 My name is Bernard Giraud. I am the president of LiveUds Venture, which is the organization that runs two investment funds. One is LiveUds Carbon Fund and the second is LiveUds Fund for Family Farming that was created recently by two corporations, Danone and Mars. I have had a career in the corporate sector. My last position was Vice President's Sustainability for Group Danone and now I'm more involved in the development of those two funds. Basically, if we consider the LiveUds Fund for Family Farming, it's a fund that starts from the needs of corporations in their supply chain. What we observe is that increasingly large corporations that are sourcing raw material from agriculture in different parts of the world and many of those communities come from small holders are engaging in how to increase, to improve sustainable farming with small holders. So we started from these needs and we realized that what is at stake today is how to make it happen. There is a quite clear understanding that we do what we need, that companies need to do something. The question is with what type of tool, financial tool, what type of technical platform, what type of methodology, of measurement, and LiveUds Fund for Family Farming is trying to bring that to corporations. So in a way, it's a fund that we'll invest in a large-scale project with small farmers, but it will be also a platform to accumulate the expertise, the experience we will learn from the projects in order that companies can capitalize and replicate, scale up those projects in their own business. I think we have learned from the first carbon fund we invested 40 million euros in about 10 large-scale projects. So we have learned on how to design large-scale projects with local organization. So far this fund works well. We have implemented large-scale restoration of mongrels, for example, in Senegal, in India, in Indonesia. We have a large-scale agroforestry project in Africa. In Latin America. And we have also a rural energy project. So through those projects, we have really accumulated some experience on how to design, manage, and monitor a project, select the right partners to make it happen. So we are talking about 5,000, 10,000, 20,000, maximum 30,000 small farmers. We are not talking about huge scale, but significant scale. This is an investment fund. So the fund needs a return. It's not a foundation. We are not delivering grants. What we do is we pre-finance, so we take the risk to pre-finance the project. So very concretely, we pay for the expenses that are necessary for planting millions of trees or training farmers or installing cooling tanks for milk and this type of thing. So this is upfront investment. The fund will get its return through what we call off-takers. So for example, in a project like the one we are launching at the moment in Kenya, there will be 30,000 farmers. We will invest between 3 and 4 million euros. The return to the fund will come through three types of revenue. One is the milk because this project will generate a lot of milk productivity, so more volumes and more quality. So there is a dairy company that is very much interested and contractually they will commit to buy the milk they need, the whole production of milk, at a fair price and they will also provide the technical expertise to the project. But there will be also a sequestration of carbon through soil fertility. The total sequestration of carbon on 10 years will be 1 million tons from the soil and from the methane emission of the cows, the improvement of productivity. And there will be also, so the carbon has a market value, and there will be also water revenue because this project will have a very important impact on the water share, stopping erosion, deforestation and so on. And then local governments are interested to in fact pay on results. So we will invest, the farmers will get more revenue, more more production, more crops, but the fund will get some returns. For the companies like Danone or Mars, the expectation is not the highest financial return. This is not the purpose. It's an investment fund, but for them it's more a strategic approach to their supply chain. So for example for Mars, I don't know, cocoa, vanilla, rice, sugar are very important raw materials. So how this fund will help them improve their supply chain with small holders is the key expectation, same with Danone. But at the same time, we will do it through a model that is in a way more efficient and less costly for corporations. And because the reason today why corporations are doing little things through CSR money is because it's at the end of the day, it can be very costly when you go to scale. So this model will allow to decrease the cost because there is a return. But at the same time, the main reason is not the financial return. The main reason is how we can secure in the future good sourcing, investing up to the farm level, which is really new for corporations to invest up to the farm level, especially when it comes to small farmers.