during the remainder of the year. Anna and I will now be pleased to take any questions you may have. Great. Thank you, David. As David's just said, we're now into the Q&A section of the presentation. Just as a reminder, we can take questions either in written form or over the phone lines. We have got some written questions that have come in during the presentation. We'll go to those ones first. We'll open to the phone lines after that. The first question is: Financial markets and technology have changed a lot since you first announced the acquisition of Refinitiv in 2019. You've now owned the business for six months. Does this change the way you think about the strategy or the opportunities? Thanks, Paul. The strategic rationale for this transaction, if anything, feels more compelling now than it did when we announced the transaction two years ago. The demand for Data & Analytics has continued to grow. The continuing electronification of trading across multiple asset classes, we're seeing that. Our strategy of creating a global multi-asset class financial markets infrastructure and data provider, as I said, it feels more compelling today than it might have even felt two years ago. In terms of our understanding of the business, we had spent a lot of time with Refinitiv before we closed the transaction. We had spent a lot of time with the Refinitiv shareholders. There haven't really been any surprises as we've been executing over the past six months, and I must say, I'm really pleased with how we've been delivering on that execution. Today's results really point to that. We've gotten a lot done in the first half. We're making really good progress. We've got plenty more to do, but I'm excited about the execution path going forward. We are making a more efficient, faster-growing, more scalable business with a lot of opportunities ahead. Thanks, David. The next question is on costs, and it is, can you explain why you still expect 5% cost growth for the full year? Why does this 5% expense growth then become low -single digit in the two years after, 2022 and 2023? Thanks, Paul. Let me just start by saying I'm really pleased with our execution on cost in the first half, and the progress that we've made out of the gate on the cost synergies. In terms of your question, you're right, the guidance is unchanged, 5% growth this year, low -single digit in 2022 and 2023. Our 50% EBITDA margin target is also unchanged, and we've said that we can go further than that beyond 2023. We've got good visibility of the drivers that underpin those cost changes, so maybe if I unpack them a little bit for you. Firstly, in 2021, we've got the impact of the annualization of the acquisitions that Refinitiv did at the end of 2020. Secondly, we've got the impact of some incremental tech costs. This is associated with the modernization of some of our older systems and is a combination of some higher costs associated with support of those systems and higher data costs as we work to improve the efficiency of our infrastructure, and also a level of dual running costs as we move to the cloud. I'm absolutely confident that the investments that we are making, which between now and 2023, we'll see that those costs gradually fall during that period. The third reason is that we're seeing some increase in OpEx as we invest in some additional salespeople in support of our revenue synergies. We'll see some ramp-up of that this year and over the next couple of years. We've got ongoing cost growth, of course, as you would expect, and a higher level in Tradeweb in support of their faster revenue growth. We've got the benefit of the synergies coming through. If you take that all together, that's 5% growth this year, dropping to low -single digits in 2022 and 2023. Just a last point, in terms of the phasing with respect to 2021, I'd largely look at that as a phasing issue and look through it. Combination of things, ramp-up of COVID-related costs in the second half, and the phasing of some of those tech costs coming through. Hope that helps. Great. Thanks, Anna. The next one looks at revenues. You delivered 4.6% revenue growth in H1. Do you expect to be within the 5%-7% target for H2? That's correct. We had a 4.6% revenue growth in H1 and 5.5% in the second quarter, so a solid acceleration there. Given that about 2/3 of our revenues are recurring subscriptions, we expect to see some persistence, some continuation of that solid trajectory into the second half. However, the second half, we've got some comparables to last year, where there were some significant volumes around the period where vaccines were being perceived to be successful, some of the U.S. election news, et cetera. Not going to give any change in our guidance for the remaining five months of this year. The 5%-7% revenue CAGR that we've put out there for future years, that is the right range, and we feel we're very well-positioned, both in terms of what we're doing with our business, but also in terms of the positioning of the business to take advantage of some of these large structural changes and drivers across the industry. We feel very good about that. We feel good about that range. Great. Thank you. We've got a question in multipart as the next one. Let me break it down into individual questions, and we'll go to each in turn. This is from Haley at Credit Suisse. The first question is on cost synergies. You've raised the 2021 run rate from GBP 88 million -GBP 