Good afternoon, everyone. I'm Jack Cowin, Chairman of the Board and Chairman for today's AGM. On behalf of the Board of Management, I'd like to welcome you to the 21st Annual General Meeting of the company. The Company Secretary advises me that there are more than three members present at today's meeting, so I declare that there is a quorum present and the meeting open. To open, I'd like to thank the management and the directors for the work that they put in getting ready to address this meeting. Mobile phones, now the meeting has started, may I ask everyone to check physically that your mobile phone is off and make sure they're put on silent mode. For those people physically present, you should have collected at the registration desk an admission card which indicates whether you are a voting shareholder, non-voting shareholder, or visitor. You will need that card when it comes to voting on the motions being put to the meeting. If you do not have an admission card, can you please return to the registration desk and obtain one from there? The color of the admission cards are voting shareholder yellow, non-voting shareholder blue, and visitor red. If you believe you do not have the correct card, please direct your query to the admission desk as soon as possible. Visitors are not entitled to speak at this meeting and may observe only. For any representatives of the media present, I ask that you do not record the meeting or take photographs while the meeting is in progress. Today's AGM is being streamed online. Shareholders attending online can listen to the meeting, view the slides, and ask online written questions relating to the business of the meeting. Please note, however, that the online voting is not available. If you need assistance with a platform, please dial the phone number displayed on the screen. I'd now like to introduce you to the board, Mr. Grant Bourke, Non-Executive Director, Ms. Uschi Schreiber, Non-Executive Director, Mr. Tony Peake, Non-Executive Director, and Mr. Peter West, Non-Executive Director. Also present, Mr. Craig Ryan, the Company Secretary, and Mr. Jacques Strydom, representative of the company's external auditor, Deloitte Touche Tohmatsu. He is available to respond at the appropriate time to any questions that any shareholder may have in relation to the conduct of the audit, Deloitte's audit report, the accounting policies adopted by the company, and Deloitte's independence as auditor. I now table the notice of meeting dated 9th of October, 2025. Poll voting. Voting for each resolution will be by poll. The poll procedure for each resolution will be as follows. Each shareholder who is physically present and entitled to vote should have a yellow admission card, which is also your voting card. If you believe you're entitled to vote but do not have a yellow card, please check at the registration desk to see if you're entitled to have one. Shareholders who are physically present will be asked to vote after the discussion on each resolution. Please place a tick or a cross in either the for, against, or abstain box as each resolution is being discussed. At the end of the meeting, you'll be asked to place your completed voting card in one of the ballot boxes that the returning officer will pass around. I remind key management personnel and those closely related to parties of the applicable voting exclusions for resolution one and that it's their responsibility to ensure that they do not cast any votes in breach of those exclusions. The results of each resolution will not be declared at the meeting but will be announced on the exchange once the results are known. A reminder for those viewing the webcast, you will not be able to cast a vote online during the meeting. The proxy votes will be cast in accordance with any direction provided by a shareholder on their proxy form. Proxy forms which nominate the chairman as proxy but do not direct the chairman how to vote will be cast by me in favor of the relevant resolution. Immediately following the conclusion of the meeting, all votes will be tallied and the results of the meeting will be released through the ASX. Now, the Executive Chairman, me, speech. My presentation will be a corporate review with some personal flavor commentary. I, like many of the existing shareholders in DPE, have watched the value of our investment decrease. I'd like to give you my view as to where I see the business going and why I am optimistic about the future. First, the big picture. We are master franchisees of Domino's Pizza Incorporated, the largest pizza company in the world with over 20,000 locations. We, DPE, have 3,500 outlets in 12 markets with considerable potential for growth if we can get the formula right, big numbers of undeveloped territory with development rights expansion under a world-class brand. Our franchisor, DPZ, is an interesting case of getting the formula right as their share price in 2008 was $3 and today it's $400 US. Same business, understanding what the customer wants and doing it profitably. Warren Buffett has endorsed the future prospect of the DPZ business with a $1 billion investment in the past 12 months. He says he gets euphoric when he is buying and the stock goes down as he recognizes value and potential. We're part of a very successful business with a great future. Today, our company, DPE, and you'll find this amazing, 120,000 employees doing $4 billion in network sales, is embarking on a program of creating value for our franchisees and shareholders by coming up with the right formula for long-term profitable success. Our previous management led a development program that started in Australia and expanded to Europe and Asia. Operating a business with multiple languages and cultures with a majority of franchise operations is not an easy undertaking, but to their credit, they did position the company as the leading pizza company in the majority of markets we expanded into. This provided a base, but unfortunately, the business formula for enhanced growth and profits stalled. In an effort to increase sales, the business reverted to a price-driven, heavy-discount customer offering, which led to flat earnings and sales position for the past three years. We've strengthened the management team, including new Group CFO, George Saoud, Chief Strategy Officer Atul Sharma, Chief