Good morning, ladies and gentlemen. My name is Brett Chenoweth, and I'm the Chairman of the Board of Directors of Adairs Limited, and I'd like to welcome you this morning to the Adairs 2021 virtual AGM. In response to government restrictions and the potential health risks arising from the COVID-19 pandemic, the board determined to hold this year's annual general meeting virtually. Although we're not able to meet in person, I'm pleased that we can come together virtually to update you on our company, conduct formal business, listen to any comments that you may have, and answer a few questions. It is now 11:00 A.M., the appointed time for holding our 2021 AGM. I'm advised that a quorum is present, and I therefore have pleasure in declaring this meeting open. Thank you all for attending. Details about how shareholders can participate have been set out in the notice of meeting and in the online virtual AGM guide, which has been published on our investor relations website. Both documents are also available to view and download at the bottom of your screen. I will go through the technical and procedural matters for the AGM shortly. Before proceeding with the formal business of the meeting, I would like to advise that I'm joined today by all of my fellow directors and also all of the senior leadership team of Adairs, including Ashley Gardner, Chief Financial Officer. They, like you, are all participating virtually. From the board, we have in attendance Trent Peterson, Non-Executive Director and Chair of our Remuneration Committee. We have Kate Spargo, our Non-Executive Director and Chair of our Audit and Risk Committee, to receive and consider the financial report of the company, and to then vote on the resolutions. I'll now briefly talk you through the procedural matters for this meeting. In terms of shareholder questions, we are only taking questions from shareholders today or their representatives. All telephone listeners are currently on mute. If you wish to ask a question over the phone, you should press star one on the keypad. There's an ask a question button, which is located on the top of your screen. You can submit questions at any time. You don't need to wait until the relevant item of business concludes. This showed an overall 8.5% decline in total sales over the same period last year, which was completely due to the mandated closure of the majority of our stores in New South Wales and Victoria for almost all of that period. On a like-to-like basis, after adjusting for these four store closures, sales are in fact up 8.2% across the group. Pleasingly, our New South Wales stores have reopened in the last fortnight and are trading strongly. We anticipate a similar result when the Victorian Metro stores reopen, which should happen in the next few weeks. In conclusion, we are well-stocked, our product range is resonating well with customers, and importantly, we are ready to capitalize on the important Christmas trading period and the sales leading up to that period. I remain confident that Adairs has the right strategies, the right team, and the right product offering to continue to deliver growing returns for the benefit of all shareholders. I will now hand over to Mark Ronan, your Managing Director and CEO, to present his report. Over to you, Mark. Thanks, Brett. As Brett has noted, the 2021 financial year was another exceptional year for the group. The financial results achieved by Adairs and Mocka continue to highlight the strength of our brands, the hard work of our teams, and our culture that sees us look to delight customers every day, providing us with the attitude and the ability to adapt to the ongoing challenges from COVID-19. The group achieved exceptional sales and profitability growth across both Adairs and Mocka. While this came on the back of a trading environment that was supported by consumers' additional focus on their home as a result of the COVID-19 pandemic, we capitalized on this environment by focusing on our underlying strategies. When I think about our strategies, they are best measured by a few key drivers that have historically delivered year-on-year sales growth, but which to my mind, are sometimes harder for our shareholders and investors more broadly to fully appreciate. Firstly, the relationship between total sales and our Linen Lover membership levels. The graph shows the correlation between total sales and Linen Lovers is very strong, with every new member adding approximately AUD 400 in sales each year. In FY 2021, the Linen Lover membership base increased by approximately 14%, and members who shop with us spent on average 10% more than they did in FY 2020. This saw total Linen Lover sales for the year grow to represent more than 80% of Adairs' total sales. With the strength of the trading environment, we ensured the team was highly focused throughout FY 2021 on signing up Linen Lovers. As we know, this gives us the best opportunity to build a relationship with that customer and significantly increases the chance of them returning to shop with us in the future. Going forward, member retention initiatives and the facilitation of online sign-ups through the upgrade of our digital platform in FY22 will support ongoing growth in our Linen Lover membership base. If I move next to the relationship between store sales and retail floor space. Our FY21 results have again demonstrated that store sales continue to be highly correlated to increases in our gross lettable area or GLA. Over the course of FY21, Adairs delivered strong sales growth through a combination of opening