Manav Patnaik
Barclays Bank PLC, Research Division

Thank you for being here. For those of you who don't know me, my name is Manav Patnaik. I cover business and information services with Barclays. We're pleased to kick off the afternoon session here with the team from Thomson Reuters. As you can see on the screen, we've got Steve Hasker, who's the CEO, but we also have Gary Bisbee, who's Head of IR; and Kirsty Roth, who is the Chief Operations and Technology Officer joining us here. So we're in battleground mode here, so bear with us.

Manav Patnaik
Barclays Bank PLC, Research Division

Steve, maybe just to start at a high level, given all the debate, the noise. Maybe it's worth just taking a step back. And from your perspective, how do you describe Thomson Reuters and its positioning in its moats today to a new investor?

Stephen Hasker
President, CEO & Director

Yes. I mean we've been saying for a number of years now that we have a nice tailwind behind us, which is the growing complexity associated with compliance. So that's legal compliance, tax and accounting, audit-related compliance. And we're one of the few companies that have the content-driven technology to enable companies and their advisers to meet or exceed the needs of those compliance requirements without adding a lot of headcount. So that's the first tailwind, and that's helped drive us from when Kirsty and I joined the company 5, 6 years ago, we were growing our Big 3 at low single digits to