it is very broad and i think it is not it is very broad and i think it is _ not to— it is very broad and i think it is not to assume a level around 2 around that, it is an certainty around that, it is an knowable _ certainty around that, it is an knowable but an important concept that we _ knowable but an important concept that we think about —— it is not knowable _ that we think about —— it is not knowable. 0n that we think about —— it is not knowable. on your question of lots —- ”m 7 7 w” different model” an avera-e to them, - an average to them, no, i 2 an average to them, no, we have z -z ;—: :7—’—7% 7g ;:— :7—’—: 7g them all out to 7 set them all outta shewthe m set them all outta ehewthe m set them all outta show the levels of views and different levels—o ' , - out different tevelsohviewsfiana _ m- different tevelsot views and out there depending different tevelsof views and out there depending on = -:e -—— i -—— and where yoet 2 data from you % and where yoet . 2 data from you willd where yoet . 2 data from you will get 1ere yoet . 2 data from you will get a re yoet . 2 data from you will get a veryiet . your data from you will , - . - a no, your data from you will gelajlely _ no, they your data from you will gelajlely _ no. theyare - your data from you will get a very no, they are just different... no, they arejust there — different... no, they arejust there. they you a sense of there. they give you a sense of certainty — there. they give you a sense of certainty this we feed into we are thinking also feed into it. we are thinking about— also feed into it. we are thinking about actually about destructiveness actually we look about destructiveness actually we took at _ about destructiveness actually we took at a — about destructiveness actually we look at a much of lookat a much widerb- . - - lookat a much widerbasket of abbasid you rates bein- 7 7 interest rates 7 intest rates b- talk about interest rates being restrictedm _ talk about interest rates being restricted... - is—

talk about interest rates being restricted... _ talk about interest rates being restricted... , . ., , because we do not look at our point because we do not look at our star and judge destructiveness but at policy —— judge rather look at policy —— judge destructiveness. using a theoretical rather look at policy —— judge destru newly tss. using a theoretical rather look at policy —— judge destru newly onto; ising a theoretical rather look at policy -- judge - destru newl_ing a theoretical rather look at policy -- 'udge - destru newl—heoretical rather look at policy -- 'udge destru newl etical rather look at policy -- 'udge destru newlj ., , ., ., . , mm nam— m theoretical model onl would not advise m1] i would not advise that... we will aet i would not advise that... we will get around _ i would not advise that... we will get around to _ i would not advise that... we will get around to everyone. - i would not advise that... we will get around to everyone. we - i would not advise that... we will get around to everyone. we will. i would not advise that... we will- get around to everyone. we will pass to heather and then stephen. i’m to heather and then stephen. i'm central to heather and then stephen. i“n central wanted to from central banking. i wanted to ask about gold given that it act ask about gold given that it can act ask about gold given that it can act as an inflation hedge and the current equity and you current equity stress and what you yourself last week's was one of world's major markets. how much the world's major markets. how much gold has now left the bolts in anticipation of tariffs ——

anticipation of tariffs acquired —— anticipation of tariffs acquired —— anticipation of tariffs acquired —— anticipation of tariffs? what is the central beak do alleviate this? i i picked up the 7 7 7i7p7icke7d7up7th7e7que7st7io7n.77 77 7 7i7p7icke7d7up7th7e77que7st7io7n.7—7— thi—“e'e: t "eie�*lzfzéej' e"; the; 'e:"�** s; r r " " central the central bank, conference and the central berth conference and with putting press conference—and with putting is happening 7 press conferehee—ahd with putting is happening into gold which is of 7 7 of your7 7 of your7question in the the detail of your question in the context of the world and the out 7 out there. 7 out there. it's 7 out there. it's also uncertainties out there. it's also bearing in mind this worth bearing in mind because this helps explain �*the worth bearing in mind because this helps explain �* the facts helps explain some of the facts around the time take to get around the time it will take to get gold out of the banks vaults and 7 of the nature of to the gold. first

approach to the gold. the first thing to say i think this is bluntly is that we have the second stock of old in the world 7this is 77 a; £55531? 77 7 77 7this is broadly known. —— this is broadly known. over buyers of gold at the moment 14.99.9439 buyers of gold at the meme-at ~ has gone since the end of which has gone down since the end of 2024 reflecting the market conditions that you are talking about which has been a feature on the news but the stock has gone down by 2% since the end... it is to keep that in important to keep that in perspective. the us gold market has been at 3 million to the been trading at 3 million to the london market and commercial gold london market and commercial'gala —— trading at million. holders —— trading at 2 million. they are looking to get of they are looking to get vantage of that so there has been strong that price so there has been strong —— looking to take advantage. demand —— looking to take advantage. we can meet that all of our we can meet that demand. all of our