125 million, yet no change to the total GBP 350 million target. The increase in 2021, is that simply due to a faster achievement, or are you finding some additional sources of synergies in the near term? Thanks for that, Paul. Our guidance for synergy delivery is unchanged around GBP 350 million in total, and actually, we haven't changed the phasing, so we expect to deliver 70% of that by 2023. You're right, we've started out of the gate really well. I'm really pleased with our progress in the first half. We're outperforming at the full year. The way I think about this is we're six months into what is a five-year integration plan that we've laid out. We started really well, no change to guidance at this stage. Right. Thank you. The next part of the question is on revenue growth. Good, there's an acknowledgement for the improved quarterly revenue disclosures. Thank you, Haley. Is there any beneficial impact in the rollout of Workspace on the Q2 revenues versus Q1? Is this something we really expect to see in Q3 and Q4 this year? Thanks for that question. I think the way you should think about the rollout of Workspace, these are multi-year migrations, and across a number of different customers. You shouldn't expect to see a meaningful impact on revenue or revenue growth in quarter this year, in the second half of this year. That, as I said, multi-year migrations across a number of customers. Okay. Right. We're going to move on to CapEx as part of the question. Can you clarify the CapEx guidance, in particular, you're saying it's going to taper after 2023. Is there any guidance you can give beyond that, either as a ratio or some directional numbers? Our CapEx guidance is GBP 650 million -GBP 700 million of ongoing CapEx for 2021, 2022, and 2023. Beyond that, we've said it will reduce. I'm not going to give a number as to what to. The CapEx that we're spending over this period is the CapEx that we need to deliver the transformation that you've heard David and Andrea lay out, and it will deliver that incremental sustainable growth in our revenues, and it will allow us to ensure that our platform is more scalable and reliable going forward. It's actually why I'm confident to look to a further margin expansion beyond 2023. No, I'm not going to give you a number, I'm afraid. Okay. There's a little bit more detailed questions around the actual numbers, so Haley will take that offline. On slide 37, GBP 730 million of cost to achieve, of which 30% is CapEx. The question here is, does this mean that actually we're going through most of the CapEx spend in the first year, about GBP 150 million, and then the remainder for 2022? Yeah, that's exactly right. Our total cost to achieve is GBP 730 million. We've said 30% of that is CapEx. That gets you to about GBP 220 million. We're planning to spend GBP 150 million this year. You can see that we will be spending the rest sooner rather than later. Weighted to 2022 rather than 2023. Okay. Just one last part of the question, this is the last of the written questions so far, because after this, we'll go to the phone lines. The last part of the question, I think it's quite straightforward, is about clarifying depreciation guidance of the GBP 790 million. Is this constant currency? That's easy. Yes, it is. Great. With that, we can now turn it over to the operator, and we can open up the phone lines, please. Absolutely, everyone your question answer session is now open. To ask a question on the audio line, please press star and one on your telephone now. If you then decide to withdraw your question, simply press star two. More questions will be answered in the order receipt and you will be advised when to ask your question. All other lines remain on listen only. Once again if you have a question, please press star and one. Our first question is coming from Ian White. You are now live sir. Hi. Morning. Thanks for taking my questions. Three from me, please. Just firstly on cost synergies, what exactly has driven the outperformance you're seeing there in the first half, please? The savings achieved are obviously meaningfully better than your guidance suggested just five months ago. Second, thanks for the disclosures on slide 18. If I've understood correctly, it seems that a number of cost growth drivers will abate from 2023. Obviously the synergy savings will continue for a while longer. Do you therefore think we should be expecting an overall rate of cost growth below low -single digit beyond 2023, please? Just a final one, please, on net finance costs. Are there any significant one-offs that are not being adjusted out in the first half? I think your guidance implies quite a sharp fall in the run rate expense there in 2H. I'm basically wondering if that 2H run rate is what we should be using as a baseline for 2022 expectations, please. Thank you. Do you want me to have a go at those? The first one, cost synergies, what's driven the outperformance? We have a really clear plan around cost synergies, and you saw us share some of the detail of that with respect to the properties that we are consolidating, the consolidation duplication of roles, the procurement contracts, the data colos that we're consolidating. What we've done effectively is execute on that better and faster across the board. There's not one thing that has driven an outperformance in cost synergies. Actually, I find that quite pleasing because that says that out of the gate, across the