Good morning. My name is Steven Tredget. I'm a Partner at Oakley Capital, and it's my pleasure to welcome you to Oakley Capital Investments 2026 interim results webcast. Thank you for joining us today. As usual, you can submit questions in writing during the webcast by following the questions tab on the right side of the video player, and we will tackle as many of these as possible at the end of the session. As ever, you can download the presentation to view at your leisure by clicking on the downloads button. In today's presentation, as well as examining OCI's current asset breakdown and the drivers of performance, we'll also be joined by Senior Partner Samir Kumar to discuss the strategy and progress of the Oakley Touring Venture Fund. We'll then cover an investment activity review in which we'll introduce you to some of the new members of the portfolio before concluding with a review of liquidity and capital allocation. But first, though, a reminder of where OCI sits today with H1 2026 headline numbers to the end of June. Net asset value stood at GBP 1.29 billion, which is equivalent to 782 pence per share and has resulted in OCI generating a total NAV return of 6% over the first half. Over the longer term, our 10-year total NAV return CAGR is 15%. More importantly, and not a coincidence, is that the shareholder return over the same period has tracked NAV growth with a matching 15% annual compound return in spite of a stubborn discount to NAV persisting over this time period. The chart here of annual NAV per share performance helps give context to OCI's performance over the last decade. While it's by no means scientific, we can see three performance phases. First phase we see is the refinement of the equity strategy and the building of the portfolio, culminating in the deployment of Fund III across 2017 and 2018. We then move into a period of value creation and accelerated realizations as those investments mature with the average age of the portfolio moving from 2.4 years to just over three years, tracking up with the growth in NAV. From late 2022, the cycle shifted again. Fund V represented a much larger amount of capital, which alongside the launch of the Origin strategy, saw two years of significant new investment across 2023 and 2024. As a result, the portfolio became much more weighted towards newer investments, which are typically held at cost for at least the first year of ownership. In addition, there were relatively fewer realizations in a more muted exit environment. We're now seeing that balance start to restore. Those investments are maturing and beginning to contribute more meaningfully to performance. Something we saw in the first half when several of the more mature portfolio companies were important drivers of NAV growth. In that six months, the NAV per share grew from 738 pence at the start of the year to 782 pence at the end of June. Encouragingly, the principal driver of NAV growth over that period was underlying portfolio performance with 56 pence of unrealized gains from the portfolio. 80% of that gain was driven by earnings growth and the balance from multiple movement, but only on a small number of assets. That was partly offset by 5 pence of realized investment losses. That is, there is a realized refinancing gain offset by expenses in the funds and 4 pence from FX, reflecting OCI's exposure across sterling, euros, and dollars. Euro-denominated assets were adversely affected by the weakening of the euro against the pound. Share buybacks added a further 3 pence per share as shares were bought back and canceled at a significant discount to NAV, a topic we will return to later. We turn now to the investment breakdown by sector. OCI remains diversified across Oakley's four focus areas. Business services is now the largest sector, thanks to both investment activity and the strong growth in platforms such as Phenna and TechInsights. This is closely followed by the technology sector, reflecting the new investments made in the first half of the year, as well as now incorporating the Touring and PROfunders investments from our venture strategy. Breaking the portfolio down by geographic exposure, the pie chart tells a story of where Oakley has built its longest standing track records, expertise, and founder networks. Of the 41 companies in the buyout funds, we have seven and 10 portfolio companies domiciled in the U.K. and German-speaking nations, respectively. These markets will remain important areas of exposure, while Spain, Italy, and France are becoming increasingly significant, reflecting the depth of founder-led opportunities in those regions and the lower levels of private equity penetration. Here we see the asset value spread over those 41 underlying portfolio companies, as well as the constituents of the venture strategies. We cover many of the larger companies in the coming slides, and we will talk separately to the new investments. We are often asked which of the portfolio are some of the smaller future rock stars to look out for. There are many to choose from, but I would highlight strategic intelligence provider G3, a disaster recovery specialist, Assured Data Protection, and premium padel equipment brand NOX, all of which have earnings growth exceeding 40% and a large runway for expansion. I would also highlight our homegrown platforms, K12, the premium private schools roll-up, Artemis in German Insurance, and Tiger, previously ONHC, in Italy. There is much excitement around them and much more capital to be deployed in these strategies. So expect them to feature more heavily in future NAVs. Here we highlight the key portfolio drivers of NAV. Along the top, the three biggest contributors were Phenna, North Sails, and TechInsights, contributing a combined 30 pence to NAV per share. Phenna added 13 pence to the NAV per share. It had a positive first half of the year with continued organic growth plus strong M&A momentum. 