Procurement Officer Jai Rastogi, and myself came into the business on July 1, 2025, four months ago with the primary objective of embracing the profitability of both franchisees and DPE shareholder value. A major DPE franchisee said recently, "There's been more change in this business in the past four months than in the last 10 years." We're on a mission to embrace the profitability of all partners and are underway with a target of enhancing the future value for all participants. Okay, what's our action plan? DPE announced our refinanced debt last week with reduced rate savings and increased covenants. The existing business is expected to produce free cash flow in excess of $100 million per annum, so we do not have a financial limitation under our current plans going forward. This rearrangement with banks has been a strong endorsement of the banking community of an understanding of our future prospects. Second action plan, DPE has built a cost structure in excess of industry standards as expanded internationally. Cost control and efficiency was not a major factor or focus versus expansion and new markets. As a result, we're in the midst of taking excess cost and complexity out of the business. We have reported that we have identified $60 million-$70 million in potential cost reduction, $50 million of that in costs that are currently being actioned, and $20 million-$30 million to flow back into the system in FY26, the current year. Our target is $100 million and bringing the structure to an industry standard for this type of business. The reductions are a combination of G&A, services, and materials used in the business. This activity is in slow motion with new leadership. Action point number three, the most significant action step we have taken is a change from selling discounted, low-priced, driven product to a new pricing strategy with higher profit contribution from everyday value pricing strategy. There's been a circa 10% reduction in advertising in ANZ, greater than 28% in Japan, with a reduction of discount voucher price-off offers. This will negatively impact customer orders and sales from low-price seekers in the short term but result in higher profits. There are 79 franchise stores in Western Australia who have embarked on the new pricing strategy, which is underway, and hopeful of increasing franchisee profit at store level even with reduced sales. A significant flow-through of the test is very strong net promoter scores and product quality scores with customers paying full price showing significant increases. The result is happier customers with a superior product and the expectation that price-driven sales will return and embrace the bottom line. We're confident that the company will exceed full-year net profit after-tax forecast for FY26 as a modest increase versus FY25. We believe that a business with profit-driven strategy has a much higher chance of future growth than the heavy discount offers of the past three years and create a higher value stock through increased earnings. We believe that a business with profit-driven strategy has a much higher chance of future growth than the significant discount offers of the last three years. Point number four, a major factor in the business has been financial support provided to the franchise community in the range of $60 million-$70 million. The best long-term outcome for the business is a healthy, prosperous franchisee community, which our support is helping to build. This support will be reduced in various markets as the profitability of individual franchisee grows. So as franchisees become more profitable, our shareholders share in the benefit of reduced support and increased earnings. In summary, there are four takeaway things I'd like you to remember. Number one, same-store growth. I know this is a key industry measurement in most cases as it shows the growth or decline in constant unit sales. However, in the short term, SSS will not be as valid a measure as the customer offering is changing significantly from a price-driven, discounted voucher-driven business to a change to everyday value pricing with higher margins. The most recent sales result of -1.2% is very good considering the change in the business strategy and the direction with a focus on profitability, not sales volume. Point number two to remember, management. It is my opinion that we've put together in the past few months, four months to be exact, the most experienced management team in the food service business. It is required to deal with the challenges and transition of the international business we are operating. We still have a couple of positions to fill with world-class candidates under review, which we hope to finalize soon. Number three, profitability. Our primary objective is to increase franchisee and company profits through better value pricing. A $0.70 increase per pizza sold in Australia will raise franchisee profits from about $120,000 per unit to $150,000, a $0.70 increase per pizza. The plan is that enhanced profitability will lead to an expansion of units in various markets. This is already underway in Germany and Malaysia. We have embarked on a mission of reducing cost and overhead significantly in the business, which will enable us to reduce franchisee support and increase DPE profit. Lastly, the upside in this business with the correct pricing execution and promotion is massive. Our job is to deliver. Now, let me take you through some of our plans and updates in detail. We prepared a detailed presentation, which has been uploaded to the ASX for our shareholders to review. I won't take you through every single slide as some speak for themselves. Slide number four. Are we on target? Here we go. Debt and capital management. Firstly, our balance sheet is in good shape. Refinancing our global debt facilities was oversubscribed that secured competitive multicurrency funding. Our leverage is trending down towards 2x, and we have no requirements for equity. We are generating strong free cash flow, allowing us to reduce debt while funding growth in markets such as Germany and Malaysia. Slide number five, cost savings and franchisee profitability. I've spoken already of the importance of delivering savings across our business. The $70 million in annualized savings already identified, $50 million in action, and between $20 