board, we've just done incrementally better on all the things that we had laid out in our plan. Cost beyond 2023. I'm not going to guide on cost growth beyond 2023 just because it's a long way away and there's a lot of moving parts. I think I've laid out the drivers of our cost base, and you're right, there will be some incremental synergy benefit beyond then. I am guiding to margin expansion as we look to incrementally make our business more scalable. I'm not going to give you an exact number on that, I'm afraid. Net finance costs. You're right. The first half has got some bridge costs in it. The second half is a more representative run rate as we look forward to next year. Ian, I think that answers your questions. Shall we move to the next question in the queue, please? Our next question is coming from Philip Middleton. You are now live. Yeah. Thanks very much for the presentation and the added disclosure. I wonder if we could please come back to slide 18. You set out five different items here, which is very helpful, but we don't know the quantum of any of these. How much, how big are the blocks of dual running costs, revenue synergy, operating costs, and such like, that you expect to drop away after 2023? If that's GBP 1, it doesn't matter. If that's GBP 100 million, it does matter. How big are these? I'm not going to quantify them individually for you, albeit you've got some data around a good number of them actually, to allow you to work your way through modeling that, the synergy cost, the acquisition cost, for example. They wouldn't be on the slide unless they were material enough to be driving our cost base. The most important thing, though, is taken in aggregate, the visibility that we have on these costs underpins the guidance that we've given you, which is 5% for this year, dropping to low -single digits for the next couple of years. As I say, I do feel that we have good visibility on our cost base, and the first half gives me a lot of confidence around our execution and control of that. Okay. Thank you, Philip. Shall we move on to the next question, please? Our next question is coming from Bruce Hamilton. You are now live. Thanks very much for the slides, et cetera. Three questions, if I may. Firstly, just on the progress on net debt deleveraging, and thinking about possible sort of M&A opportunities from here. Could you outline which sort of areas look quite interesting? Should we be thinking third-party risk, that the industry is quite fragmented there? Are there other parts within data where there could be opportunities for bolt-ons? How do we think about that sort of capital management as we move to 2022 and beyond? Secondly, on the growth in ESG AUM, 187%, obviously, that's fairly impressive. How much of that is sort of new client wins versus presumably some is reclassification? Maybe just looking forward, how do we think about the pipeline of business wins and how to think about growth in that asset base going forward? Finally, just quickly on the latest on the EU/U.K. discussions around equivalence, which obviously is okay until the middle of next year, but hopefully we need a decision by then. Thank you. Thanks, Bruce. Let me take you to those in turn. On the net debt deleveraging, you're absolutely right. We've made good progress on that. We announced today that we've brought it down to 2.2 x. We are continuing to focus on bringing our leverage down, and we are continuing to focus on our integration. Those are our priority areas. We want to get the leverage down to that 1x-2 x net debt -to- EBITDA target range. Might we consider bolt-on opportunities as you suggested? Potentially, our focus at this point is really on bringing the leverage down and on the integration. If we were to do any bolt-ons, it would be opportunities that meet our financial criteria and meet our strategic criteria. I'm not going to speculate on anything that we might do. At this point, I would say we have a lot of great organic growth opportunities within our business. We're investing in those. If anything to do on the inorganic front, it would be consistent with what we've done in the past, which has been some very strong, I'll say shrewd M&A that has fit our strategic and financial criteria. On the ESG question. First, I should just point out that that data comes from year-end 2020, and we've seen significant progress since then in terms of additional customer wins and moves into that area. I don't think that I would classify it, I think you used the word as reclassifications. I think these are AUM that are affiliated with ESG index products. I wouldn't put anything in the category of reclassifications. We've already had some wins in the first half of this year in that area and expect to see continued strong growth in that. We're seeing that across the business, not just in terms of index products, but in terms of our core data set, in terms of our issuance platform, et cetera. Third question on EU equivalence. I would say no real update there at this point. We continue to engage with the stakeholders in the EU, whether that's the European Commission, ESMA, the European Central Bank, and of course, our many members and clients across the EU who rely on LCH for their clearing, and who have been pretty vocal about the fact that they don't want to see a fragmentation of liquidity pools. They don't want to lose access to the ability to net their positions across one clearing house. We