15 acquisitions signed year to date brings the total during ownership to 71, scaling the business from GBP 50 million of EBITDA on entry to over GBP 200 million today. North Sails added 9 pence per share in the first half. Performance was driven by the mass and the premium segment's performance sail making. Apparel is continuing to undergo its transition with clearer operational focus and initiatives in place to support sustainable, profitable growth. Investment and new initiatives across the group are expected to bear fruit in the coming 12 months. TechInsights contributed 8 pence in a very strong period for the semiconductor intelligence platform, with significant subscription revenue growth supported by strong renewal rates from existing customers as well as a more buoyant semiconductor market. The business also signed the acquisition of Synergy Research Group in the period, adding further capabilities in cloud and data center market intelligence. Not on the screen here, but particularly encouragingly, the fourth largest contributor is Exaforce, a constituent of the Touring Fund, the agentic cybersecurity solution whose AI agents triage, investigate and respond to cyber threats, just closed a GBP 125 million round at double the valuation we invested a year ago. Given the rapid pace of progress in AI-native companies like Exaforce, we can expect to see more of the Touring portfolio appearing in the OCI headlines, with CuspAI being the latest to report good news, which is one of the reasons we have asked Samir to speak with us as part of today's webinar. Underperformance in the portfolio was limited, with the largest value reductions coming from Cegid, IU, and PLG. Starting with Cegid, down four pence per share as the business's valuation reflects the recent contraction in software multiples. Notably, yesterday saw the announcement of the intention for Cegid to merge with Silae, a leading French payroll and HR software provider, primarily serving SMEs. An exciting combination that would create a EUR 1.6 billion revenue European software leader with substantial synergies and growth potential. Turning to IU Group, where affordability pressures in Germany have softened B2C intake. Management is investing in marketing to drive conversion as the funnel still remains strong. International expansion continues with the acquisition of SFU in Austria, taking international revenues to over EUR 100 million, while AI study assistant Syntea continues to show strong usage and retention. And finally, PLG, a provider of regulatory and compliance services to the live service industry, reduced NAV per share by 2 pence. Performance has been impacted by a challenging demand backdrop and integration issues following a rapid period of acquisitions. Management and systems have now been reset with a focus on cost reduction, execution, and restarting accretive M&A. Summarizing some of the portfolio average KPIs. The average weighted EBITDA growth stands at 9%, lower than might be expected for Oakley. We'll look at this in more depth over the slide. Secondly, leverage remains conservative. Net Debt/EBITDA across the portfolio is 4.4 x, which remains prudent. Balance sheets are structured to absorb volatility while still supporting investment. Of the portfolio company debt, approximately 75% of it matures from 2030 onwards. We continue to hedge at least 50% of the principal on each debt transaction with a two to three-year tenor. We continue to experience a deep and competitive credit market, with recent refinancings receiving very attractive terms. Finally, valuations remain stable, with the portfolio valued on average 16.4x EV/EBITDA, a strong foundation for future performance. Let's take a look at some of the main factors influencing the 9% organic EBITDA figure. We've broken this down into four buckets. Size and scale, as a number of the portfolio companies have benefited from Oakley value creation and successfully grown to a significant scale. The maturity of these assets has meant there is naturally more steady growth across those businesses. Companies like Cegid and WebPros fall into this category. Then there is M&A. The 9% doesn't include the impact of M&A. Including it takes growth closer to 17%-18%. We are seeing an increasing number of investments in scalable platforms by building from the bottom up and spotting the right thesis and teams to do it with. Phenna and Affinitas are two great examples of scarce, valuable assets that we are creating that are building scale through M&A in highly fragmented markets. While they are organically growing fast in their respective industries, budgeted organic growth is single -digit. Thirdly, there are those businesses in the early years of ownership in which we are investing for growth at the cost of near-term reported EBITDA. Assured Data Protection is one example, where