million-$30 million benefiting this year. Roughly two-thirds of those savings are being reinvested directly into our franchisee partners through lower food costs and greater marketing reach. That means more working media, more customers seeing our advertising, and better value for franchisees, in spite of what you may have read in the press. The balance is improving efficiency at the corporate level, offsetting warehouse and overhead costs. These are not one-off savings. They're structural changes that make Domino's stronger and more efficient for the long term. That reinvestment is also critical. It strengthens franchisee economics and supports the next wave of store growth. Slide number six is a stronger leadership team. As I outlined, we have strengthened our leadership team with exceptional appointments across the business. In addition to the appointments I've already mentioned in Japan, Dieter Haberl has joined after 25 years leading major consumer brands in Japan. In France, Phil Reed provides deep experience in quick-service restaurant turnarounds and franchise engagement. In New Zealand, Abhishek Jain has taken on the role of CEO, reflecting the growing importance of that market. New Zealand has formerly been part of the Australian business as almost another state. It's now going to be a separate market, separate country. The searches for our Group CEO and Australian CEO are well advanced. Trading update. Trading through the first quarter reflects the mix we expected. Australia and New Zealand are working through a short-term volume reset as we simplify pricing and pull back on discounting. Demand for Domino's meal remains strong. Halloween Friday was the biggest day in our history. Europe is performing well. Germany and Benelux are delivering positive same-store sales and record network sales weeks. France remains negative, but early signs under the new leadership are encouraging. In Asia, Japan's reset is taking effect with improved store margins, and Malaysia continues to grow strongly. Total sales are slightly lower, but the quality of those sales is improving, and that's the key to rebuilding long-term sustainable growth. We expect continued progress through the balance of the year as new marketing menu and pricing initiatives take hold. Slide number 11, our recipe for growth. To reach our potential, we're applying our strategy to grow profitable sales. I've already spoken about simplifying our business to make it more efficient and improving our marketing effectiveness. Not only do we want to get more working media to our franchisees, but also to have more of our customers convert when they come to our website. Simpler, transparent pricing is central to this approach. Slide 13, a strong business point for growth. In short, we've reset the business on a stronger foundation. Debt has been refinanced, cost savings locked in, and franchisee profitability improving. A new leadership in place to drive the next phase of growth. We are generating solid cash flow, investing where it counts, and rebuilding momentum in our core markets. Domino's is a resilient company, and I repeat, more than 120,000 team members worldwide. That's our company. A brand customers trust and the scale and capability to deliver long-term value for our franchisees, our customers, and our shareholders. Disciplined execution, growing cash flows, and proven leadership are driving our next phase of value creation. Thank you for your continued support. I'll have a little drink of water now. Set that out of the way. The next part of the program is formal items of business. Turning now to the formal part of the meeting, there are a number of procedural matters that I need to mention. If you're a shareholder and would like to ask a question through the online platform, please click on the Ask a Question tab at the bottom of the screen and follow the instructions provided. We will endeavor to answer as many questions as we can. You may submit questions now or at any stage during the meeting. You do not need to wait until the relevant item of business is up on the table. We will then seek to address your questions during the discussion on the appropriate item of business. Questions being sent through the online platform may be moderated to avoid repetition, and if the questions are particularly lengthy, we may need to summarize them in the interest of time. We've received a number of questions from shareholders in advance of the meeting. Some of these questions have been covered in our earlier addresses. Others will be addressed during the course of the meeting. Item number one, financial statements and reports for the year ending June 29, 2025. The first item of business to consider is the financial statements and reports for the year June 29, 2025. The following reports have been laid out before the annual general meeting: the financial report of the company for the year ended June 29, 2025, the director's report, and the auditor's report. There is no vote on this item. As I mentioned earlier, Mr. Jacques Strydom, a representative from the company's auditor, Deloitte Touche Tohmatsu, is present to answer any questions that shareholders and their proxies may have in relation to the conduct of the audit and the preparation and conduct of the auditor's report. If you have any questions for the board or our external auditor, please submit them now if you haven't already done so. In relation to all questions during the meeting, I ask that any member physically present who wishes to speak first identify themselves, state whether the question is to the board or the auditor, and confine themselves to the subject matter of this particular agenda item. Also, if they represent any organization, please state the organization that the member represents. I would also ask the questions on any other items of business to be deferred until we come to that particular item. Craig, have we received any questions in advance in relation to the first item of business? We haven't, Mr. Chairman. We have? We have not. Are there any shareholders present who have a question on this item of business? Please raise your hand, and someone will bring you a microphone. I do not see any hands. Okay. Craig, have we had any questions online? Not in relation to this item, Mr. Chairman. Okay. Recommendation to maintain