main counterparties, or all of those bodies ship the gold have bodies who ship the gold have all got the slots they need. if are comin in newt to us you are coming in new to us you might have to wait a bit longer because all of the existing slots booked up. this is a very are booked up. but this is a very orderly process. it is worth stressing to some of stressing compared'to'some'ofrthe those we talk about, it is stressing compared'to'some'ofrthe obvious fose we talk about, it is stressing compared'to'some'ofrthe obvious point. e talk about, it is stressing compared'to'some'ofrthe obvious point. gold . about, it is stressing compared'to'some'ofrthe obvious point. gold is bout, it is stressing compared'to'some'ofrthe obvious point. gold is a rut, it is stressing compared'to'some'ofrthe obvious point. gold is a physical an obvious point. gold is a physical asset so there are real logistical and eeeet ee the; es eetfleaefat " " ' " and security constraints and security constraints. into the bank constraints. getting into the bank for me this was a bit for me this morning was a bit trickier because there was a lorry trickier beeaeflse there was a terr�*r' the trickier beeeerse there was a terry the billion trickier becas'se there was a terry the billion yard. how... in the billion yard. that is how... that is the of it. —— the that is the reality of it. —— the billion yard. it is quite heavy, to!

what is forgotten about in the there is a six week headline, there is a six week delay or something like that, there is a or something�*tiitethat, there is a of or someflfingtihethat, there is a of demand but we have slots lot of demand but we have slots for people currently want get their people currently want to get their or to gold on behalf gold or want to ship gold on behalf of customer and we are can or down heather and mm mo we will no down to stehen? it; - we will go down to stephen? i i then we will go down to stephen? i know you said the current forecast know you said the current faecast - predicted know you said the current forecast predicted for trade hasn't predicted outcomes for trade policy— hasn't predicted outcomes for trade policy there is uncertainty and i know you have... we interrupt that ress and i know you have... we interrupt that press conference _ and i know you have... we interrupt that press conference to _ and i know you have... we interrupt that press conference to take - and i know you have... we interrupt that press conference to take you i and i know you have... we interruptj that press conference to take you to lancashire where the prime with ed who is is talking with ed miliband who is the area following an visiting the arean�*otlowing an this morning. mr; announcement this morning. iii apologies. thank announcement this morning. ni1:

apologies. thank you much apologies. thank you so much for giving up �*time to be us giving up your time to be with us here. thank you for us here. thank you for showing us around. i got a real sense by to you this morning 7 77 77m; you7this7m7orn7ir71g7of the 7 7 talking to you this morning of the importance �*the work talking to you this morning of the importance �* the work that you :-=: :-—— which is critical 7 which is critical in 7 which is critical in terms of doing which is critical in terms of in terms of fuel and medicine in terms of cancer, as well. ifeel a fuel and medicine in terms of cancer, as well. i feel a sense of that 7 77777tha7tyou77 7 77 777tha7t you77 7wo7rking 7 that you77 7wo7rking not 7 that you77 7wo7rking notju75t pride that you are working not just the business sector but doing important 7 important for7 something incredibly important for the as we go towards clean you essésgrjezfzgi you7 going7to 77 you going7to77b7e777 77777 you7 going7to be more and important. ing7 to be more and important. so7 to be more and important. so7thank more and important. so7thank you e and important. so7thank you and d more important. so thank you and it is fantastic to have that uplifting of pride 7 of pride which 7 of pride which you 7 of pride which you have 7 of pride which you have and sense of pride which you have and you should because you are doing work for that 7-==: 7==: 7 with what we 7 7 with what we have 7 7 with what we have decided a we the uk is to be when it came to the first leaders when it came to the first nuclear �* station. leaders when it came to the first nuclear �*station. then

leaders when it came to the first nuclear �* station. then �* you z -: ——— z believe it 21 7 believe it 21 reactors 7 believe it 21 reactors les7s can believe it 21 reactors in less than ten years, that is an can believe it 21 reactors in less than ten ) part that is an can believe it 21 reactors in less than ten ) part of rat is an can believe it 21 reactors in less than ten ) part of our; an can believe it 21 reactors in less than ten ) part of our history as a incredible part of our history as a nuclear frustration and nuclear nation. my frustration and possibly us is that slowed down possibly us is that that slowedrdowa , the last 15 years or so. it has lnthelast 15 years or so. it has gone to a halt with a sense nuclear is even part of mix that nuclear is even part of the mix for the future. i think we have lost there it has cost us a nation. that is what we as a nation. that is what we are turning around in terms of the big as a nation. that is what we are turning arou| are terms of the big as a nation. that is what we are turning arou| are making )f the big as a nation. that is what we are turning arou| are making acrossrig as a nation. that is what we are turning arou| are making across the decisions we are making across'the and as it comes to planning innovation and particuiiariir;r on i hope but particularly on nuclear. i hope you have seen some of the you will have seen some of the material we are out today material we are putting out today and what we are making —— the we are making we are makihg the first zfi�*i�*i which 2011 which is oeerdue