to support their fast pace of growth, employee count has been doubled in the last year, giving them a near-term negative EBITDA, while sales are up over 40% in the first half. Then we have some underperformance with headwinds in the portfolio. As we have already mentioned, enrollments have been muted at IU Group, impacting top-line growth. At Liberty Dental Group, costs have been high post a period of expansion. There is focus on optimizing the business over the next 12 months. No current corporate presentation can go without reference to AI. It is a topic we covered in more depth at the full year results and the Capital Markets Day. Through four years of investing through the lens of AI and thanks to the internal resource of the AI Lab, we believe our AI adoption and use cases are well ahead of many of our PE peers. Internally, with wide AI adoption and a proprietary platform, we have improved deal sourcing and enhanced investment decision-making using our historic data while supporting our portfolio companies through their AI journeys. In some cases, this has already led to significant AI-led transformations, as we saw at vLex prior to its acquisition by Clio. There are many less revolutionary projects underway that are making meaningful enhancements. For example, Hosting.com has launched its AI customer service solution, which now deals with at least 50% of all interactions, and is achieving this at a higher customer satisfaction rating than the human solution and resulted in an annual cost saving of $3 million. Of course, no one knows the extent of the future AI revolution, nor its likely impacts, and no doubt there will be unexpected disruption within the Oakley portfolio. However, of comfort to shareholders should be the extent of defensibility within the portfolio. As is illustrated here in this breakdown of the portfolio delivery mode, 70% of the portfolio involves some form of physical delivery. These are AI-insulated services that require a human in the loop. Field services, education, and branded goods to name a few. While we believe that our software and data assets like Cegid have defendable positions as systems of record, which are taking advantage of AI to enhance their customer position, they are only 20% of asset value. Of course, when it comes to AI, the real excitement within Oakley is the AI native investments that are being made in the Touring Fund. To give us an update on the fund strategy and progress within the portfolio, we filmed a catch-up with Samir Kumar, one of the leading Touring Fund partners. Since he is based on the West Coast, we felt this was more civilized than waking him up at 1:00 A.M. to have the conversation live. Hi, Samir. Thank you for joining today to give us an update on the Oakley Touring Fund and its portfolio companies. Hi, Steven. It is great to be with you this morning. For those less familiar with the Oakley Touring Fund, could you start by outlining its strategy, and how the team and its approach is differentiated? Absolutely. We started Touring Capital in 2023, and this was right after the big ChatGPT moment, which is the start of the current AI wave that we are in. We are investing in AI native software companies focused on B2B and focused on enterprise software. What does it mean to be AI native? It means companies that have fundamentally transformed in terms of how they build software, but also the kinds of product experiences and services that they can offer their customers. It is AI native, both in the product, but also in how it has been built. We are doing mostly Series A and Series B, and we are seeing companies getting to scale product market fit much earlier in this AI native era than we have seen in prior technology platform shifts. Samir, to give us a sense of this strategy in practice, could you give us an overview of the current portfolio and how it is positioned? Absolutely. I think it is useful to think about how we segment our portfolio in Touring, and generally, we are thinking about three core segments, and let me give you a flavor of what those are. The largest one, where we have the most number of our portfolio companies, are what we call vertical systems of action. This is really the evolution of vertical AI or vertical enterprise software in the AI and agent native era. To give you two examples of companies that would be in this bucket, let us take Numa as an example. Numa is reinventing the front office in car dealerships and how customers interact with the car dealer, whether it is to get the car serviced or buy new parts, and using AI native capabilities to be able to make that a much more efficient experience and a much more higher level of customer satisfaction. Another example is Daloopa, which is in AI for financial services, building a very large, highly coveted, prized dataset of very accurate historical financial data. That has led to collaborations with OpenAI, Anthropic, and most recently, with Google on Gemini because of how valuable that data is to these large frontier model companies. The second category is physical AI, where we think about how the online and digital world interfaces with the physical world that we all live in, and how software tools and agents are able to impact, and modify workflows and activities in the physical world. A good example is Netradyne. Netradyne is focused on building NVIDIA-powered and Qualcomm-powered