new stores in areas where we were not well represented, the continuation of our store upsizing program, and closing smaller stores. When I look at the past four years, we have added nine new stores on a net basis, or 5% of our store portfolio, which has resulted in an increase in GLA of 26%. This is a reflection of the success of both our new stores and the upsizing program, as these larger stores provide us with the opportunity to showcase more products and categories and operate at a lower rent-per-square-meter and wages-to-sales ratio, resulting in higher store contribution margins. Importantly, the new stores not only deliver strong sales and profit growth but also drive an increase in online sales in those catchment areas. Finally, an increase in omnichannel conversion. More customers were comfortable shopping across both channels than ever before, with more than 50% of Linen Lovers shopping across channels. Whilst mandated store closures were one large driver of this, we saw customers happy to shop both in-store or online, depending on the circumstances at that time. Ultimately, we know the most important driver in creating a multi-channel customer is building their trust and loyalty to the brand. We saw strong sales growth driven by the increase in multi-channel shoppers as they on average spend more, which is driven by their engagement with the brand and their comfort in shopping with us, how they want, when they want, and where they want. These three factors highlight the success of our omnichannel mindset and model and give us confidence in our future growth coming from a continued focus on strategies that drive Linen Lover growth, profitable physical space growth, and an ever-evolving digital experience. The Adairs model aims to deliver exclusive design and develop product through our vertical supply chain. The total addressable market is large, with management estimating the market to be over AUD 15 billion in Australia, of which furniture comprises approximately AUD 10 billion. By offering our exclusive product across multiple channels, it allows us to maximize and fully leverage the benefits that come from our Linen Lover program, back-end infrastructure, and highly capable team. This provides Adairs with the opportunity to offer a seamless, inspirational customer experience across channels, resulting in high levels of customer acquisition, retention, and preference. Given the size of the market, our opportunity to continue to grow market share by focusing on these strategic pillars is high, enabling us to deliver strong EBIT growth and margins for shareholders over the medium term. With this in mind, you can see how our five key drivers of future growth highlighted in the presentation throughout this model to enable us to capitalize on the growth opportunities for both the Adairs and Mocka brands. If I start with our proven and resilient business model, the strong brands that we own, our vertical supply chain philosophy, and our direct-to-consumer store and digital channels allow us to develop and control the expansion of our product offering and customer base. This enables us to be more agile and responsive to changing customer needs through the delivery of exclusive on-trend product at higher margins. Our strong brands, combined with our large and loyal customer base, delivers a lower cost of customer acquisition and provides significant opportunity to enhance and build upon our relationships with our customers. Combination of omnichannel retail with loyalty remains a key growth driver. Adairs is focused on continuing to grow its market share, and the best way to do this is to better understand our customer. This will enable us to grow our overall customer base, while increasing our share of spend from our existing customers. Linen Lovers is the program through which we both provide value to our members and gain a better understanding of them, allowing us to achieve this. The Linen Lover program today accounts for more than 80% of Adairs' sales, and we have increased our investment in data analytics capability to enhance our ability ongoing returns for Adairs shareholders. At Mocka, we continue to review the opportune relevant to our customers. We are focused on growing our email subscribers, with us adding more than 30% to this database over FY21. This provides us with the opportunity to remarket to these engaged customers at significantly less cost than basic digital marketing. Our focus on becoming an omnichannel leader is supported by our digital transformation strategy. We are investing in enhancing our digital platform and team to deliver an improved customer experience, driving customer acquisition and increased customer conversion. We are starting from a strong position and have seen significant growth in both businesses in customers shopping online. We continue to think about how we deliver customers a superior and more flexible shopping experience, and are actively exploring and trialing new technologies, including in-store devices to showcase our range, customer traffic measurement and analytics, both in-store and online, and online chat. Adairs will continue to build upon its digital capabilities by upgrading the online platform in 2022 to enable a more seamless omnichannel customer experience, which will see us introduce additional personalization and basic items such as click and collect and express delivery. Mocka is continuing to build upon its digital capabilities after successfully upgrading their online platform in FY 2021. This gives us a solid foundation upon