balance. The company should organize shareholders who will raise positive responses over the messages that the company wants to deliver. Except in circumstances above, the Chairman should refrain from personally involved. Yes, moving to item two. Item two, adoption of the remuneration report. Background. I now move to the notice of meeting, adoption of the remuneration report for the financial year ending June 29, 2025. The purpose of this resolution is to give the members an opportunity to ask questions or make comments concerning the remuneration report. By law, the vote on this resolution is advisory only and non-binding. Voting resolutions apply to this resolution as set out in the meeting. Proxies. I advise that the company has received valid proxies for this resolution, and details of these proxies are now shown on the screen. Q&A. If you have any questions on this proposed resolution, please submit them now if you've not already done so. We'll now deal with the shareholders' questions received to the meeting. Craig, are there any questions in relation to this resolution that were received prior to the meeting? Yes, Mr. Chairman. First question is, Domino's has been expanding rapidly across multiple regions, but recent updates suggest that profitability in some markets is under strain and same-store sales momentum has softened. How is the board ensuring that this pace of expansion doesn't come at the expense of sustainable earnings growth and disciplined capital allocation? More importantly, what clear benchmarks will you commit to so that shareholders can distinguish between genuine long-term value creation and growth that simply inflates store numbers? Where did that question emanate from? Apologies, Mr. Chairman. I don't know that shareholder's name. I'd like to deal with that. I think the preamble which I've led you through is a fairly dramatic change in the strategy of the company. As we relayed back over the last three years, as you would mainly know, the earnings and sales have been relatively flat, and that's unacceptable. As a result of that, we determined that the future of this company is not going to be built on the discounting or vouchering of business. We felt that we need a new strategy in order to attract profitable business as the main drive. We are underway in this process. It's not something that we're just thinking about. We're in action. We have a test going on in Western Australia, which is using some of the principles, and we are relatively happy with what that looks like. In making some of the changes that we're proposing, the downside is that the sales have been in many ways driven by people attracted to the discounted food. As a result of that, in many cases, it was non-profitable. We weren't making money on a lot of the sales. We are trying to get rid of that portion of the business and say the sales are going to be driven by profitable sales, not just product giveaway at discounted prices. That is the plan. You will see this in the marketplace. You will see that our objective is to try and establish not the cheapest product in the market, but how can we have the best quality product that people will want to buy and pay more for? We will lose in this process those customers initially who bought because it was super cheap. In many cases, as I say, the company lost money on some of those sales. We're in this transition stage of saying, how do we develop a business that sells things profitably? That is what's in front of us, and that's what we're trying to do. I said in the statement that we will endeavor to meet the consensus of what earnings are going forward. In other words, how do we keep the profitability of the business in place while we go through this transition to build a better business? That is basically the plan, and we are confident that we have the capacity to be able to do this. As I said, we have a mission to try and deliver the increased profit for both franchisees and the company, and we're underway on that. Thanks, Mr. Chairman. A second question from the same shareholder. Given the recent store closures, margin pressures in certain regions, and the ongoing investment required for technology and market expansion, can the board confirm whether Domino's has sufficient balance sheet capacity to fund its strategy without resorting to a dilutive capital raising? If conditions were to deteriorate, what safeguards are in place to protect existing shareholders from being asked to underwrite growth through equity issuance? I think I dealt with that in my remarks that we have just been through a refinancing of the debt of the company at lower rates, and we have taken the benchmark covenants higher. The company, as indicated, has free cash flow as we sit here today of $100 million. We do not have any pressures from a financial point of view in trying to meet the objectives of what we are going to endeavor to do. As I say, we are in full motion on this, and having to raise additional capital is not on the agenda. Thanks, Mr. Chairman. Next question is from Steven Main. Which of the proxy advisors covered us this year and did any recommend a vote against any of today's resolutions, including this remuneration report item? If so, what reasons did they give, and did this translate into any material protest votes? Please don't say they are confidential. It is standard for companies to be across this detail on the voting recommendations and inform shareholders where relevant. I'll answer this question, Mr. Chairman. We're not subscribers to any of the proxy advisors, but we're aware of reports from three of them, AXI, Ownership Matters, and ISS. The only recommendation against in any of those three was from ISS for one of the items, which was the election of Peter West, and their opposition was on the grounds of independence. Okay. I believe we've answered that question, Steven. Another general business question, Mr. Chairman, from Judy Japp. He says, "In my view, DMP is still undervalued. ASX values it at below $ 2 billion. Look at your sales. Could we steal Tesla's targets that if DMP reaches a market cap of $ 4 billion, what Bain values it, you get rewarded? And if it reaches $ 10 billion in market cap, you get $ 500 million. And if you don't find anyone, Mr. Cowin, can you be the Executive Chairman, say, in the next three