Finally, I would like to advise all participants that this call is being recorded. Thank you. I would like to hand the call now over to Mick O'Brien, Managing Director. Mick, take it away. Thank you very much. Good morning, everyone. I'm here today with Philip Gentry, our Chief Financial Officer and Chief Operating Officer. It's a very exciting day for Equity Trustees. Firstly, we're gonna take you through our full year results for the financial year 2022, and it's an excellent set of results. More exciting is we have announced this morning that we've entered a binding agreement to acquire Australian Executor Trustees from the Insignia Financial Group for AUD 135 million. The second part of the presentation, we will walk through that acquisition. Let me first start with the results. I'm gonna give you an overview of the results, and then Philip is gonna talk to you in detail about the financials. I'll then come back and talk about the strategy update and outlook, and we'll take questions at the end of the whole presentation in relation to the results and in relation to the acquisition. Let me talk about fiscal year 2022 and our results. Achieved a really strong earnings increase on our funds under management, administration, and supervision. They increased by 3.3% to AUD 149 billion. Now, that's a great increase against the backdrop of Australian equities being down 10% year-to-year and the global equity market being down 5% year-to-year. Our funds under management, administration, and supervision is the main driver of our revenue. Revenue was up to AUD 111.5 million, so 10.4% on fiscal year 2021. Pleasingly, about two-thirds of that revenue growth was achieved through organic growth unrelated to market impact through the course of the year. Net profit after tax was up 12.5% from the prior year, and on an underlying basis, up 9%. We managed to manage expenses tightly. They were up 5%, and on an underlying basis, about 7%, so a really positive gap between revenue growth and expenses growth. The board decided to increase the final dividend by AUD 0.01 to 0.49, so bringing the dividend for the total year up to AUD 0.97. Balance sheet remains in a really healthy position and has put us in a great position to undertake the acquisition we're looking to undertake. Let me move on to our competitive position. There's no doubt we are benefiting from our focus strategy on being a specialist trustee. That's enabled us to write new business in all of the lines that we're involved in, and that fund's growth has flowed through to earnings growth. We have continued to invest in people and technology, and that is so important to underpinning this business. We've got to be capable, which means having the people to be able to undertake the different lines of trusteeship. There's no question the independent trustee model is becoming the preferred industry standard. There is so much focus on governance, on regulation, managing conflicts, and having expertise, and we have the people and processes to do it. It's been a real tailwind to the business. The intense regulatory environment is giving. I guess it's a two-edged sword. In one respect, it's hard work for us, but it's actually harder work for everyone else, and it gives us a really competitive edge for people looking to outsource trusteeship. We've continued fulfilling our purpose of trust, caring for people, and enriching the broader community in these uncertain times, and tough times for some. Just look at the progression of funds growth over the last six years, and you see the trajectory is really positive. Only one year there where it was level, and that was after a one single AUD 10 billion client left, and we replaced it completely. Other than that, we've continued to grow the funds in each of the years and grow them strongly. Particularly, the new business in Corporate Trustee Services this year was really strong. Superannuation has continued to grow throughout the course of the year. Of course, this ending result is impacted by the lower equity markets as they were at 30 June 2022. A really pleasing result when you look at that growth. If I turn to each of the business units, I'll start on the left-hand side there and look at Corporate Trustee Services funds under supervision. You can see they've grown to AUD 105 billion over the course of the year. They've started many new fund manager appointments through the course of the year, I think about 15 or so, and established something like 60 new schemes over the course of the year. We've seen a big expansion in dual registry quoted funds, so those that are unlisted and listed. We now have a portfolio of eight listed investment trusts, active exchange-traded funds, and REITs, and we have six in setup at the moment with some really high-quality fund manager names that I'm really excited about. Finally, the growth of our corporate trust business, which is a small business, but really growing strongly, had a fantastic year, as Philip will show you. Revenue's now up to AUD 3.8 million. That's a 30% growth rate in the year, and we've got 77 appointments in place in that business, that we started, I'll remind you, just over four years ago. On the superannuation side, funds under supervision were up 3.3%. We've continued securing new clients through the course of the year. Significant growth in some of our platforms that we have as clients. This portfolio now is really quite well-balanced between quickly growing platforms and some, if you might call, slower growth superannuation funds that we took on a couple of years ago. The business is in great shape and handling the regulatory load really well. Finally, if I move on to Trustee & Wealth