AI cameras that are used to then train drivers to behave more safely or become better drivers. It is using the same technology as what goes into autonomous vehicles, but instead of it driving the vehicle, it is being used to make the human driver safer. If we think about the last bucket, which is the next generation of AI infrastructure, the entire infrastructure stack, how we run AI, how do we secure it, how do we deploy it, that is all being currently defined and redefined from prior eras. Core horizontal capabilities like how we serve up models, how do we do what is called inference for models. Parasail is a good example of a company that is in that space and is a high-growth company that is serving up AI models and providing inference. Samir, could you give us an example of one of those current companies in the portfolio and maybe why you invested, how you sourced it? Give us a Touring case study. Absolutely. Let's take CuspAI, which is based in Cambridge, U.K., as an example of one of the companies that has really exceeded all expectations on performance in our portfolio. CuspAI is focused on applying AI to the hardest problems we face as a society and a civilization in material science, coming up with new materials to take on hard problems like carbon capture, water purification, the future of semiconductor fabrication. The exciting opportunity as an AI -for -science company is to take the current advances in AI and be able to search through the very large space of different kinds of materials for different types of problems in a much more efficient way than was ever possible in the past. The co-founder of CuspAI, Professor Max Welling, is someone I have known for many, many years, going on 10 -plus years at this point. As their seed round was coming together, it was already filled with some of the best VCs across Europe. Because of the relationship that we had with Max, we were able to get an allocation and join their seed round at an EUR 89 million post-valuation. I am excited to say that just a little over two years later, they have closed a Series B at a EUR 2.6 billion valuation, and also notably, Jeff Bezos joining the round with a $100 million check from his personal foundation. That's fantastic, and congratulations on such early progress. Thank you. Given many of the portfolio companies are pre-profits or pre-positive cash flow, how confident can we be around valuations? Are these much longer holds, and have a higher failure rate by virtue of them being venture investments? Yeah. I think it's a great question, and I think maybe where we should start is by looking at the current health of the portfolio. I'm proud to say we've had eight markups in the portfolio and one very early exit that was completely unanticipated, which was SafeBase. I think these are representative of where things are going when it comes to how companies will grow and evolve, as well as a new exit landscape that's emerging. Companies are achieving scale much quicker. They're getting to demonstrations of product -market fit quicker. It also means that their capital intensity is getting pulled in, is happening earlier in the life cycle of the company. At the same time, we're seeing a new exit landscape, a new set of acquirers that are going to acquire early-stage companies. What we're also seeing is that their willingness and ability to pay up is also greater than what we would've expected, let's say, in the cloud SaaS era. I think all of these things combined come together to support going earlier and making investments, let's say, more at the Series A stage than at the Series B stage. I think we'll see more of this in our portfolio. I think we'll see more consolidation, a vibrant M&A ecosystem of acquirers that people would not traditionally associate with paying heavy premiums for acquiring early-stage software companies. It is all very well while talking about all these amazing businesses, but I suspect there is a lot of competition for the kind of businesses you describe, and that will have only intensified right now. Plus, in addition to that, there must be a lot of imposter companies in the world of AI opportunities. How are you able to source these deals and in turn back the right ones? That is exactly the right thing to focus on, which is the best companies are going to have a lot of interest, heavy competition from lots of funds. We rely on the history of our relationships, especially with founders, and I think part of the excitement in collaborating with Oakley is the shared view on betting on founders and being able to assess founders, have long-standing relationships with them. Ideally, we bet on them in the past. That is one of the ways we get access, is founders from our past track records are building something new. We have the history, we have the relationship, and that allows us to get in. But also because we have been in venture for 25-plus years, long-standing relationships with both early-stage firms, growth-stage firms that send us a lot of deals that are vetted, that are part of their portfolio. Now, to your point about noise, in this era, every company has a.ai in their name, and so consider themselves to be AI native, but it is upon us to be able to separate what is hype from who has something real and credible that we can bet on. And that is just the ability to diligence these deals in a, I will say, a full