Like many industries, the persistent macroeconomic uncertainty around the world and a higher interest rate environment have undoubtedly had an impact on private equity over the past few years. As private equity managers can wait until the timing and market conditions are right before selling their portfolio companies, we have seen a prolonged period of lower deal activity and a meaningful decline in companies being sold, otherwise known as distributions. The gradual recovery in M&A activity that was anticipated at the beginning of 2025 stalled as investors sought to understand the potential impact of the tariffs announced by the Trump administration in April. It is difficult to predict the timing of when exit realizations may revert towards the level seen historically. However, we are aware of several of our underlying managers finalizing the sales of portfolio companies. We believe that PIN's focus on small to mid-market buyouts, which are well-established businesses that are typically sold to corporate buyers or larger private equity managers, positions it well for when this happens. Even in times of uncertainty, though, deals can still be done by the best private equity managers. While PIN's distribution rate at 12% for the year ended 31st of May 2025 was below the company's long-term average, it was still 50% higher than the distribution rate in the last financial year. The capital call is when our private equity managers request capital from us that we've already committed, usually to pay for a new company they are acquiring or to support an existing portfolio company. This capital call was 20% during the financial year, which is also low relative to historical levels, reflecting the lower overall levels of deal activity. Distributions exceeded calls during the year to the 31st of May 2025, so PIN has remained net cash flow positive during the period, generating GBP 130.8 million of cash. This is more than a threefold increase over 2024. In its history, PIN's portfolio has been consistently cash generative and over the last 10 years has produced a total of GBP 1.5 billion of net cash. Approximately 76% of PIN's portfolio is denominated in US dollars, which weakened against sterling during the period. As a result, unfavorable currency movements reduced PIN's sterling quoted net asset value, or NAV, by 4.8%. Before currency effects, PIN's assets grew by 5.9% during the year ended 31st of May 2025, and investment income added 0.9% to the NAV. In line with the listed private equity sector, the discount on the shares has continued to be wide and was 40% at the end of May. Given the quality of the underlying portfolio, we believe that the discount is unwarranted. In order to capture value for shareholders, PIN invested GBP 53.5 million in share buybacks, which added 1.5% to the NAV. After the impact of currency and expenses and taxes, PIN's NAV increased by 1.2% during the period compared to the previous year. Disappointingly, the share price declined by 9.2% during the period. With our increased focus on marketing, our aim is to stimulate demand for PIN shares and narrow the discount at which they trade. Generating NAV outperformance has been more challenged in the past three years especially, but we believe that the portfolio is well-positioned for when an improvement in market conditions and increase in deal activity comes through. Nevertheless, during the period we have been working closely with the board to analyze the drivers of performance within the portfolio. We continue to believe that the tilt of PIN's portfolio towards non-cyclical companies that are in more resilient sectors such as information technology and healthcare is the correct approach. These companies are benefiting from long-term trends that we believe are here to stay, such as the increased demand for Software as a Service and cybersecurity solutions in information technology, or in healthcare, responding to the demands of aging populations and the need for higher quality products and services. At a high level, PIN provides investors with a portfolio of growing private companies alongside leading private equity managers, which we achieve through a combination of funds and individual company investments. As at the 31st of May 2025, approximately 37% of PIN's portfolio is in invitation-only, hard to access primary funds. Over recent years, we've focused on investing directly in private companies alongside our managers, and at the 31st of May 2025, 54% of PIN's portfolio was invested directly in private companies alongside our favored private equity managers. The key factor in assessing PIN's primary investments is always the strength of the private equity manager and their ability to outperform the public markets. This also applies to single company investments, where over the medium to long term, on behalf of PIN, we've taken more concentrated positions in companies under strong stewardship and with resilient profiles. As a result of our ongoing work with the board, some refinements will be made to the investment approach of PIN, including more focus on the group of leading managers that we invest with. These are set out by the chair of PIN in more detail. They also include an increased focus on active portfolio management and active capital management. The aim of these amendments is to improve the NAV performance of PIN's portfolio over the long term. This, coupled with greater demand for PIN shares as a result of our marketing program, could translate also into better share price performance. We regularly stress-test PIN's balance sheet to make sure that it is able to withstand a variety of scenarios and market conditions while still being able to take advantage of share buyback and new investment opportunities. As of 31 May 2025, the undrawn coverage ratio was comfortable at 85%. PIN has access to a GBP 400 million multi-currency revolving credit facility with the flexibility for this to be increased to GBP 700 million under the existing structure. PIN also has $150 million of private placement loan notes. At the end of May, PIN had GBP 103 million drawn down under the credit facility and GBP 111 million of sterling equivalent loan notes outstanding. Taken in conjunction with PIN's net available cash of GBP 21 million, PIN's net debt to NAV is conservative at 8.7%. During the period, in addition to investing in PIN shares, PIN has continued to invest in new opportunities sourced by Pantheon. During the year to 31 May 2025, PIN committed GBP 143 million to 18 new investments. While the last few years have been challenging, the private equity industry has grown significantly over the past two decades, and the asset class continues to attract a broadening range of investors. Over the more than 30 years that I've worked in private markets, I've seen many significant changes. One of the most striking has been how the best private equity firms, including many of those in PIN's portfolio, have been able to adapt to different market conditions over successive macroeconomic cycles. I have witnessed these leading firms evolving their own business models to employ operational expertise, sector experts, and capital market specialists as part of their in-house teams. These hands-on experts are able to support their portfolio companies through economic cycles and nimbly navigate the opportunities and challenges that they are faced with. It has also been pleasing to see how private equity can be a driver of growth and how it has become a creator of jobs in many local communities. With public markets becoming increasingly concentrated and inaccessible or unattractive to smaller, fast-growing businesses, having exposure to the private company opportunity set could become increasingly important for all investors. Looking ahead, we believe that an allocation to private equity should remain a key component of a well-diversified portfolio. Since its inception in 1987, PIN has been, and we believe continues to be, one of the most successful ways for investors of all types and sizes to do this. If you have any questions or would like more information on PIN, please visit the website, follow PIN on LinkedIn, or contact the team here at Pantheon