Services, the funds were down a little, mainly as a result of markets being down and also a completion of a single large estate. Despite that, we've continued writing net new business, really well through the course of the year. Investment performance has been first class, delivering great benefits to clients. The business now is in great shape to be taking on the acquisition. Now, you hear us always talking about delivering for all of our stakeholders, and this is so important, a part of Equity Trustees' culture to be focused on our clients, our employees, our shareholders, and the community. All of these are moving in the right direction for us. Employee engagement was up from 70% to 71%, so it's above the financial services norm. It was a great result in a year impacted by COVID so significantly. Employee enablement was up from 70% to 73%, so it's above. It's equal to the high-performing norm. I'm really happy that our staff have come back to the office, and you know are really you know feeling comfortable in Equity Trustees and delivering to clients. Client satisfaction side, we survey our clients each year, and their promoter score increased from +17 to +28. The net loyalty score from + 12 to +41. We started surveying superannuation members in a pilot for the first time. We've really achieved those results by focusing on some specialized client segments where beneficiaries may not be as happy, generally with services, not particularly by us, but just arrangements of services. I think that's really paid off in delivering those really positive, client satisfaction results. Talked about shareholder value, but earnings per share was up AUD 0.12, and the dividend, as I mentioned before, up AUD 0.06 to 0.97. In community impact, we launched our fourth annual giving review, during the year, distributed more than AUD 92 million of grants to for-purpose organizations around Australia. Our two purpose-built disaster trusts, you know, have continued to build through the year. Unfortunately, we've had more problems, you know, with the floods across Australia, and I'm so glad we've got those trusts built so that they can actually deliver to the people who need it in those areas. I'll move on to the shareholder results and just look at earnings per share. You can see there the progression of it, up to AUD 1.1594. So, on a statutory result, up 11.7% and underlying 8.1%. So, it's a really healthy result, which we're delighted with. The dividends I mentioned before, up to AUD 0.97 on the full year. That's now five of the last six years where we have increased the dividends. Even in the year, the COVID year, we were able to maintain it, which I don't think any financial services company was able to do, really. This is the highest dividend we've paid in ten years. Now, I'll just touch on the governance, risk, and regulatory management. This is core to our business. It's really important. It is what holds us in great stead, is our governance approach, our processes, and people's commitment to them. We've got very productive relationships with the two key regulators in APRA and ASIC. No adverse action is being taken by either of those two regulators. We've handled all of the significant regulatory change, you know, really well, through the course of the year. I see this regulatory change more as an opportunity, even though it's a lot of work for the company, but it is an opportunity because it really shows our clients where we can add value to their businesses. Our risk culture, you know, continues to strengthen, you know, in some really positive shape. We survey that each year. It's so important to us, and we've kept building platforms to help us in this governance, and risk oversight. I've mentioned before our, enterprise-wide compliance and risk platform, CAMS, was deployed, and we developed a proprietary member outcome assessment platform, which needed to deal with more than 500,000 member assessments and 160 different types of assessments across, the portfolio of superannuation funds that we had. I don't think anyone would have that type of stretch that they need to do in superannuation oversight, but we handled it exceptionally well. I just wanna touch on our people and technology, two key drivers, that enable this business. There has been pressure in the great resignation effect. We weren't immune to that, but we're pleasingly, turnover is reducing at the moment, and we're filling the vacancies that we've had. I see that we're increasingly being seen as an employer of choice. We'll continue to manage the remuneration levels appropriately. There is some pressure, particularly in some sectors such as IT, and it's well-known to everyone in Australia. I'm really pleased with the people we've secured to the business. These are critical appointments. Our company secretariat is such an important appointment for this type of business. In Corporate Trustee Services, we employed our first business development manager, our general manager of business development. That's enabled us to accelerate growth in the RE side of the business, but also build out on the custody and the real asset side of Corporate Trustee Services, which we've always had ambitions to do. As I mentioned that we have appointed a head of responsible investing into our investment team, and that's critical 'cause we'll be focusing on that more in the future. We've managed the hybrid model, returning people to work three days at least in the office and two days all on Monday and Thursday. I think that's working well for us. We were probably at the stronger end of the spectrum in doing that, but I actually think it served us well, and our employees, you know, are still on