years as you have 50 years of experience in the QSR business and your strategy reminds me of the book I read, Blue Ocean Strategy? I'm prepared to accept Elon Musk's settlement of 10%. Yeah, I can't afford that. That's a usual problem. I'm sorry. The question is. I'm not sure there is a question in there. Yeah. No. Right? I believe you've answered. Yeah. Okay. Is there anyone in the room who has any questions on this particular matter? No. Okay. Voting. I now invite shareholders who are physically present to vote on the resolution by marking your yellow voting card. Key management personnel and their closely related parties should not cast any votes on this resolution. The next item, the reelection of myself as a director. Can I suggest that. Yep. Is there any problem? Okay. Tony, were you or Grant, Grant, do you want to say anything in regard to whether you want to get rid of me or anything like that? Thank you, Jack. Yeah. Next item on the agenda is the reelection of Jack Cowin as a director. Mr. Cowin retires as a director by rotation and being eligible offers himself for reelection. Jack's qualifications and experience are set out in the notice of meeting. At this point, I'll ask Jack to say a few words regarding his nomination for reelection as a director and his reflections on the company. I'll try and keep it to a few words as you suggested. I'm the longest-standing shareholder in this company. In a different vehicle in the mid-1980s, it's called Silvio's Dial-a-Pizza. I and others got involved into the pizza business in South Queensland, and that business merged in the early 1990s to become Domino's. Most of us have been aware of how this has grown and prospered. I've got a long stand. I believe I'm the largest shareholder in the company, and I have suffered like other shareholders as the share price has declined. I am personally anxious to see what we can do to change that set of rules that we've been experiencing. I have other business interests. Basically, I'm a shareholder of a company that has $3 billion in revenue. We have another subsidiary in the U.S. with another $1 billion. I've got lots to do. This particular interest of mine of trying to get this business back to where it belongs is foremost in my mind. As I say, I think we put together a team of people that is very different than what may have existed in the past. I think we're looking forward with optimism as to what this business can turn into and be successful. How's that, Grant? Perfect. Okay. Good. Thank you, Jack. I advise that the company has received valid proxies for this resolution. The details of those proxies are now shown on the screen. Craig, have we received any questions in advance? Yes, we have, Grant. A question from Steven Main. When Jack Cowin talks to CEO candidates, how does he respond when they ask him how long he intends to remain as Chairman of Domino's? Health permitting, is it his intention to serve out a full three-year term, at which point he would be 86? Is this the last time Jack will be seeking reelection, or could we be doing this again in 2028? First of all, I have no intention to stay until 1986. We are actively in motion and endeavoring to hire a new CEO. We do not have that in place as we sit here today, but we are optimistic that we will end up with the first-class individual to be able to take this place. I'm overworked. I'm underpaid, but I'm doing my best. I'll try and hang in. If I can take one minute of frivolity for you because you mentioned my age. I'm 83. I apologize to those who have heard this before because I've said it before. I'm the same age as Joe Biden. Everybody knows Joe Biden's buggered, okay? I'm also the same age as Mick Jagger, Paul McCartney, and I'm a year younger than Ringo Starr. I've been to see the Rolling Stones and McCartney play in the last 12 months, and I see these guys on stage for three hours playing nonstop without taking a break. I am much closer in mindset and desire to try and continue to keep busy than Joe Biden. I am pleased to be able to step in and assist this business where we can. As I say, I have more optimism today than I think I've had for a number of years. Done. Thanks, Mr. Chairman. Next question again from Steven Main. The latest ASIC data shows that 17.42% of our total shares on issue are currently sold short, which makes us one of the five most shorted stocks on the ASX. Do we know which of our shareholders are lending their shares to short sellers? Could Chair Jack Cowin confirm he is not lending his stock? If not, Jack, who is doing this? Do we know the identity of the short sellers? Have we observed any tactics by short sellers to try and drive the share price lower? How are we generally handling this overall tricky situation? I do not know who the short sellers are, nor am I lending any of my shares to anyone who would endeavor to do that. I think everyone in the room knows the benefit of short selling in that they're kind of bribing the media, and they're doing their best to take the share price down. The interesting thing is when the company turns, they will become our best friends because they have to buy back in. That is a very interesting scenario that if we get this, as I say, if we get the right strategy, we get the right people, and we get the right resources with the right strategy, this business can prosper. I would not want to be one of those 17% shareholders who are short because they will have to cover at some stage of the game. Did I cover Steven's questions? I believe so. Yeah. Thanks, Mr. Chairman. I'm glad to see Steven still in the job. I don't know how old he is, but he used to come to the meeting. He doesn't come anymore. Maybe he isn't able anymore. Anyway, good to hear from him again. Yes. Not to be outdone, another question from Steven. Good. We've talked about the Domino's debt position, but what about Jack's 25.66% stake in the company? Are those shares leveraged or pledged to any third-party financier? If not, why hasn't Jack emulated other prominent chairs under pressure from short sellers, a falling share price, or press criticism by stepping into the market and buying more shares? Does Jack have the capacity to do that? What has been the trading window situation since he became Executive Chair in July? My shares are not indentured to anyone. There's no loans