which to grow over the coming years and enables us to trial new technologies in the short term. As a group, we will continue to trial different technologies to ensure that any significant investment delivers an enhanced customer experience, leading to profitable sales growth. The combination of Adairs and Mocka allows us to capitalize on two great brands with well-developed digital platforms. The strong online sales growth achieved by both brands now sees 37% of total group sales coming from online, positioning us well to win share as traditional store-only customers transition to omnichannel customers. If I look at Mocka growth and the addition of Mocka to the group increases our exposure to the fast-growing online segment of the market with the significant benefits of vertical integration. Mocka's sales growth in FY21 was driven by continuing to build out our product offering, enhancing the customer experience through initiatives such as the introduction of augmented reality to help customers visualize the product in their home, and continuing to build brand awareness, as highlighted by the 35% increase in website sessions. At Mocka, we also continued our focus on building up our customer database, with us now having more than 550,000 email subscribers available for us to both showcase our new product and deliver promotions too. Based on Mocka achieving the same penetration in Australia as it has in New Zealand, there is the potential for Mocka Australia to exceed AUD 100 million in sales revenue simply based on population size. Mocka provides the group with greater exposure to the furniture segment and provides the opportunity to reach a different customer through design-led value for money differentiated product. The significant market to grow into, we continue to invest in product category expansion. Whilst this has been more challenging due to travel restrictions, the team have adapted to these conditions and continue to work on enhancing our width and depth of offer at Mocka. To enable us to provide customers with a more compelling offer, and in time, allow customers to fit their entire house out with Mocka product. We are also investing in additional talent to supplement the Mocka Management Team and are excited to have Vanessa Brennan recently join the team as CEO. Vanessa brings a wealth of retail and e-commerce experience to Mocka, her appointment, combined with ongoing investment in additional talent, will ensure we are well placed to execute on our strategy of building market share by conveniently delivering differentiated, stylish, and functional product at a great price. When I think about our digital channels, they are enhanced by our store network. All of our stores are profitable, our store formats deliver strong contribution margins. Larger stores are more profitable, there is a strong pipeline of new stores and upsize store opportunities for us to capitalize on. As I mentioned earlier, these larger stores give us the opportunity to showcase more products and categories and enhance the customer experience. With a highly profitable store portfolio, we remain focused on deliberately creating flexibility within our store leases through relatively short lease terms, allowing us to strategically manage our store portfolio through opening new stores, upsizing existing stores, obtaining more favorable terms on renewals, or closing stores that simply do not meet our requirements. Finally, our omni-channel business model needs to be supported by an omni-channel supply chain. Construction of a national distribution center in Melbourne was completed in August, and over the last six weeks, we've been transitioning stock into this facility from the DCs it replaces. COVID-19 has significantly impacted this transition and led to operational challenges that have delayed some customers' online orders. Given this experience and the potential impact COVID could have on our supply chain going forward, we have maintained one of our existing DCs to be able to better manage the COVID exposure risk over the critical Christmas trading period. The consolidation of our multiple distribution center operations into a single national facility will improve stock flow and online fulfillment, increase stock availability, and improve service levels for both our customers and stores during peak trading periods. We still expect to realize AUD 3.5 million in annual savings over our existing operations once we complete the transition and are fully operational, which is now likely to be early in the new year. The National Distribution Center is the foundation for Adairs' integrated omni supply chain strategy to better enable customers to shop Adairs how, where, and when they choose, and has the capacity and flexibility to support Adairs' growth well into the future across all channels. The current trading environment is operationally challenging due to the ongoing impact COVID-19 is having across the Australian economy. As a group, we remain focused on dealing with the ongoing COVID-19 challenges, including government-mandated store closures, vaccination requirements, impact of 14-day isolation periods, combined with international and domestic supply chain challenges. Electing to bring stock in early, together with carrying additional inventory and core lines and being prepared to pay the higher than usual freight costs, has ensured we are in a strong inventory position across the group. The reopening of our New South Wales stores last week has delivered strong sales results, giving us early insight into the strength