really high levels of engagement and happy with how we've managed that process. Technology front. I mentioned CAMS before. We also deployed Xedla, which is a third-party service oversight platform that's very important to us because we have an operating model, as people will know, where we outsource many functions and retain governance, control, and judgment. That platform is proving very effective for us. We've kept evolving Salesforce in each of the business units. Cyber resilience is a constant war, which I think we're winning at the moment, but can't declare victory. We find that we are replacing our client platform in Trustee & Wealth Services and also replacing our finance system over the course of the next 12 to 18 months. I mentioned before the sophisticated member outcomes platform that we built through the course of the year. Let me turn to asset management. I just want to call out the results here. We appointed new leaders into asset management just on four years ago. Their performance record has been nothing short of outstanding since that point. They've kept the team intact through the whole of that period. We've launched a new global equities fund through the course of the year. I mentioned appointing a responsible investing manager. We transitioned the leadership in the fixed income team from our previous leader, Lance Pupelis, who retired after 40 years in the market, and we're delighted with Alice Stewart, who has taken on that role. We're starting to win business in the for-purpose sector, which is where we are focused with a new AUD 150 million mandate near the end of the year. Just looking at the performance there, you can see Australian equities in the top block, 5% alpha over the last year and 3.1% per annum over the three years. That is enormous alpha generation with well-controlled risk. You'll see the peer ranking there, that we are first quartile over one and three years, almost top decile over three years. In fixed income, positive alpha there and first quartile over the last year. That's a really clear benefit to our clients and to the business overall, so well done to our team. In summary, you know, the funds have grown to AUD 149 billion. A lot of strong organic growth has contributed to that. EPS, both on an underlying and statutory basis, have continued to grow. The board have increased the dividend to AUD 0.97 in total for the year. We're continuing to invest in the business, so it's sustainable and set for the future and set for growth. We're deepening our community impact and delivering to all of our stakeholders. I'll hand over to Philip now. Thank you, Mick, and good morning, everyone. Let me just take you through the financials in a little bit more detail. Firstly, starting with some of the key elements of the P&L. Here you can see the revenue growth is up a very healthily double-digit 10.4%, one of the strongest revenue growth years we've had for some time. Expense growth up 5.1% on a statutory basis, but up 7.4% underlying. That's still a healthy margin between the revenue and expense growth. If you look at the half-on-half expense growth, that's up 5.8%, relatively strong, and that reflects that investment in people and CTS and a catch-up and reduction in vacancies. More broadly, you can see a healthy increase in EBITDA and net profit before tax. Bottom line NPAT up 12.5% and EPS up 11.7% on a statutory basis. Dividend up AUD 0.06 on the prior corresponding period and AUD 0.01 on the previous half. You know a pretty positive set of results. Now, just looking at the revenue in a little more detail here. This is the traditional waterfall chart which breaks out the market impact on revenue vis-à-vis organic growth. You can see here the pretty good performance on an organic growth basis with good growth from all three business units. Naturally positive markets have also assisted, albeit somewhat softer in the final quarter of the year. Looking at some of the broader performance metrics. On this slide, you can see the revenue, EBITDA, NPAT, and dividends all trending pretty positively over the last five years. EBITDA, in particular, picking up noticeably in the last 18 months or so. Just perhaps turning into the perspective of how leveraged we are to markets and just making sure everyone understands this properly. On this slide, you can see that TWS. These percentages change a little year-on-year, but currently we're about 60% to 70% leveraged to the average daily ASX 200 in TWS. In STS, about 20% to 30% leveraged to that same benchmark. Then in CTS, about 40% to 50% leverage of the average daily global MSCI in particular. Now, July, of course, markets continued to be fairly soft, but it's been encouraging to see the markets bounce back somewhat in August. Remains to be seen how the rest of the financial year goes in the year ahead. Now, looking into the BUs and their performance in a little more detail. Firstly, TWS. In here you can see on the left-hand side, solid headline revenue growth of about 7.8% on the prior year. We've adjusted for the finalization of one particularly large estate. That's unlikely to be the case going forward. It's something of a one-off. Then you can see the FUMAS breakdown on the right-hand chart, which reflects the market impacts, in particular, the ASX down ten, circa 10% year-on-year. Then looking at some of the sub-business units within TWS. In the left-hand column of this chart, you see the core trustee services business and estate management at the top. You can see the reduction there reflects that single large estate that I touched on previously. The market impacts mainly, despite some reasonable underlying growth in perpetual charitable trusts, advice