stack manner. Everything from the assumptions that they are making, the core of their business, being able to reference check their customers. But ultimately, having been in the AI space for so many years, we have built a heuristic to be able to sense out what is truly novel and innovative versus potentially a rebranding exercise or something that has been just wrapped in a light layer of AI, but really the core is not something very exciting. And a final question, if I may. It is obviously an incredibly fast-moving era of technology, and faster than many of us have experienced. What are the trends in AI at the moment that you are most focused on, and how is that impacting what you are targeting and the kind of opportunities that are in your pipeline? Yeah. As we've gone through and given the pace at which AI is evolving, even since the start of the fund, we've had to fine-tune how we segment the portfolio, what are the areas that we're leading into, and I'll call out three core areas. The first one is this idea of vertical systems of action. This is really the evolution of vertical enterprise software. What vertical systems of action is implying is that in this AI native era, software is not just a tool for human productivity, software is now doing the work. Software is going to take a piece of the overall labor TAM in different industries. If you look at the TAM for software versus labor, it's a two order of magnitude difference. I think this massively expands the opportunity for AI native software in vertical industries. This is an area where, in fact, most of our portfolio is today, and we will continue to add to this. The new emerging area of physical AI, which I alluded to earlier, this is the interface between the online and digital world and AI agents and tools being able to affect change and processes in the physical world. Right now, we have a handful of companies that are in this area. I would actually argue CuspAI is a physical AI company, given they're using AI to design new materials, and those materials exist in the physical world. Then the third category, which is next generation AI infrastructure. As I alluded to earlier, the entire software stack of how we build software, how we deploy software, how we secure it, is evolving, is changing, and all of it is becoming AI native. That means there's a huge opportunity in the next generation infrastructure stack that companies will deploy to be able to get the benefits of AI. We're going to be really focusing on this area as well and adding more investments in this sector. Samir, thank you so much. It's clearly exciting times for the Touring Fund. I really appreciate you joining us today. Thanks for having me on, Steven. Moving on to review some of our latest deal activity. In keeping with the profile of a typical Oakley deal, the four more recent investments to be announced sit squarely within our core sectors and geographies. Most importantly, three out of the four are founder-led, and 50% of the deals were sourced outside of an auction process. First is Group SeneF, a leading French vertical ERP software business. Its software performs the digital backbone for around 900 customers, managing everything from workforce and payroll to compliance and invoicing. Its target market is people-centric service verticals, where workforce management is core to the business. Think staffing, temp agencies, home care, cleaning facility services. It is a highly embedded mission-critical product in an attractive market. Then we have GLAS, the trusted referee and administrator for business loans. We are talking large, complex corporate lending, including private credit, syndicated loans, bonds, restructuring, and distressed situations. They are cross-border and multi-currency. You get the picture. A market that is large and growing. GLAS provides a loan administration service which is critical and where accuracy, dependency, and trust are crucial to the cost of failure, and the cost of failure is high. It has built a differentiated position through its independence, responsiveness, and ability to manage highly complex multi-jurisdictional transactions. That has helped drive EBITDA growth of around 50% over the last three years. Today, GLAS has more than 450 employees across 16 offices, administering over $750 billion across its platform. Most recently, we have added Graphwise, or signed Graphwise, soon to complete. The number one provider of knowledge graph technology, with organic ARR growth of more than 30%. If you do not know what knowledge graph technology is, then neither did we a number of years ago. Put simply, it is technology which helps enterprises organize and connect their data so AI can generate more reliable and explainable answers. That capability is becoming increasingly important as businesses adopt AI, particularly in regulated and data-intensive sectors where accuracy, governance, and audibility really matter. Last, but by no means least, and continuing on the technology theme, we have XTEL, which we will cover in a little more detail over the slide. XTEL is a vertical SaaS platform for the world's largest consumer goods companies, helping them to plan, optimize trade promotions with retailers. It is a critical workflow, with trade promotions typically representing around 20% of gross revenues. XTEL serves more than 400 customers globally. This was a classic