against it and things like that. That's not an issue. As I say, I've been a shareholder in this business since 1986. I don't think I've sold a single share. I've been diluted as the company has issued more shares, but I have not been an active seller in any shape or form of shares because I'm a believer, as I said in my opening remarks, that if we get the strategy right, get the execution right, and we got the finances and people working on this, this business will prosper. I do, I think in the last 12 months, I converted my dividend from the company into shares. I think I did that the year before that as well. That is, but one of the restrictions you have when you are on the board of a company is you, I think there's a reluctance to be able to buy shares for fear that you're offending some disclosure rules and things like that to go with that. But I'm happy with where I sit, and we'll go from there. Thank you. Just to answer part of Steven's question now, securities trading policy is on the ASX. We have three trading windows a year after the half-year results, full-year results, and the AGM. A trading window will open tomorrow. Okay. No other online questions, Mr. Chairman. Okay. The next item, number four. Chairman, are there any shareholders present who have a question on this item of business? Again, raise your hand, and we'll bring a microphone over to you if you've got any questions. No raised hands. I take it there's no questions in the room. Craig, that's it online. Correct. Okay. Voting. I now invite shareholders who are physically present to vote on the resolution by marking your yellow voting card, please. Okay. Chairman, I can see from the proxies and the votes you've been reelected. So congratulations. Thank you, Grant. I'll now pass the chair back to you. Yeah. The next item, number four, is reelection of Uschi Schreiber as a director. According to what the company's constitution and ASX listing rules, Mrs. Schreiber retires as director by rotation and being eligible offers herself for reelection. Uschi's qualifications and experience are set out in the notice of meetings. At this point, I'll ask Uschi to say a few words regarding her nomination for reelection and her reflections on the company. Uschi. Thank you, Chair. Since joining the board in 2019, I've seen both the real strength of the Domino's brand and the challenges that the business has faced, especially in the years after COVID. The past few years have been difficult, and I know our performance hasn't been what shareholders expected. However, I would say that the board has not stood still. We have taken a hard look at the business, and we made some important changes as the Chair has outlined earlier. This is a time for focus and renewal for Domino's. I believe Domino's has what it takes to turn things around, but it will require discipline, clear priorities, and strong execution. As an independent director, my job is to bring an objective voice to the table, to support management when things are working, and to ask the hard questions when they're not. As the chair of the Nomination, Culture, and Remuneration Committee, I focused on leadership renewal and on making sure executive pay is tied directly to results and shareholder returns. I also serve on the Audit and Risk Committee and on the Independent Board Committee. My background is in leading transformations in large organizations, and my experience is across international markets, many of the markets that Domino's works in. This helps me to take a broad and practical view of the challenges the business faces. Good governance matters. I take that responsibility extremely seriously, making sure decisions are well-grounded and transparent and in the long-term interest of shareholders. If reelected, this is likely my final term on the board. I believe that part of being independent is also knowing when it's time for new voices to be heard. I remain committed to helping Domino's learn from recent results, rebuild momentum, and create lasting value for shareholders. Thank you. Thank you, Uschi, and for your contribution to the company. I advise that the company has received valid proxies for this resolution, and details of those proxies are shown on the screen. Are there any shareholders? Craig, do you have any? No online questions. Okay, no online. Are there any shareholders present who have a question on this item of business? Again, please raise your hand, and someone will bring you a microphone. You're just scratching your head. Okay. I thought you might have a question. Okay. Yeah. Call me later. Call me later, she says. Yeah. Craig, any questions online? No. No, Mr. Chairman. Okay. I I now invite shareholders who are physically present to vote on the resolution by marking their yellow voting card. The next item is the election of Peter West as a director. Peter was appointed to the board on the 21st of March, 2025. In accordance with the company's constitution and ASX listing rules, Peter must stand for election at this AGM. At this point, I'll ask Peter to say a few words regarding his nomination for election as a director and his reflections on the company. Peter. Thank you, Jack. Hello, everyone. I'm Peter West. I'm standing for election today to the board. I'm coming to an end of a 38-year career in packaged goods, and I've had the last 23 and a half years of leading major businesses in packaged goods in Australia, New Zealand, Southeast Asia, and Europe. Many of the businesses would be well known to people here. I ran the Arnott's Biscuits business in Australia and New Zealand. I ran the Mars Confectionery business for Australia. I also had global responsibility for the Snickers brand and the marketing program for it. I ran the chocolate business for Mars in continental Europe, as well as managing M&Ms globally for Mars. I ran the Lion Dairy and Drinks business for four years, and that obviously has subsequently been sold. For the last nearly eight years of Coca-Cola Amatil and Coca-Cola Europacific Partners, in the area that I'm finishing in a few weeks' time, I have essentially Australia Pacific and Southeast Asia revenue of over $10 billion, 20,000 people, and 48 factories. The skills and experience that I will bring to the board is the first is deep experience in turnaround, having led major companies in significant change