are optimistic and hopeful that there will be a clear, clean resolution and a granting of permanent recognition, in advance of next year's It's the June 2022 deadline for this round of temporary recognition. I don't have anything further to add than that. Thank you. Thanks, Bruce. There are no further written questions, so we're going to stay with the phone lines for now. Can we have the next question, please? Absolutely. Our next question is coming from Andrew Keen. You are now live. Please go ahead. Good morning. Two questions from me, please. Firstly, just returning to slide 18. I just want to clarify the guidance on the EBITDA margin. Previously, I think you'd always say this is a medium-term target. I think you've now nailed your colors to the mast. I think you said 2023 in your earlier commentary. Could you just clarify, is that 2023 for the full year, or is that the exit run rate for 2023, given the previous commentary on synergy recognition has been on the exit run rate timing? That'd be the first question. Second question is return to Data & Analytics. I think the wealth you explained with the weaker BETA revenues. I just wanted to come back to enterprise data. That's a business that had been growing 4%-5%, growing 2.5% year-on-year. A bit below the historic run rate. I know the real-time data's been a bit soft. Could you just elaborate there where you think the step change will come through in enterprise data, and why it's been a bit softer in the first half? Do you want to do the EBITDA margin? Sure. The guidance, we absolutely have nailed our colors to the mast around 2023. It's an exit run rate figure, but of course, we target getting there as quickly as possible. Do you want to do the enterprise data? Sure. With respect to enterprise data, as we spent some time on this a month ago in our investor education event, you have the real-time data in there, and then the non-real-time, or the pricing and reference data in there. We have seen attractive growth in the pricing and reference data in the sort of 6%+ zone. In terms of the real-time, as we mentioned a month ago, there have been some very aggressive competitive pricing dynamics in that space, where some of our competitors were effectively trying to, I'll say, buy that business from customers. We have both stabilized that, and the outlook is significantly improving. In fact, we're seeing some customers return, given their, I'll call it their preference for our services. We're continuing to invest in both parts of enterprise data, the real-time and the pricing and reference. We think that that has attractive prospects going forward. Thanks. Thanks, David. Thank you, Andrew, for the questions. Sticking with the phone lines, we'll go to the next one, please. The next question is coming from Kyle Voigt. You are now live. Hi. Good morning. A few questions from me. First on cost synergy realization. It's good to see those cost synergies coming in faster than expected. If there's been an acceleration in the synergy realization in both 1H and 2H of this year, I'm just wondering why that's not flowing through into a change in that +5% cost guidance for the full year. That's the first question. Second question. You noted there was a slowing decline in the Eikon Premium desktop. I guess, do you think you have a clear line of sight to fully stopping that decline? The third question is just related to something that was said in the prepared remarks on Data & Analytics growth accelerating in 2Q versus 1Q. You specifically cited that this is due to changes that you're making. Can you just go into that a bit more or give examples of what you've seen in 2Q specifically as a result of your actions that are beginning to have an impact? Thank you. Sure. You want to take the cost synergy? The first one on cost synergy and why we don't see the guidance change. I guess a couple of points. The number we're quoting for cost synergies is a run rate number. And so is the value of the synergies we've achieved at the end of the year. It does give us a P&L benefit in year, but not as great as the absolute run rate step-up. Look, why is our guidance unchanged? Because the impact of that is not huge, and because we're going a little bit faster on modernizing some of our tech, because that will give us a more scalable, more efficient business going forwards. Really, I think this is about great execution in our cost base, and I mean that in two ways. Firstly, in discipline and focus around the delivery of our synergies. Secondly, about tackling some of these areas where we can make our cost base more efficient going forward. On your other two questions with respect to Eikon Premium desktop. Correct, slowing decline there, I would attribute that to greater focus both on the customers using it and improving our retention rates, as well as continued investment in the product and the capabilities. That will include, over time, as we roll out other products, other capabilities, and over time as well, Workspace. On the question around specifics on what we're doing in terms of driving some of the growth in Data & Analytics, I would say a lot of this is about better execution. It's about real focus with respect to our sales team, real focus, execution, and discipline with respect to our customer service team and focusing on customer retention. There's continued investment in new product areas. Just to give you one example of that, we are seeing good