and testamentary trusts. On the right-hand side, some reasonable growth in most of these emerging market trustee businesses. Notwithstanding, markets overall have been somewhat depressed year-on-year over the last 12 months. Turning to our superannuation business. In this chart, you can see on the left-hand side, particularly strong organic growth, mainly driven by the full-year impact of the appointments to Centuria and Icon, along with significant growth in HUB24. Again, organic growth, a bigger chunk of this business because there's much higher percentage of fixed fees here. On the right-hand side, you can see the funds under supervision are up, notwithstanding markets have been down. Members, of course, are down due to low balance members transferring to the ATO. Now turning to CTS. In this business, our organic growth has been the strongest. You can see headline growth here of some 16.5%, particularly strong, large numbers of new funds. We continue to see good momentum, high levels of activity in this business, with some 30 to 40 funds expected to be launched in the second half and in the first half ahead. Strong demand across most asset classes, but on the right-hand side, you can see the growth, particularly in the non-traditional asset classes. Providing a bit more detail around our corporate trust and DCM business. In this chart, you can see the revenue, funds under supervision, and number of accounts all trending very healthily. Very good momentum in this business. Consistently strong across all metrics, and we're very encouraged by the momentum that's underway. Now turning to the UK and Ireland. Some positive trends in this business, but it hasn't been an easy 12 to 18 months. We've been impacted by Brexit, and COVID has also made it difficult to fundraise for fund managers to distribute. The FCA has had a focus on the ACD market for the last 6 to 12 months, which has included us. But nonetheless, we're improving our position. We're certainly being considered by larger fund managers, and we're considering a range of options to further improve performance in the year ahead. Moving on to the balance sheet. Continues to be a very strong balance sheet. Our debt-to-equity ratio is quite low. You'll recall a large chunk of our cash is required for regulatory capital purposes, and I'll turn to the breakdown of that shortly. Suffice to say, we've got good headroom in our covenants, surplus borrowing capacity, and plenty of flexibility to take advantage of further opportunities. Turning to cash flow. Particularly strong cash flow generation year. You can see a very healthy increase there. Offset, of course, by the payment of dividends, tax, and a small number of other activities, but nonetheless, leaving a very high cash position and a healthy buffer above our regulatory requirements. Next slide, I'll just spell out how that liquidity looks. If you look at this chart and you move from left to right, you can see the total liquid assets, the reg cap required for our normal CTS business, the ORFR capital required for our super business, leaving net available cash of nearly AUD 24 million, committed undrawn facilities of AUD 30 million, and effective capacity of some circa AUD 50 million. Again, strong liquidity position and well-placed with plenty of flexibility. In summary, particularly strong organic revenue growth, cost growth well managed, strong underlying momentum and EBITDA, and a healthy increase in EBITDA margins as well. Cash generation is strong, and we're well-positioned to fund future growth. Now I hand back to Mick to take you through the strategy. Fabulous. Thank you, Philip. So let me take you through the strategy update and also an outlook for the business. Firstly, I'll be quick on this, but Equity Trustees, a company founded on trust, and we help people take care of the future. Our values underpin everything that we do, and we're focusing on fiduciary and trustee responsibility, protecting interests, and growing people's wealth for generations to come. When we look at Australian Executor Trustees in a minute, I think you'll find very similar objectives and characteristics of that organization. Let me move on to the business unit strategies. In Trustee & Wealth Services on the left-hand side there, you can see the first part of our strategy, and this has been the same over the last couple of years, is to achieve leadership in multiple states and more lines of business. Now, hold that thought, when we come to AET. Enhance our client experience, and that means more technology, to enable our employees to deliver better service to clients. Build a presence in the for-purpose market, both from the philanthropy side and the investment side, and continue to invest in our platforms, to improve the client experience. In superannuation, it's to build that business as that industry undergoes ownership changes and APRA's intensity continues to increase. Increasingly, we're seeing new funds start up from distribution groups, as well as existing superannuation promoters looking to exit out of trusteeship, given the difficulties of it. We'll obviously have an increasing focus on delivering to member outcomes. On the Corporate Trustee Services side, continue building the leadership position that we have in the funds management sector for providing responsible entity services. Accelerate that growth in our corporate trust business. It's been a really pleasing start over the last four years or so, and the team is well set to keep building in that business. Achieve greater scale and improve profitability in the UK and Ireland. I'll move on to the particular initiatives. I'm just gonna touch on a few of these here. On