Canada-China Relations committee  You misunderstood me. There was no consultation whatsoever.

Canada-China Relations committee  It's a comment similar to what was said by my neighbour. Africa consists of 55 different countries. They are very different in nature and economic growth. If you were really looking at Africa as an investable continent, you would probably end up with only a few countries that would be interesting for us as very large investors.

Canada-China Relations committee  I cannot answer that.

Canada-China Relations committee  Large chunks of our investments in China are passive. For sure, there will be investments in financial institutions as well, and they will for sure invest in Africa, but I do not have a number for that.

Canada-China Relations committee  I would approach it differently and say that we expect the U.S. companies or western companies to comply with a lot of criteria we bring forward. Most of the time they do, which requires less of a risk premium that we look for than when we go to other parts of the world.

Canada-China Relations committee  Yes, for sure. If, like my neighbour said, there is more uncertainty, again, as I mentioned before, no one is telling me that I have to go into those regions. If the premium I ask is too high and is not given to me, I'm not investing.

Canada-China Relations committee  I can confirm that it's the same for us.

Canada-China Relations committee  Our approach is exactly the same. We use the same criteria, but it's definitely different in working in the U.S. with the same criteria compared to in other parts of the [Inaudible—Editor] markets.

Canada-China Relations committee  Thank you for bringing this forward. As I said, it is very complex. It's not an isolated event. If you think about the consequences that we will face, you realize it's not just China. It's actually impacting our whole global portfolio. To answer your question, has the government consulted us on their decisions?

Canada-China Relations committee  On this particular point, I'll have to double-check with my team. I don't know. I can't answer that question.

Canada-China Relations committee  I have one thing to add to what my neighbour just said. This is not something that suddenly popped up. China and Asia have been very powerful forces for decades already. In the global economy, the interdependencies are huge, so your point is spot-on. It's not a bloc that you can ignore, because the interdependencies are so huge, even within the U.S. or Europe and China.

Canada-China Relations committee  Well, I would—

Canada-China Relations committee  Given the exposure we have to index tracking and passive management, I do expect that some of these names are in our portfolio.

Canada-China Relations committee  In our passive investment approach, we do have exposure to the MSCI AC Asia Index funds, so yes, there will be some names.

Canada-China Relations committee  I have an answer similar to those of my two colleagues. The event this afternoon for sure was noticed. It was discussed immediately with my team in Montreal in terms of how it will impact the pricing of geopolitical risk. That's a very difficult topic, to be honest, because it's not isolated.