take-up in terms of the various IBOR replacement products. A number of different areas where we're focused on sales discipline, sales execution, customer retention execution, and then making sure that we continue to invest in our content. Okay. Thank you for the question there, Kyle. I think we've got four more left in the queue. If we go to the next one, please. Our next question is coming from Arnaud Giblat. You are now live. Yeah, good morning. It's Arnaud Giblat here from Exane. If I can go back to slide 18. Three of your bigger gray arrows fall off in 2023, and you only have cost synergies and ongoing costs from that. On the synergy side, if you're at 70% achieved, that means you've got about GBP 80 million of synergies still to come through. Put that against inflation, it seems that you're implying a guidance of flattish costs from 2023 onwards. I was just wanting to check if that reasoning was right. My second question is, post-Refinitiv, obviously the profile of the company has changed a lot. With your U.S. peers on the data side, having more appetite for financial leverage, I'm just wondering what it'll take for you to have or if you could come to a different view in terms of target leverage at 1x- 2 x net debt -to -EBITDA. My final question is on LCH. I think you had a pricing cycle just under two years ago, and there could be one coming due. Could you give us a bit more color on that? Thank you. Thanks, Arnaud. Why don't you take the first question and I'll take the next two? Slide 18. Yes. My favorite slide. Your reasoning around 2023. I'm not going to guide, as I've said, for 2024 and beyond. Yes, there is some further synergy to come through. I'll let you work that through from the phasings that we've shared with you. We've shared with you that there is a level of ongoing cost increase, and we've shared with you that if Tradeweb are continuing to grow at the level that they're growing, that their cost growth will be faster than our level of ongoing cost increase. I'll let you put those pieces together to give you a sense. Of course, there's many things that can change between now and 2024, and I'm not going to guide at that point. On your second question around whether we have more appetite for financial leverage. I think we've been pretty clear about this from the announcement of the transaction, that we are looking to bring our leverage down to our 1x-2 x net debt -to -EBITDA target zone. That's the commitment that we've made to the market. It's the commitment we've made to our rating agencies, and that's what we're doing. I think we clearly understand we have a very diversified business model, with a lot of recurring revenues. We think it's a very attractive business model. At this point, we're focused on bringing the leverage down to that target zone. On your third question around the LCH pricing cycle. Nothing material that is on the agenda at this point other than LCH continues to perform really well across the different businesses. We've seen continued growth in SwapClear. As I mentioned earlier, we have 47 new clients signing up in this first half, which is great to see. ForexClear, we expect to see more onboarding of clients as we get into September with the fifth tranche of the uncleared margin rule. Strong performance by RepoClear this past half. That was due both to expansion of our product offering as well as growth of the overall market with the issuance of incremental debt in the Euro market. I should just also point out, we just announced yesterday that with respect to repos in the Euro market, we are introducing client clearing, which is another attractive growth opportunity there. In the uncleared space, SwapAgent continues to do well. Continued growth in many different asset classes in LCH. The business is doing very well and is demonstrating the strength of its diversified model, but nothing specific beyond that. Thank you, Arnaud. We'll go to the next question, please. Our next question is coming from Johannes Thormann. Please go ahead. Good morning, everybody. Just some follow-up questions, please. First of all, on your LCH business, if you could provide some more sensitivities. If you talk about strong growth in OTC derivatives, but we see actually zero revenue growth for the last two quarters. Can you help us understand what has been driving this, if you want clients, but the net effect was zero? Probably, curious in reporting the strong growth this year. Was this just to the just-mentioned repo business, or has it been other drivers? The next thing is on the weakness in Data & Analytics, especially in trading and banking. How much would you attribute to the FX effects, and how much would you attribute to the weakness of the Eikon product with the recent several failures? If you can't comment on this. Last but not least, on your statement on the EU Equivalence. Customers are, of course, interested in keeping the access to the London liquidity. What has been your feedback from the talks with eurozone regulators and the central bank, please? Johann, I think I got much of that, but I don't know if I got all of it. Let me answer a couple of the questions, and then Anna, if you got the rest of it, feel free to jump in, or I might have to ask you to repeat yourself. On the securities business within LCH, it was strength across both repos and equities. Repos I touched on just a moment ago. With respect to equities, although equity volumes may have