relationship-led Oakley deal. Oakley partner, Alessandro, had known CEO Rob Mullen for over 10 years, so we entered the process with a candid view of the business. The auction drew a crowd early on, but when the SaaS apocalypse caused investors to pause on software, we stayed close and ultimately repriced the opportunity. Diligence centered on customer validation and of course, on AI. Customers told us XTEL is deeply embedded in their workflows and is the best-of-breed specialist in its niche. On AI, our conclusion was that XTEL sits on the right side of the disruption. It owns the workflow data and the audit sensitive system of record, which is far harder to replicate than standalone analytics. The plan from here is to scale XTEL into the leading global platform for consumer packaged goods commercial software, deepening the trade promotion management base, pushing into optimization and retail execution, adding AI-led product features, and expanding into Latin America and Asia Pacific. Most of that growth sits inside the existing customer base, with more than $170 million of identified white space in the top 20 accounts alone. Turning now to the last of our sections, and the slightly less exciting but no less important topic of OCI's liquidity position and the company's outstanding commitments. At 30th of June 2026, OCI had total outstanding commitments of GBP 940 million across the Oakley funds. A large majority of this, highlighted in the bright purple section of the bars, is the GBP 382 million remaining on Oakley Capital VI, which closed in March of 2025. GBP 340 million of outstanding Oakley Fund V commitments as the fund entered the last year of its deployment phase. There is GBP 105 million in Oakley Capital Origin Fund II, which continued at a good pace of deployment with two investments in the period. Let's now look at the anticipated timing of those capital calls and our available near-term liquid resources. With GBP 300 billion not expected to be called, we have net outstanding commitments of GBP 640 million, half our net asset value. Given history, we can expect between GBP 150 million to GBP 200 million of annual drawdowns. With the exercise of the facilities GBP 750 million accordion, we have approximately GBP 230 million of liquid resources. So whilst this provides us with at worst one year of drawdown cover, we would typically target more like 18-24 months cover, and ideally have more optionality when it came to capital allocation, the committing to new funds and increasing the share buyback program. On that subject, from where do we anticipate near-term cash inflows and how confident are we in them? Proceeds from realizations are, of course, the predominant source of inflows. Over time, in eight of the last 10 years, these have typically matched or exceeded outflows. We anticipate this being the case over the next 12 months, with four companies entering into processes. One is mid-process and expecting to reach an agreed transaction in H1. Two have just kicked off processes with teasers submitted and should reach conclusions in Q4 or Q1, and at least one other process will kick off in Q1 or Q2. This slide helps to indicate the companies that have entered into a possible exit phase, notably those owned for over four years, with a particular focus on Oakley Capital Private Equity IV. In the next six months, we also see the opportunity for two or three portfolio company refinancings, given the current strength of the respective balance sheets. These possible exits and refinancings have the scope to return up to GBP 200 million to OCI, but there is clear timing and execution risk. As indicated here, the accordion has since been approved, so the final near-term liquidity option on this list is the possibility of selling a strip of existing fund commitments in the secondary market. This option is being actively evaluated, and we hope to update investors on this initiative in the coming months. Finally, buybacks. We continued our program with a commitment to acquire a minimum of GBP 20 million of stock this year. To June, we repurchased GBP 9.4 million of shares, and year -to -date, GBP 13 million, delivering a four pence accretion. To bring to a close the results presentation, we will leave you with the five factors that we expect to drive OCI share performance in the second half of the year and onwards. Firstly, whether it is a result of the persistence of structural trends, an improved macro backdrop, or the impact of value creation measures, we are seeing an uptick in trading across the portfolio and expect the 9% organic average weighted earnings growth to rise, driving NAV growth as it does. Expect the large number of deals completed in the last two years to become bigger contributors to NAV growth as the positions mature. Thirdly, continued realizations will provide further NAV confidence and liquidity. Fourthly, we remain confident in the eventual closure of OCI share price discounts at NAV per share as the board takes measures to address it. Updates on initiatives are expected in the coming months. Finally, capital return in the form of buybacks will drive enhancement in NAV per share as we continue with the buyback program and expect to increase the target as cash proceeds allow. Thank you. That brings us to the end of the formal presentation, and I will hand over to my colleague, Anna, to take us