programs and improvements. The second is working most of my career in multinationals, how to make it work between local markets of clarity of the autonomy between their role and the center, where I have a lot of experience, deep marketing experience in some of the most effective global campaigns in the sort of history of packaged goods, pricing and revenue growth management, critical levers for success today in a business like my own. It's so fundamental just with underlying inflation, and that certainly plays out for the franchisees that if we don't get ongoing price realization, then profit goes backward. From a data and analytics, I've worked across all the major retailers and how they use data and analytics and obviously bring that experience to the party. In my peer feedback on the executive leadership team I'm on today, they would say I probably am strongest in the team of standing alone and holding my own position for the team. If I'm elected, I'm certainly committed to an improved performance for Domino's, and I'm committed to seeing an improvement in the share price. I suppose the specific views that I bring is making sure that the organization works better together in terms of how the center in the markets, and I think it's relatively low on a maturity curve, would be my perspective. I think the data and analytics of the company give me enormous confidence of what's possible. The competitive advantage we have of people ordering through mobile devices and therefore the strength of the business is unlike any other QSR and in my mind still underutilized, and I think with some of my learning there, and then how to really turn that into the growth story that sits in our marketing program. I have a lot of confidence of what's possible with the business, and I'm committed to seeing it perform better. Thank you. Thank you, Peter. I advise the company has received valid proxies for this resolution, and details of those proxies are now shown on the screen. Craig, do we have any questions? Yes, we do, Mr. Chairman, from Steven. Could new director Peter West and the Chair comment on the recruitment process that led to his appointment to the board? Was a headhunter involved, and did the full board interview any other candidates? Did Peter know any of our directors before engaging with the recruitment process, and how large are the related party transactions with his current employer, Coca-Cola Europacific Partners, that make him a non-independent director? Peter, do you want to have a go at that? Yeah. At a personal level, I've actually not had a lot to do with Domino's. That's because in my whole time at CCP, we haven't had the business in Australia. It's probably the customer that I would know the least. In my responsibility today, we would have a small part of the business in New Zealand. I don't like to say how small it is because I don't want to sort of say it's not a very important part of the business, but it would be a rounding error in terms of how small it is today for our business. I pretty much spend no time or have spent no time in my eight years on Domino's. I was recruited over the last six months as I had given notice at CCP that I planned to retire. I had a couple of different opportunities to go on boards, and I was approached by a headhunting agency. What appealed to me with this was that it had operated across 12 markets and most of the markets I'd operated previously. I quite like the challenge of a fallen idol and a turnaround. I suppose the belief I have in a turnaround is that you can fix everything, but not everything. You have to really focus the business. The cost agenda we're on is you can't set sail in a leaky boat. You really have to get the fundamentals right first. The opportunity of the business was of appeal. Obviously, I had a relationship with Jack through his Hungry Jack's component and knew that. In the process, I then was interviewed by the board, and I think Uschi would be able to talk better of what the process was and who the other candidates were. I am very glad I got the opportunity. Thank you. Yes. To confirm that, a headhunter was involved, and it was through that headhunter that Peter was recruited as one of the potential candidates. There were a number of other candidates. We went through a detailed process of assessing those people. We had interviews with a number of those candidates. We had also quite a lot of discussion about how we would deal with the fact that Peter was by far the most outstanding candidate, but that there was this issue about perceptions of non-independence. We had legal advice on the matter and basically concluded that what the business needed was on the board, the input from someone like Peter or from Peter, actually, and that therefore we would go ahead with this appointment because we felt that was really the best thing for Domino's. I might just add, I've had a business relationship with Peter for a number of years, and I was absolutely delighted when I saw that he was going to be available on a candidate for this particular job. I I think we're very fortunate. Interestingly, the first meeting that Peter went to and he got an understanding of the business, he said, "The number one issue in this company is pricing. That's what we have to deal with." That, as I say, we're going down that path right now. Craig, have we had any questions online? No other questions for this item. Apologies. Yes, there is another question, Mr. Chairman, from Steven. Is Peter West available to be our next CEO? Switching a non-executive director into the CEO role is quite a common practice amongst ASX-listed companies. He sounds great. Give him the job. Yeah. I might answer that, Peter, on your behalf. Yeah. We would guess that Peter would be an ideal candidate, but I think at this stage of his life, he wants to try and sort some things out as to where he is, what he wants to do in the future, and things like that. I am delighted that he's taken the role as a director, and he's making a significant input into this business. Voting. There are other candidates for the CEO role. We also have some other candidates. That's right. In accepting where Peter stood, we have some outstanding candidates, which I'm looking forward to. Voting. I now invite shareholders who are physically present to vote on the resolution