been a little bit lower this half relative to the volumes in first half, the way a number of the pricing models work is that if there are particular spikes in individual customer volumes, they go into a higher bracket, if you will, and therefore a lower cost per transaction or cost per share. Because we didn't have those kind of spikes this year, we have not triggered a bunch of those lower cost per or higher-. To be surprised. Yes, exactly. I hope that part is clear. Then I got your fourth question on EU equivalence. You wouldn't expect us to comment specifically on interactions with regulators or the regulatory authorities. I would just say we continue to engage with them. There is a clear recognition first of all, we are fully regulated by ESMA under EMIR 2.2, and we are very comfortable with that regulatory status. We are regulated by, of course, the Bank of England, as well as a number of other regulators in other jurisdictions around the world. That is an ongoing discussion, and I would say we'll continue to engage with them in the coming months, but nothing in particular or specific to say about that engagement. Then, I don't know if you had the other two questions. I have, but you might want to build on me. One of them was, I think, what's going on in trading and banking and some color around Eikon. If I do the overall, you might want to comment on the Eikon outages. Overall, trading and banking, and this is a constant currency number, just to be clear, Johann, was down slightly, but within that, banking was up nearly 2%. While we did see some decline on the Eikon product, that decline is slowing, and the rest of that business is growing, which is why you see the overall picture that you're seeing. I don't know if you want to comment on the outages point. Just with respect to outages, completely unacceptable to me, to our management team, and certainly to our customers. We haven't had a revenue impact from the outages. We have had a corrupted server issue on our authentication system. Having nothing to do with the underlying products or services, having nothing to do with Eikon. We've identified the issue, and we're addressing it. That's what I would say with respect to that. Did you have one more question? One more about LCH. Okay. The other piece on that one is it's not impacted our performance at this point- Yeah ... the outages. LCH, your question was around performance. I'm not sure I got it fully, but I'll have a go, and then David build. The OTC line was growing 2.4%, which actually I think is a good performance given the comparative period that we're lapping. We saw significant COVID-related volatility last year, which was really good for LCH. I think the issue there is really in the comp. We're seeing nice underlying growth in that business. I think that captures it. This has been a continuing strong performance in LCH. Although it looks like modest growth this year, that is off of a very strong comp last year. Johannes, I think Okay. That's great. Thanks. We'll go to the next question in the queue, please. Our next question is coming from Gurjit Kambo. You are now live. Hi. Good morning, everybody. Thank you for the presentation. Just three questions. Firstly, in the FX business, what are the diverging trends within FXall and Matching? Is it competition or is it the product mix which FX is doing better in? That's the first one around FX. Secondly, can you give any sort of color around how you expect the EBITDA margins across the three main divisions to progress over the coming years? Just maybe up or down in those three divisions. Finally, in terms of CapEx, the ongoing CapEx, I think was around GBP 273 million, which you show on slide number 19, and we're looking for GBP 650 million-GBP 700 million for the full year. What's the pickup in the second half of the year? Thank you. Thank you. I'll take the first one on FX, and then Anna will take your second and third question. There are some differences in terms of what we see in FXall, which is our dealer-to-customer business, and in Matching, which is dealer-to-dealer. We'll get into this in more specificity in our investor education event, in early October, where the foreign exchange business will be a significant part of that discussion. A little bit of color around this. We are seeing increasing electronification driving volumes in FXall, in the dealer-to-customer part. On the Matching, so the dealer-to-dealer, we're actually seeing increasing internalization by a number of the dealers out there. As they internalize more, that does lead to a modest decline in volumes in that space. There is also a difference in mix among the different platforms. We'll get into this in more detail in October. When there are spot transactions, that's a lower economic take for those venues versus the forwards transactions. Hopefully that gives you a little bit of color. We'll be giving you more info on that in the fall. Of course, if there's anything you want to add to that, feel free. Over to you on the second and third question. Nothing to add on that. In terms of EBITDA margin at a divisional level, I'm not going to guide on it, but the way I think about it is our post-trade and capital markets business are nicely scalable businesses. As we drive revenue, we should see margin enhancement. Our Data & Analytics is not there yet, that's why we're making some of the investments we're making. You see them in both our CapEx