of the demand from the consumers as we come out of lockdown. We expect to see continued strength in retail stores as customers come out of lockdown and elect to shop in store, in particular, given the ongoing domestic freight challenges. There is no doubt that these domestic freight challenges are significantly impacting retail customers and their online experience across all sectors. Our customers have been significantly impacted by freight delays, which has led to a disappointing delivery experience for a number of our customers and increased costs. We are seeing and expect to continue to see customers move back towards stores over this coming period to guarantee their purchase, in particular, in the lead up to Christmas. We've delivered good product ranges that are resonating well with our customers. We continue to see a number of key drivers that will support consumer demand over the medium term. When thinking about this from a medium term, we know that household savings remain elevated, with households accumulating circa AUD 137 billion of incremental savings over the last 18 months, which is almost equal to one year's worth of discretionary retail spend. The housing market continues to grow strongly, with churn returning to the market, delivering a tailwind for household goods, and ongoing travel restrictions continuing to support customers transferring a portion of this travel spend towards household improvement, further supporting the home category. We expect to continue to benefit from the current environment, which has seen customers develop an increased focus on their homes. Our experience tells us that this focus doesn't quickly disappear, as they often continue to work through their home, updating one room at a time. Given the inherent uncertainty in the market, today, the board did not consider it appropriate to provide full year guidance at this time. Before I finish, I would like to thank a few people. I'd like to start by thanking the Adairs and Mocka customers. We get the privilege of being a small part in helping them create a home they love. Our aim every day is to continue to inspire and delight them, and we thank them for their ongoing support. I would also like to thank the Adairs and Mocka teams. The last 18 months have seen us come through some very challenging times, and disappointingly, as I give this presentation today, we still have a significant number of team members stood down whilst we are in lockdown. Our teams are passionate about our business, and this continues to shine through in the way they remain focused on delighting our customers. I would like to thank all team members across Australia and New Zealand for their hard work and dedication. I remain confident that with this great team, we are well-placed to not only continue to manage the current conditions, but put ourselves in a position to capitalize on the new and evolving retail environment, delivering shareholders ongoing profitable growth. This concludes my report. If you could kindly hold any questions you have for now, as there will be an opportunity to ask questions a little later on. I will now hand back to Brett for the formal part of the meeting. Thank you, Mark, for that comprehensive report. I will now turn to the notice of meeting. The notice of meeting was made available online to all shareholders in accordance with the company's constitution. I will take the notice as read. In accordance with the requirements of the Corporations Act, the register of relevant shareholdings is available for inspection. Shareholders are asked to contact the share registry following the meeting if they wish to make an appointment to inspect the register. Ms. Julie Stokes of Link Market Services, our share registrar, will act as the returning officer. I will now move to the first item of business. Item one is the annual financial report. The financial statements and reports for the year ended 27 June 2021, as required by the Corporations Act, have been circulated to shareholders as part of the 2021 annual report and are tabled here today for discussion. I now open the meeting for any discussion on matters of particular relevance to the annual financial report for the company, or any questions for the company auditor, or questions for Mark Ronan in regard to his presentation, or any other questions that you may have for the management team. Please note that we'll specifically focus on the remuneration report later in the meeting. We'll first take telephone questions, followed by written questions submitted via the virtual meeting platform. To commence, are there any telephone questions in relation to item one? Chair, there are no questions on this item. Thank you. Jamie, do we have any item one? We have a few questions. The first question comes from Peter Cooper, who asks, "Can the Chairman and/or CEO please outline what upgrades are being planned for the Adairs online system, and what benefits will customers experience? Mark, I might hand that question to you. Yep. Sounds like a plan. Thanks for that question, Peter. In FY22, we expect to obviously outline we're looking to upgrade the website. The key components of that will see us enable more capability to deliver more personalization to our customers. That should see customers, over time, get a more personalized experience as they hit that website. Promotions that are more relevant to them, together with different ways of thinking about how they style their bills don't go up 3 x. That's how you start to think about, you get a slightly declining sales per square