Trustee & Wealth Services, we'll be focusing on building the business development through our partners, both the legal industry and financial planners, and also the private banks. With two major developments on the technology side, one is a new leading platform for our active philanthropists called iPhilanthropist, and we'll be looking to put that out in the market in the next couple of months. It's an exciting development. We've brought that technology across from the US, and I think it'll give a great experience to our clients. Building a new platform for all of our client base in Trustee & Wealth Services. That'll be a two-year build, and this is sort of a once in a 10-year type of activity, and we're well set up to do that. Re-engineering our processes. We've been streamlining trusteeship and advice model for our health and personal injury clients. Then the last two points there are around our asset management business in terms of building their responsible investing capability on the back of our appointment and then capitalizing on the rating on our products and the high performance of the funds and the stability of the investment team, particularly in the for-purpose sector. The superannuation side, the industry changes are helping us. They're a tailwind to people considering outsourcing superannuation trusteeship. There are new startups increasingly coming to market that have significant scale already in some cases. We are digitizing this business significantly because it's a complex portfolio. I think we're well set up for APRA's next stage of data transformation and what they're planning to do on member outcomes. We've got a great team that's been built over the last three to four years as this business has grown really significantly and it's really well placed to undertake what it's trying to do at this point. Corporate Trustee Services side continue working with the funds management industry, both global players coming to Australia and Australian startups. You know, our position as a RE provider is really strong. Keep building innovative solutions for super funds, larger scale opportunities as some managers look to outsource what they might already have as a trustee or an RE role, in-house, and keep building the listed vehicle or dual listed vehicle part of the business. As I said before, we have currently eight of those vehicles. There's another six being built at the moment, and that's expanding our fund managers distribution, which is significant. On the corporate trust side, continue the focus on the debt side of the business and securitizations, as well as really putting more resource into bespoke custody and MITs for real estate assets, and continue building the momentum in the UK and Ireland. If I just move now to the technology, I think I've touched on most of these points, but obviously we need to keep abreast of everything on the cybersecurity side. We're digitizing more and more of our business and using more data analytics across it. We've got significant projects in train in each of the areas of the business in Corporate Trustee Services, superannuation, and Trustee & Wealth Services, as well as the finance system. There's an investment going in fiscal year 2023 of AUD 2.5 to 3 million for these projects, and another AUD 1 to 1.5 million for fiscal year 2024 that we've flagged previously. It's a significant investment in technology, and we're continuing to build on the people front as well. Our vacancy levels were higher in fiscal year 2022 than what we would ordinarily like. We've been able to fill some of those. We go into fiscal year 2023 a little bit more resourced than what we were in fiscal year 2022. There is inflationary pressures, but we feel we're managing those on the remuneration side generally. We expect expense growth in fiscal year 2023 to be elevated and then moderating in fiscal year 2024 as the benefits from that investment flow through to productivity improvement and improved enhanced client propositions. Just look at each of the three businesses also to comment on where our current momentum is. In Trustee & Wealth Services, I mentioned before we won a large client, the AFL Players Association, on the investment front. Two new clients in the indigenous trust space in July, and we've got a good pipeline of health and personal injury clients. We've onboarded 60 new clients for advice where we're previously just providing health and personal injury needs. The superannuation side, there's good success with platform superannuation clients, and we've got increasingly some prospective larger trustee opportunities where we're well advanced on particular projects. That portfolio now is becoming much more balanced between high growth platforms, and some of what you might describe as legacy, you know, older style superannuation products. The Corporate Trustee Services side, the pipeline is strong. We're currently establishing about 30 to 40 new funds, and I mentioned a number of those are listed vehicles. There's some highly prospective clients and a lot of larger opportunities coming through. On the DCM and custody side, that is growing rapidly. We've put new people into each of those businesses, and I think we're really well set for that growth. As I mentioned, keen interest in exchange traded funds and dual listed and unlisted products. In summary, we say, you know, our strategy is, has been clear. I think it's real. We have benefited from that strategy. As the industry transforms, Equity Trustees is in a great position with our specialized approach. We are growing in each of the parts of the business well. We continue to attract the people that we need to undertake this business. We've