and our P&L. As we make those investments, that business will become increasingly scalable, that's why we're going to see that margin enhancement, looking into the future. In terms of CapEx phasing, it's just inherently lumpy. Why am I confident that we will spend our CapEx? Because when you look at it, there's some big property and hardware expenses that are big, bulky purchases that are coming in the second half. Really just a matter of phasing. Great. Thank you. Thank you. Thanks, Gurjit. I think we've got just three more left in the queue, so we'll take those next three questioners, and then we'll go to the end of the call. Can we have the next question, please? Absolutely. Our next question is coming from Mike Werner. Please go ahead. Thank you. Just a couple of questions and maybe a follow-up. First, in terms of the 4%-5% revenue growth that you have targeted for 2021, or the circa 4%-5%, I presume that includes the impact of some of those acquisitions like GIACT. Can you just remind us what the growth rate for revenues would have been in the first half on a constant currency basis if we were to exclude those bolt-ons made in the second half of last year? Going on to the RepoClear, in terms of post-trade, and you mentioned how RepoClear was a key driver for the reporting revenues. Is that a business that's tied to MTS? What portion of those clearing volumes come from the MTS platform, if indeed, they are tied together? I guess just one follow-up on the outage. You mentioned how it's something you guys are focused on. When can we expect a resolution? Should it take a couple of months or take a little bit longer before we start to see the end of those outages? Thank you. Okay, Mike. Do you want to take the first question? Yeah, sure. We haven't explicitly stated how much of our growth has come from acquisitions, and that's partly because it's relatively small in the greater scheme. I'm not going to put a precise figure on it now, but I think that scalability gives you a sense of what it is. We add the growth from the M&A, right? Correct. Yes, absolutely. Okay. Thank you. Okay. Thank you. Yeah. Sorry. Thanks. On your question on RepoClear, MTS is, I wouldn't say tied to that business in any way. I'm not exactly sure what you mean by tied, but it is not tied to that business. We have an open access model. There are a number of different execution venues that feed into RepoClear. Tradeweb being one of them, BrokerTec being another one of them, a number of different venues out in the marketplace. No specific tie there with respect to MTS. On your question on outages, as I said, we've identified the issue, and we're addressing it. Nothing further to add there. Thank you very much. Yep. Thank you. Thanks, Mike. Right, two more questions left. Can we have the next one, please? Our next question is coming from Philip Middleton. You are now live. Thank you again. Paul cruelly cut me off last time. We turn to slide 40 then, to try and get some sense of what you're talking about in slide 18. We have GBP 27 million of technology, GBP 33 million investment for growth. Do these correspond to your lines that drop away in 2023, or it looks like within both of these, there are some slightly more persistent expenses? Again, we're just trying to get some sense for beyond material, what's actually going on here. Which of the costs in slide 40 do you think are these costs that drop away? In slide 40, the costs that drop away are the tech costs and some of those investment for growth. Some of it will go into the base, but there won't be further growth at these levels because that will then be set. Tech is the one that drops away. Investment for growth, we won't continue to see that level of growth coming through. Okay, thank you. Philip, we don't want to cut you off, so anything else? No, that's all. That's helpful. Thank you. You got it. Paul does want to cut me off. We'll cut you off now, Philip. Thank you. I lied when I said we only had one more left because someone else has just joined the queue, but I think we will leave it once we've done these next two questions. If we can have the penultimate one, please. Our next question is coming from Ben Bathurst. You are now live, Ben. Morning, everyone. Thanks for the presentation. Two quick questions from me, I think really modeling questions. Firstly, on costs, thanks for sort of coloring explanations there. One area still that I hope to get some clarification on. I know kind of at the time of the acquisition, you talked around the GBP 550 million of costs to achieve the synergy targets. I wonder if you could just update on how much of the GBP 550 million you've incurred so far, and perhaps how that's allocated across underlying expenses, CapEx and maybe non-underlying. Second question was just on the deferred revenue adjustment in H1. I know that was GBP 22 million at Q1, but I wondered where that kind of got to for the half year and whether or not we should anticipate any more impacts in the second half from that area? Thank you. On your first question, Ben, I would point you to page 37 in the backup of the appendix of the slides. That gives you the GBP 550 million for the cost synergy to achieve number, the GBP 180 million for the revenue synergy to achieve number, to give you a total of GBP 730 million. It breaks out what is CapEx and OpEx, and it gives you the H1 spent cost to achieve, which is GBP 131 million. Again, it gives you the