meter, right? Profitable sales per rent dollar outcome in that as a bigger driver of that piece rather than necessarily just sales per square meter, because that's an efficiency model and that's a real shopping center, but really critical because their rent per meter is very consistent. Ours differs quite substantially between homemaker shopping center and even small shopping center store and large shopping center store. The next question is addressed to the Chairman, comes from Andrew Goff and Danielle Gayle. The question is: Do you think a DRP would be on the horizon once dividends begin to be paid? Thanks, Andrew and Danielle. I think the first thing to note is that we already pay dividends, and in fact, have paid a dividend every year since we listed on the ASX in 2015. Look, whilst our constitution allows us to operate a DRP, and we have DRP plans in place, we've not needed to raise any equity in the past, and so have not activated the DRP. It is something, however, that the board will continue to review and keep on the horizon. The next question, Mr. Chairman, comes to you. It comes from Peter Mondy and Stella Mondy. The question is: Will Adairs commit to repay any or all of the unneeded JobKeeper payments from the Commonwealth Government, which were not required by Adairs owing to better than expected profit at the end of the financial year? Yeah. Thanks, Peter and Stella. I noted this in my report and has also reported in our annual report that we, in fact, did return the net benefit of the FY 2021 JobKeeper wage subsidy to the Australian Government. As I noted, it was a welcome and necessary initiative. It helped employers and employees remain connected. Ultimately, given where we sat and the success we've had these past 12 months and the way the team have navigated through this period, we felt a right to return the benefit to the government, which is precisely what we did. Steve, there are no more written questions in relation to item one. Thank you. As there are no further questions, we'll move to the next item of business, which is no surprise, item two. This is the reelection of Michael to his election. You there, Michael? Yes, thanks, Brett. Become a very profitable omni-retail business in the home category. It really is a testament to the go. It's been a period of accelerated change within the property sector. Some general high-level observations has been rapid. Challenges to shopping center landlords in maintaining and driving foot traffic into their centers. Growth in the larger homemaking category format, and particularly a strong demand for big box retail space in the last few years. Increased demand for retail space in regional cities and towns, and the fashion category generally been under pressure, which has led to more retail space being available in shopping centers. Ongoing conversion and some closures of DDS stores and department stores. Lastly, increase in the service type retail offerings within shopping centers. Of course, the impact of COVID over the last 18 months, which is still ongoing and has provided many learnings for us as retailers. My time in the current role has allowed me to further develop more highly constructive relationships with our landlords, and which has been of particular benefit in dealing with COVID matters. Considerable time has been spent behind the scenes in negotiating and resolving closure and lockdown matters to date, and we will continue to leverage these relationships as we work through the current round of lockdowns to achieve a fair outcome for the business. More importantly, we will continue to focus and deliver on key property strategy initiatives. As Mark spoke, upsizing stores, which have continued to deliver improved profits, and significant opportunities remain in both shopping centers and larger format homemaker centers for us. Target new store locations that are profitable and strategic, with opportunities to work through both here and New Zealand. Maintaining a flexible lease expiry profile to take advantage of any ongoing opportunities to ensure that all our stores remain profitable. Lastly, ongoing targeted reinvestment in our store network. I remain committed and passionate in my current role in ensuring that our store portfolio continues to be relevant for our customers and plays its part in delivering a more seamless customer experience as we continue to move quickly along the path of what it means to be a leading omni-channel retailer. I'm certainly looking forward to the next few years, given how well-placed the business is for continued growth and playing my part, and really appreciate the support of the current board and shareholders. Thank you. Thank you, Michael. The proxy results are now shown on the screen. I'll now respond to any questions or comments we've received on this item. Firstly, are there any telephone questions in relation to item two? Chair, there are no questions on this item. No questions. Thank you. Jamie, do we have any online questions in relation to item two? There's no written questions in relation to item two. Okay. Thank you. As there are no further questions, we'll now move to the next item of business. As this item is in relation to my own election, I will hand over to Kate Spargo to chair the meeting for all matters relating to item three. Over to you, Kate. Thanks very much, Brett, and good morning, everyone. The members are to consider, and if thought fit, pass the following as an ordinary resolution, that Mr. Brett Chenoweth, being eligible, be elected as a director of the company. Before