Mr. Nick Ashmore:

I will make three brief points. We use outsourced investment management for the global portfolio because it is much more cost effective. Passive investment is the most cost-effective form of investment, as it costs little to operate and administer large portfolios that give us the investment exposure we are looking for on a risk-adjusted basis.

We are operating exclusions on passive portfolios and active portfolios. We compile those lists with the support of third-party data providers, who help us to identify which companies have more than 20% of their activities in fossil fuel exploration of extraction, for example. We exclude those companies. We advise the investment managers using lists of which companies are excluded and in which they cannot invest on our behalf. That is how that operates.

Regarding the sanctions on Russia, none of our investment strategies include the ability to go into sanctioned investment. As a result, they do not include investment in Russia.