by marking your yellow voting card. Item number six, renewal of proportional takeover bid provisions. The next item on the agenda seeks shareholder approval to renew the proportional takeover bid provisions. These provisions ensure that any bid to acquire only a portion of each shareholder's shares must first receive the shareholder consent. If not renewed, the provisions will lapse on December 1st, 2025. Proxies. I advise that the company has received valid proxies for this resolution, and details of those proxies are now shown on the screen. Craig, have we received any questions in advance on this item? Yes, we have, Mr. Chairman, from Judy Japp. In my view, I most likely know that DMP is severely undervalued. DMP being valued under $2 billion, Bain values it at $4 billion, which I still believe undervalues DMP as your network sales is around that much. Can you please explain to me how the renewal of proportional takeover bid works? If it's the way I think it works, I would vote in favor of it if the takeover bid is at a minimum market cap of around $6 billion, but $10 billion would feel right because in the past, your sales figures justify it. Craig, can you give an explanation as to how it works? Yes. Essentially, it's a way of ensuring that if someone approaches DPE to buy the business, they have to make an offer to all shareholders. Under the Corporations Act, we're obliged to put that item to the shareholders every three years so that they have an opportunity to reassess if they think it's the best thing for the company. Will you pass on to Mr. Judy that we respect his valuations? I do. Yes. I'm sure he's duly noted that. Yes. We now invite shareholders who are physically present to vote the resolution by marking your yellow voting card. Collection of votes. There is no further business to be considered by the meeting. I now direct the returning officer to collect votes of those shareholders physically present and ask shareholders, please, to place your completed yellow voting card in the ballot boxes that are being passed around. I will give the meeting a few minutes for collection of voting cards to occur. Once I get an indication from the returning officer that all votes have been collected, I will close the meeting. The votes will then be counted, and the results will be announced to the exchange. I take this opportunity to thank you for your attendance today and your continued support and interest in the business and affairs of your company. Votes are being collected. Can I ask a question? Go ahead. Yes. This is more personal. Now, did you also own the Burger King’s in America, didn’t you? I wish I did, but I don't. Did you? I have interest in the restaurant business in Canada, but not Burger King. Oh, okay. I thought at one time. Hungry Jack's, which I'm the owner of, has an affiliation and relationship with Burger King. That's probably the connection. At one stage, they came into this market, and we subsequently bought their business, and they converted from Burger King to Hungry Jack's. Okay. Because when I was nine years old on a field trip in Akron, Ohio, we went to a Burger King. I thought, "Oh, God, this is the business to get into." Because I had saw, and I thought that you had a minority share over in America too at that time. That would have been in the 1970s when I was over there. I live here in West End here, and then I invested into Domino's. I have just about 1,000 shares with you guys. When I saw that, though, I was like, "Oh, that's too weird." I said, "The first place I ever went, and we learned how the Burger King worked and all that." I thought, "Oh, this is the business. Yeah. As I say, we have a relationship with them in which they provide us. We use their trademarks and things like that. We pay them royalties on that. We are an independent Australian company, and we do not have any affiliation with them. Yeah. Okay. Yeah. Okay. Anyway, thank you for being a shareholder in Domino's. Thank you. Yeah. Votes have been collected. Okay. We're having general questions now or not at all? Yes. Craig? I was just asking if they were collecting the votes. Okay. All the votes have been collected, I believe. We will open it up to general questions. Thank you, Mr. Chairman, board. My name is Anthony Williams. I've been a shareholder for 15 years, and I'm a long-term member of Team Invest. This is one of the companies that I have shared ownership in, probably about 12 companies. It is the only company that offers shareholder discounts. Can you tell me if they are going to continue? I don't know the answer to that. Who else does? Craig? This is the Pizza Perks. That's correct, isn't it, Nathan? This is the Pizza Perks. Well received by our shareholders over the years, Mr. Chairman. Not overly used, but we do offer a 30% discount for our shareholders. That's correct. Once or every visit? It's eligible for 25 single uses throughout the year. Yeah. That's pretty good. Yeah. Keep using it. Yeah. We did, however, I will say, we did put in a minimum shareholding value this year too. There were a few people on TikTok last year that decided to take it up with one share. They were not successful, I will point out, because you do have to have your shares at the point of the AGM, but they are very well received. I do receive more questions each year regarding the Pizza Perks than I do about the notice of meetings. I am sorry to the directors for that. Craig, we're going to have general questions. Yes. Are there any other general questions? If not, you can move to end the meeting, Mr. Chairman. Okay. Does anyone else have any other questions they want to raise? I'll take that as no. Okay. Now that the formal items of the business have been addressed, I would like to thank everyone who has attended today's meeting and those shareholders who have participated by providing questions in advance and during the meeting. The results of this meeting will be released through the ASX as soon as possible. That concludes the official business of the meeting. I hope that we have somehow been able to emanate through to you that we have an optimistic view as to where this business can go and what the potential is. That concludes the official meeting. I now declare the 2025 Domino's Pizza Enterprises Annual General Meeting closed. Thank you for attending. Great.