 Great, thank you SM. So as an ex-banker we don't much like taxes or substance, so that's one. I'm Simon Dent. I've worked for 20 years in commodities, both physical and financial. Mainly investment banking, but recently I'm now an ex-banker. I'm recently now involved in working with Othelia on business development, checking which areas we can apply impact investment into, beyond what we've done in our first fund. Othelia Ecospair is a new impactor of an investment manager, guided by principles that we think are pretty unique. We see we can get competitive financial returns, but by keeping environmental and social assets. Our first fund has raised approximately 100 million euros, both in public and private investors, and is investing in landscape transformation, providing finance, project expertise and loans, mainly into red projects on a global basis. We took the investment a long term, but the fund life is eight years, and we work closely with all the stakeholders involved in providing private capital into these projects. Investment levels about $10 million per project, we do slightly larger, slightly smaller, obviously. Revenues are secured twofold. One, right carbon is generated for protection of standing foes under red, and also by sustainable agriculture, or sort of commodities, and potentially some ego services. So I'm not a fishery expert, I'm not a technical fishery person, but we do have a strong financial background. We are particularly experienced in project related management and investment. We started our business within the bank looking at the European admissions trading scheme and the subsequent CDL, UN-based project scheme work. So these project-based carbon credit projects are very similar to what we see today, both in forestry, and we think of fisheries. So Athea is looking at what we can do with the impact investing model that we've learned in forestry and bring it to what we call CSTES. So we believe that we can take in our investment rationale and apply it to a sustainable system approach. Looking not just at the sustainable fisheries or the FIP projects, but looking at a multiple revenue stream, so waste constants and ecosystem services. If it had impact investment vehicle, we would look to make economic return, but that economic return would be underpinned by applying best-in-class social environmental guidance. And we do that in a forestry fund. So today in a forestry fund, we have an ESG policy that is based on IFC principles. We have a quarterly reporting to our shareholders just on ESG. We have ESG metrics that we have to apply when we make investment decisions, and that is assured by our government and body investment community. We wouldn't invest alone. So this is not us going out there and investing $10 million in a project and acting alone. We would invest alongside stakeholders and NGOs, local government, local communities, properties. We believe in bringing the financial capital, the private capital, but as I said earlier, we're the finance guys. We all need technical partners. We need partners on the ground. We'll need potentially the local government to work with us in projects. So in no means are we doing this by ourselves. The private capital would be at risk. We'll probably have an up-front counter-extempt element. So basically up-front to purchase transitional finance, maybe to do managed access or buyouts or to set up MPAs and things like this. And then there'll be a running cost of projects, particularly data enforcement, potentially invested in the supply chain. So quickly, why do we think we can do something in this space? And these slides may be a little bit dated. I think you all know the arguments here. We see and recognize the oceans are important. We see and recognize that there are a billion people who are deriving that depending on fish or primary sources of protein, particularly developing countries, we see that potentially there is 90% of people who are divided by their roots from developing countries. So it's a significant demand in the market. As a note from us in the forestry side, we're also quite interested in the carbon side, the blue carbon side, and we think that that is a revenue stream that could be monetized as well. But I think it's also because of economic demand. So as you see here, the wealth of the oceans is massive. It was interesting that the trade of fish trade was two times the value of coffee, and arguably, coffee has recently done much more in the sustainability sector than we have in fisheries. I think it's much more recognized in the consumer point of view. But we see this as underpinning the case to make where we can make a case of properly structured projects. The financial strength of this market can underpin projects that can produce both sustainable and economic. So what is the challenge? Well, I think as you know, FAO has said that 90% of all fisheries are either fully exploited or overexploited, but treated or recovered. So I think that's the challenge there. But we also think that water capture fisheries particularly are a unique resource. I mean, it's subsidized mainly by nature. It's got to make economic sense to then harvest sustainably to provide a resource in place. So the investment case is simple from our perspective. Better managed fisheries are more profitable. Fisheries can generate significantly more value both economically and environmentally if they're sustainably managed. So I think from our perspective, we have seen sustainable management principles work, for instance, in agriculture and forestry. And that has brought development capital both private and public in scale into those sectors. So, in examples of our fund, we've raised 100 million euros for public-private investors to invest exactly into forestry and agriculture. If you take the World Bank Bio-Carbon Fund, that fund is more than $300 million to invest in forestry. The UK government put $120 million into that fund. So I think one of the challenges for people who are active in the fisheries business is to generate conditions to allow us to invest in forestry. So given the complete state of local fisheries, we feel that some of the management principles are meant to be urgent. So what are the investment opportunities that we've recognized? I'm sorry, that's a little bit of a hard to read. But clearly, stock depletion and recovery. So individual projects, individual