breakout. For all of the detail, I would point you there. On the deferred revenue, I think the impact in Q2 of the deferred revenue was something like GBP 1 million. It was immaterial. Again, somewhere, I think it might be on the next page, there is the detail. It is on the next page. Slide 38, you've got all the detail around that. Great. Thanks, Ben. Right. Over to the last question now, please. Our last question is coming from Haley Tam. You are now live. Thank you very much for taking my extra questions. I can ask them quickly. First of all, in terms of SwapClear, I think in the past you've talked about having more than 90% global market share in the clearing of OTC interest rate derivatives and more than 75% Europe. I just wondered if you can give us an update on those numbers now. Secondly, in terms of ESG benchmarking and the $132 billion of passive AUM that's benchmarked to FTSE Russell indices, could you provide us a similar figure for actively managed ESG funds at all? If this is the appropriate forum, or whether it's October, just to talk to us a bit about how ESG managers actually select their benchmarks and what is the differentiating criteria for FTSE Russell indices versus those of your key competitors? The final question, if I may, just to help us think about this more scalable data business, which you've obviously mentioned a few times. If I can simplify that, could you tell us what proportion of your Data & Analytics revenue today is, "high-touch," are you acquiring human-to-human interaction versus maybe automated or machine-to-machine, and whether there is a target for those proportions after 2023? Thank you. Thanks, Haley. On SwapClear, we are still 90% + of the interest rate swaps market. No discernible change in terms of our market share, in terms of customer interaction, member interaction. As I said, we've seen 47 new clients come in in the first half. I didn't quite catch your second statistic. 70% Euro share. Your second statistic on SwapClear was what number? I thought that you had more than 75% market share in European interest rate swap clearing. I don't know if that's correct. I don't think we've put out a specific metric along those lines. We continue to have 90% + market share really across multiple currencies. We work in 27 different currencies, which is different from our competitors out there who do not have that kind of liquidity across different currencies. I would say, maybe this is what you're thinking of, in terms of the volume in SwapClear, about 51% of that is dollar-denominated. If I remember correctly, about 24% of that is euro-denominated, three-quarters of that 24% is from non-EU-based customers, members. That may be what you are thinking about, that just gives you a little bit of a sense of how significant and international LCH Limited is and SwapClear is in euro-denominated interest rate swaps. Most of that business is outside of the EU and outside of EU members. Hopefully that's helpful. Feel free to follow -up if there was another statistic that I was missing there. On the ESG benchmarking, most of this we'll get into in October when we're talking about our investment solutions business in the Capital Markets Day. I think I'll probably defer, particularly around what's differentiating about FTSE Russell relative to others in ESG. I would say we are regularly competing with others and doing very well and winning, I would say, certainly our share of mandates. I would also say one of the aspects of FTSE Russell that is differentiating relative to our competitors is the strength in both equity products and fixed income products, whereas our competitors tend to have more of a strength in one asset class or the other, but not in both. Again, more on that in October. Then your third question about really the Data & Analytics business and how we are making it scalable and the interaction with humans. I would touch on a couple aspects of that relating to, and we've spoken about this in the past, but we are investing in our data platform and really integrating how we distribute and make available to our customers multiple content sets. Historically, those have been in different distribution channels and in different databases. By really consolidating that onto a single data platform, that's a significant part of what we're talking about in terms of making it more scalable. In terms of human interaction, it's not so much human interaction with our customers. There is a significant amount of human interaction with data at the ingestion phase, and that's another area where we are investing. We're taking advantage of AI and machine learning to make that a more efficient process. That'll give you a little bit of a sense of what we're talking about when we say making that a more scalable business. In terms of that second part, as the technology continues to develop, that will be a longer-term opportunity as well. I think I have hit on your questions. Thank you very much, David. Thank you. David, Anna, I think that's the end of the questions that we've got. For everyone that's joined the phone lines, everyone who wrote some questions down for us, thank you very much. Thank you for your time and your interest this morning. We're going to finish the call here now. Of course, we're going to be available ongoing after this to answer any more detailed modeling questions. Very happy to do that. For now, thank you very much. That's the end of the call.