through the Q&A. Thanks, Steve, and thank you everyone for submitting your questions. We have had a few clear themes come through, so we will use those to guide the discussion here. First, investment activity and starting with deployment. Steve, was the slower deployment in the first half intentional, and how are we thinking about pricing investments in this current environment? Firstly, there was no intentional slowing of deployment. It probably reflects quite an intense period of deployment in the prior years. I think the one thing that we can always say about Oakley Capital is that we are very opportunity led. Whilst we have obviously clear focus and expertise and markets and sectors we focus, if we don't find the right opportunities, we don't find tech opportunities in general, we won't do any. We're absolutely comfortable with that. There's no clear defined target where we have to acquire certain businesses in a certain region or type. So very much reflects opportunity. Actually, while it would appear that GBP 43 million look through for OCI feels slower than normal, as you can see, we've signed quite a number of investments that will complete in the second half. I guess to make the point around opportunities, I mean, the scope of opportunities that we're looking at is huge. We evaluated over 4,000 in the last 12 months alone. There are 50 deals in the near-term pipeline, and we submitted a non-binding offer on one of those. Currently, we have about 500 that are kind of under an initial review, looking at our database currently. I'm sorry, and the second part of the question, Anna? It was just on pricing, Steve. How are we thinking about pricing investments in the current environment? Look, I think that's one of the reasons for some of the muted deal activity. It's not lack of intent. It's pricing mismatch. I think on one side of things, AI disruption creates pricing opportunity, and we refer to that within AI Lab. Ultimately, as you know, we focus on buyer-led opportunities, buyers who remain heavily invested in the businesses. So the opportunity for us is finding those kind of companies where the founders aren't necessarily looking to price maximize and fully exit. They're looking for the right partner, and that continues to throw up opportunities generally for kind of competitive pricing. Naturally on software, there is an opportunity to pick up bargains. But we've got to clearly remain very disciplined. So much is around understanding and knowing the business model and paying only up for quality. Thanks, Steve. On the other side of the equation for investment activity, realizations. Can you give a view on the outlook for realizations over the next 12 months- 18 months? Yeah. We covered that in one of the last couple of slides. As I say, we have, I mean, obviously at least four realizations that are in some form of either planned process, initial process underway, or in the midst of a process. We would hope at least those four to complete over the next 12 months. There is obviously scope from all the other ones that we have initially planned, and we have a number of other companies are now moving into the exit phase with processes that will kick off later next year. There is also the opportunity for unexpected approaches. It is one of the things that has driven realizations for Oakley in previous years. Oakley sits in this nice counterpoint in that we are often the first PE institutional capital into businesses. That is the case in 90% of cases. We are bringing private companies into the institutional private equity hopper, if you like. Then we are often selling to the large sponsors. Those sponsors over the last 10 years have come to know Oakley well and our portfolio well. There is a lot of ongoing discussions about a number of key constituents of our portfolio. If the past is anything to go by, we often enjoy preemptive strikes for some of those businesses, and we have often been paid valuations as if we have held a business for the full target four years, maybe two, three years in, which is why our NAV premium at exit has averaged between 30%-50% since our inception. Thanks, Steve. Let us now turn to the direct investments in OCI's portfolio. We have had someone point out that the North Sails warrant was exercised post period end and ask what progress do you expect on reducing exposure to the directs in the next year? Are you able to give any more color on that? For those less familiar, direct investment in this case refers to two investments that we hold directly on our balance sheet, North Sails and Time Out, and investments that were from our very first funds, from Fund I and Fund II, and from an investment practice where if some of the funds sold out, OCI had the optionality to retain some of those assets directly. We've since made a very strong public statement that we won't make direct investments in this way anymore, and we have two remaining assets. In the case of North Sails, we own it within now, a large proportion of the investment we own now within a continuation vehicle, alongside the majority of the other shareholders within North Sails. Then there's an element of their holding, which remains direct, and a preference share. The plan of progress over the next six months is to consolidate the position, potentially into the continuation vehicle. There are a number of initiatives underway to explore