species can exhibit significant stock recovery over a period, an investable period of time. So two to five years. I think most investors are looking at a window of eight to ten years to get that investment applied and then return it back. So we can put transitional investment in place. We can create the environment and natural infrastructure for the stock recovery to move efficient and also to take the concept of sustainable fishing. We also believe that there is a lot of operational efficiency in supply chains. So we see particularly as we go to the smaller scale, high fragmented supply chains, low investment, poor infrastructure. But your investment there can bring significant added value, particularly to the land catch, the value of the land catch, the reduced volatility, and enhanced project commuters. We think there's an opportunity, as we're doing in the forestry, to work and engage, called long-term retailers and brands, that allow some certainty in price. We believe we could bring engagement in that area, allows premiums to be captured around a certain part of the stock. I think that's important. We also would like to see multiple revenue streams in our projects. I think this is important. So again, we wouldn't necessarily just focus on a fit but look for stock recovery. We would look to the projects where we can see multiple revenues. So basically blue carbon, waste, recycling, potential investment in technology in the UK and the United States, equipment and various ecosystems. However, we do feel and recognize that most successful projects are going to need some people. I think it's worth certain that most projects are going to need a public-private partnership. We're going to need some form of processory finance and maybe some technical assistance, potentially some political risk insurance, forms of guarantees and grants. In the forestry fund, we have an interesting structure provided by the US aid that in certain countries and certain projects, we have a 50% burst loss guarantee on the projects that the US aid would provide and these types of mechanisms that prevail particularly in forestry and these are things that can be used, I think, to accelerate fishery projects. And then the macro market and some people in the economists may disagree. We believe that the seafood market is going to continue to grow. We feel that prices will show up with trend. I think, potentially, we will see increasing demand for sustainable products and if not, at least demand for a sustainable product that has good transparency and a good story to tell. We think that the macro market will underpin investments. What are the enablers? I guess the first four are enablers and the last three are basically where the value chain comes from. So the first one, I think this has been said many times in our meetings but Secure Town, in Lines and Sensors and Fissure Projects, it's an absolute key to try to get any real prime investment flowing into our fishery projects. Technical data, bankers, financiers, we're all driven by data. We like forecasts, we like numbers, we want to see how it turn, we want to see what they're selling out of dollars and what they're doing to a stock. So we need technical data around these various projects. Investable entities, we need somewhere to direct them on. We need something that is legal, is going to be there for the long term that we can relate to and work very well. Of course governments monitoring enforcement are going to be important for the life of the project. And then all this needs to basically where we can create that. So improving stock yields, supporting the long return of the old to make the fishery responsible for the final catch and basically the reasonable value of the stock. Increasing operational efficiency, I think this is important for us. So we see that there are a lot of games to be made under that type of heading. And then the mechanisms for capture return. So we obviously are going to look to be paid back and making a return for our investors. I think there are many ways to do that and every project is different. But it generally relates to a form of benefit sharing. A lot of people are suggesting it's a debt-only structure, a low-end structure. But I think that there can be a potential mix of many types of financial tools between equity and debt-making instruments. And particularly if you're making investments say onshore and supply chain that may be a much more than that. But the key thing is that we believe that there is a win-win situation for people to basically invest in these projects, taking risk capital and through project performance and basically ownership of projects, people can move to a sustainable fishery type of level and create a return for the investors and the investors will exit. And then you have a sustainable project that should go through. So I just put this up to show a little bit of our thinking. So one project we would like to see a project that covers much of this and then we would build out from that. So we could schedule up or we could do multiple projects within a certain region. So we talked about this but established the type of juveniles and they look at the mangroves revenue, food, and carbon sustainable agriculture I think it's at the ordinary community level look at waste recovery recycling of course create the managed access of structure, technology around nets and gear enforcement and data looking at the ecosystems but very important supply chain investment and engage with the end users and capture it. So quickly what are the takeaways? So for us the key takeaways I think is as I mentioned is key investment in the business credible data allows the investment framework investment decisions to be made. We would need to leverage private public finance tools to enable investment in scale the project investment clearly needs to address the environmental and social issues that the drivers we would like to see treating sustainable fishery projects as a whole the whole is great in the seven parts we see that in the forestry but we also believe that time is right as a very private investment to sustainable fisheries alongside public investment and basically other mechanisms grant mechanisms we think that there are a number of projects that would attract some private investment and allow and accept build capacity and accelerate the transition to sustainable fisheries.