proceeding to the vote, I'd like to invite Brett to speak to his election. Thanks, Brett. We just had a bit of feedback on the line. I'm hoping you can hear me clearly. Thank you, Kate. It's my honor to be sitting here today for election to the board of Adairs. I've been on the Adairs board for nearly a year now, and have been a member of the Audit and Risk Committee, the REM Committee, and the Nominations Committee during that time. When I joined Adairs, I was attracted by the board and management's resolute commitment to the Adairs brand, to its customers, and to growing the Adairs group in Australia and New Zealand. It was genuinely palpable how passionate the board and management team are about that business, and that has not changed at all. Actually, I've seen that increase in the time that I've been on the board. I'm particularly proud of the way that Mark Ronan and his team have navigated this incredibly tricky operating environment that has been COVID this year. I've seen a first-class management team step up during the course of the year. With respect to my corporate career, I've had over 30 years' experience in Australia and New Zealand, meaning that I'm able to, hopefully meaningfully contribute to Adairs' operations in both of those jurisdictions. I've had senior operating roles, including CEO roles and various board roles in both markets. Many of my executive roles have been in strategy, M&A, and operations, primarily in consumer and retail-focused companies, principally within media, telecommunications, and technology industries. This has included companies such as Village Roadshow, Telecom New Zealand, ninemsn, and my most recent executive role as the CEO of APN News & Media. My view is that this experience positions me well to understand and contribute to the strategies and operations for Adairs. I've got a particular interest in the building out of high-performance teams, technology transformations, and digital businesses, all of which I think are highly relevant to the Adairs business. I've also been fortunate to have had a governance career really in parallel with my executive career since my early 30s. This continues today, where I still serve on a group of Australian, New Zealand boards such as Vodafone New Zealand, Canberra Data Centres, and a public listed company, Janison Education Group, an edtech group, amongst others. In conclusion, I believe my corporate and governance experience, along with my appreciation of the duties, obviously, of listed directors, enable me to contribute meaningfully to the Adairs board. I, like the rest of the directors, are here to create sustainable long-term value for all shareholders, and I thank you for your support. Back to you, Kate. This is the operator. We have lost the speaker line with Kate. Okay. Well, I can continue to talk then, if that's okay. I'll just take over. The proxy results for my election are shown on screen. We'll now respond to any comments or questions that we have on that item. Are there any telephone questions in relation to item three? Chair, there are no questions on this item. Jamie, this will be a question if you're still online. Jamie, do we have any online questions in relation to item three? No, there are no questions in relation to item number three. Okay. Thank you. As there are no further questions, I will formally take back the chair role for the remainder of the meeting. The next resolution is item number four, which is the Remuneration Report. Under the Corporations Act and ASX, listed entities are required to put to the vote a resolution that the Remuneration Report for the year ended 27 June 2021 be adopted. This Remuneration Report is included in the directors' report section of the 2021 annual report and is on pages 26-41 inclusive. It should be noted that the vote on this resolution is advisory only and does not bind the directors of the company. Key management personnel, detailed of whose remuneration are included in this report, are excluded from voting on this resolution. The proxy results are now shown on screen. Are there any telephone questions in relation to item four? Chair, there are no questions on this item. Jamie, do we have any online questions in relation to item four? Chair, we have one question that comes from a corporate shareholder, Brajamal Pty Limited, who asks, "Why do directors require incentives to perform? Thank you for the question. I can confirm that none of the non-executive directors receive any form of incentives. They receive a fixed level of remuneration, that's set out in the annual report. The amount therewith is for the directors for their services and is approved by the shareholders. In respect to the two executive directors, that's Mark and Michael, their remuneration packages are set having regard to external benchmarks, and they're reported in detail in the remuneration report which you've received. As an overall comment, to remain competitive in attracting and retaining key talent, the board has to continually consider the remuneration practices and packages offered by similarly sized specialty retailers. We do keep a close eye on the market when looking at executive director remuneration. We also have a Remuneration Committee chaired by Trent, which has also a subset of independent directors on it who review and advise the board annually on the arrangements for the CEOs, senior executives, and executive directors, including contract terms and remuneration. There were no more questions in relation to item four. Thank you, Jamie. As there are no further questions, I'll