the possibility of our optionality for OCI to reduce its exposure to North. I think there's a high level of conviction in North. North Sails is now at a position where we probably expected it to be when we first invested. Now having recovered from the significant disruption where North was loss-making during COVID, we now return to established, exciting business with heaps of growth potential around action sports, and apparel, and a rejuvenation of the America's Cup, and the explosion of performance sailing. It now represents what we might think in a more typical four or five-year hold from this point, but it's too large as a percentage of our NAV. Expect us to explore ways to address the size of North, and we'd hope to have more to say on that, as I say, over the next six months. That leaves Time Out. It's public, so there's less I can say on it. The full year results are due in November, and what we're seeing is the media business recover, start to be EBITDA generative again. The market's opportunity where we have our highest conviction has continued to progress well. We've had the exciting news of the signing of the London market on Piccadilly. In November, we hope that the company is in a position to pick up forecast guidance again to the market, the opportunity to engage with new investors. There is a refinancing the balance sheet, which is quite over-indebted at the moment. Getting past a number of those hurdles, we expect to produce an increasing number of strategic options for Time Out. The OCI board, as you can imagine, are engaging directly with the company to make sure that OCI benefits from any of those. Thanks, Steve. That brings us to our final question that we have time for today. The discount stands at 33%. What is an appropriate level of discount, and what will trigger a re-rating? No discount is the appropriate level of discount in my mind, given the long track record of NAV growth, year on year since its inception in 2007. Proof that we are able to recycle our assets. There is a strong buying market for our businesses, and just how resilient the business and the portfolio has been, even in highly disruptive environments as we have all experienced over the last five years. To be even more pragmatic, the long run average discount is about 20%. There are a bunch of reasons why that in itself was too high or had been high in the earlier years when OCI had very little engagement with the stock market, and 95% of the shares were held in the hands of 10 shareholders. I firmly believe, at the very least, we should be returning to that level from 33% today, but firmly believe we can remove this over time. Look, there are a couple of schools of thought here, and I guess it depends on why one thinks the discount persists. I think there are structural reasons. Structural reasons related to the stock market for outflows, to the understanding engagement around investment companies, and the demand for private capital. I think all those things are going to evolve quite significantly. I think private capital is now coming increasingly into the understanding, the conscious of all types of investors in a way it was not previously. It has been led significantly by the U.S., where we have seen a lot of private companies become incredibly large and incredibly influential and do a lot of their growth way outside of the public markets. The most recent obvious example is SpaceX. That is changing slowly, but will be changing the mentality, particularly investors here in Europe and more specifically the U.K. We are seeing that in terms of the ever-increasing amount of engagements and questions and interest from the media that probably was not there before. Then there are investment companies, often overlooked, misunderstood, poorly branded, but we are seeing, one, some of the structural impediments to investment companies being removed, change in cost reporting, increasing dialogue around investment companies, all of which I think will be helpful. I think we are going to see new pools of capital come to the stock market. Maybe not traditional pools of capital, maybe those that traditionally would invest direct in private capital. We are starting to see signs, even from our own investors in the funds, kind of noticing OCI a bit more and being able to use OCI as their allocation to private capital. Then there is the kind of specific to OCI, and we touched on some of these things, but I think we are going to see further proof points on NAV. We are going to be one of the only few high-quality direct listed PE plays available. FTSE 250 at the moment with real ambitions to be FTSE 100. That scale, as we increase it, increasing liquidity, increasing the ability for more and more investors and funds to be able to invest in us. We are going to work incredibly hard on education. We think there is going to be greater opportunity for capital return. There is a resizing of the distracting direct assets, which I think will contribute. All of these things which are taking place now and will continue over the near term foreseeable future should all contribute to a rating of not just the sector, but specifically OCI. Thanks, Steve. Well, that closes out the questions for today. Thank you, Anna. There you go. Thank you, Anna, and thank you for those that joined us today. Please reach out if you have any further questions post the webinar. Goodbye.