now move to item five. Item five is the approval of long-term incentive grants of options to Mark Ronan. The next resolution relates to the approval of long-term incentive grants to Mark. The members are to consider, and if thought fit, to pass the following as an ordinary resolution: That approval be given for all purposes, including ASX Listing Rule 10.14 for the grant of options to Mark Ronan as his long-term incentive for the year ended June 26 2022 on the terms described in explanatory notes will be excluded from voting on this resolution. The proxy results are shown on the screen. Are there any telephone questions in relation to item five? Chair, there are no questions on this item. Jamie, do we have any online questions in relation to item five? There are no online questions on item five. Okay. Thank you. As there are no further questions, we'll move to the next item of business, item 6, which is the approval of long-term incentive grant of options to Michael Cherubino. The next resolution relates to the approval of the long-term incentive grant options to Michael. The members are to consider, and if thought fit, pass the following as an ordinary resolution: That approval be given for all purposes, including ASX rule 10.14 for the grant of options to Michael Cherubino as his long-term incentive for the year ended June 26 2022 on the terms described in the explanatory notes accompanying the notice of meeting. Michael and his associates will be excluded from voting on this resolution. The proxy results are shown on the screen. Are there any telephone questions in relation to item six? Chair, there are no questions on this item. Thank you. Jamie, do we have any online questions in relation to item six? We have one online question in relation to item six. Can you outline how the CAGR of 8% has been determined? The CAGR rate in terms of the calculation of the option grant for Michael? Is that the detail of the question? Yeah. It'll be in relation to the earnings per share CAGR over the maximum hurdle, I believe is 8%, in relation to the LTI grant. It might be one for Trent to answer. Yeah, sure. Happy to answer that, Mark. For those on the line, it's Trent Peterson speaking. I chair the Remuneration Committee at Adairs. In considering the appropriate vesting targets for the LTI, the first thing we think about is what's the base. Importantly, in relation to the current grant of options, the base is the FY 2020 number, which I'm sure all shareholders would agree was an outstanding year from a results perspective and sets a very high watermark. Looking at what growth level do we expect off that, we are particularly mindful of the elevated earnings in the current year and what would be a reasonable target that would see an appropriate set of circumstances arise under which those securities would vest. We tested that against the market expectations in relation to what we see from analysts in relation to earnings consensus. At 8%, what you would see is those earnings results that are required to trigger 100% vesting of those securities are materially ahead of current market expectations and ones that we think on a long-term basis would demonstrate an exceptional outcome for shareholders. There are no more questions in relation to this item. Thanks, Jamie. As there are no further questions, we'll move to the next item of business, which is item seven, the alteration to the terms of options issued under the company's equity incentive plan. The next resolution to consider, and if thought fit to pass, is the following as an ordinary resolution, that approval be given for the purposes of ASX Listing Rule 6.23.4, and for all purposes to amend the terms of options which have been issued under the company's equity incentive plan to allow for a cashless exercise mechanism to be adopted. The proxy results are shown on screen. Are there any telephone questions in relation to item seven? Chair, there are no questions on this item. Jamie, do we have any online questions in relation to this item? Chair, there are no written questions in relation to this item. Thank you. As there are no further questions, we'll now move to the next item of business, which is item number eight, the approval of non-executive directors' remuneration. The next resolution to consider, and if thought fit to pass, is the following as an ordinary resolution, that the maximum aggregate annual remuneration of the non-executive directors be increased by AUD 200,000. Are there any telephone questions in relation to this item? Chair, there are no questions on this item. Jamie, do we have any online questions in relation to this item? There are no written questions in relation to this item. Okay, thank you. I now ask, are there any outstanding questions relating to any of the previous items or any other business that shareholders wish to raise? Are there any outstanding telephone questions? Chair, there are no questions. Jamie, are there any additional online questions from any shareholders? No, there are no additional questions. Okay, thank you. Well, ladies and gentlemen, that concludes our discussion on the items of business. I declare that the poll will close in five minutes, and the results of the poll will be released to the ASX and be available on our website this afternoon. I thank you all for your attendance today. We know that it's not easy in these COVID times to dial into these things, and we certainly wish we were face to face. I do declare the meeting closed, and I wish you all a very good day. Thank you very much for attending.