got a exciting IT development plan ahead of us over the next 18 to 24 months. Equity markets have started at a lower level for fiscal year 2023 than what they averaged for fiscal year 2022. That obviously has consequential impacts on our revenue. The balance sheet, as Philip said, is in a really solid position and we've got the flexibility to fund growth as we need, and it's positive momentum for fiscal year 2023 and beyond. I'll finish there on the results for the financial year 2022. Now we will move to the presentation relating to the acquisition of Australian Executor Trustees and the associated equity raising that is required for that transaction. Firstly, let me say, I am delighted and excited to let you know that we have reached a binding agreement to acquire Australian Executor Trustees from Insignia Financial for AUD 135 million. It's a business well-known to us because we've seen them in the market and admired them for a long time. It's an asset, frankly, that we have coveted for a long time. The acquisition is strategically compelling. It's a transformative acquisition for the group, and particularly for our private client business. Scale increase alone provides increased revenue and increased EBITDA that is very material. It absolutely aligns to our strategy to be Australia's leading trustee company. As I walk through this pack, you'll see it's exceptionally complementary to our private client business, both by business lines and by geography. There are synergies to be achieved, and the acquisition will be high single-digit cash earnings accretive in fiscal year 2024. On a pro forma basis, with additional investment revenue factored in, it will be mid-teens earnings accretive. The agenda as I walk through this is to just give you a summary of the transaction, give you an overview of Australian Executor Trustees, the strategic rationale behind it, the financial impacts, Phil will go through the transaction funding and offering. I'll come back to conclude, and then we will take questions. Let me go through a summary of the transaction. The acquisition is for AUD 135 million. The implied acquisition multiple is around 12x their standalone EBITDA of AUD 11.2 million. The implied acquisition multiple, assuming fully realized synergies from the restructure of the platform services business, which we intend to undertake. Not including additional investment revenue, is 9.2x the fiscal year 2023 pro forma EBITDA of AUD 14.7 million. The acquisition is gonna be funded by a combination of new equity and an additional debt facility. Give you an idea of the size of the business, their total funds under management, administration, and supervision is AUD 6.9 billion, and their fiscal year 2022 standalone revenue is AUD 38.1 million. A trustee services business will bring a new business territory trustees in terms of Small APRA Funds, which I'll cover shortly. The strategic rationale of the business is really clear in terms of enhancing our ability to invest more in our private client business, strengthening our product and service offers, and expanding our footprint around Australia. It does provide transformative scale, which will allow significant investment in the business. Move on to the financial impacts. The acquisition is expected to deliver mid to high single digit EPS accretion in fiscal year 2024 on a cash pro forma basis and double-digit accretion when additional investment revenues of AUD 3.3 million are included. We are undertaking an equity raising of AUD 125 million, and it's fully underwritten. It's comprising a AUD 40.4 million institutional placement to new and existing investors and a one for six AUD 84.6 million raise on a pro-rated, accelerated, non-renounceable entitlement offer for investors. Now, the equity raise will be conducted at a fixed price of AUD 24 per share. That's a 5.7% discount to the last close on Thursday of AUD 25.46. 4.7% discount to the theoretical ex-rights price of AUD 25.17 on Thursday. It's important to note the new shares will be entitled to the final dividend for fiscal year 2022 of AUD 0.49 per share. Balance of consideration for the transaction will be funded by an additional debt facility of AUD 40 million. That will leave our leverage ratio at 0.8x EBITDA on a pro forma fiscal year 2022 basis, which is conservative, as you might expect for a trustee company. Completion of the acquisition is subject to ministerial approval to acquire AET's trustee license, and we target the acquisition to close at the end of November 2022. Now, let me give you an overview of AET. AET is a 140-year-old company headquartered in Adelaide, providing a full range of trustee services to private clients and communities. It's in two parts, this business. Trustee services on the left-hand side and platform services on the right-hand side. From the trustee side, you see all traditional trustee services. The biggest line of business that they have is health and personal injury, where they've been very successful over a long period of time, and also acquired National Australia Bank's trustee business five years ago, which had a significant presence in that space as well. They also have a great footprint in community trusts. I'll come to the other parts of the business shortly. On the right-hand side, you can see the platform services business with three lines of business, SAF or Small APRA Funds at the top, about AUD 1 billion, and Self-Managed Super Funds and portfolio management services at the bottom two. We intend to exit out of those two businesses over time because they do not involve fiduciary or trustee role. The Small APRA Funds, I think, will be ideally placed in our business because our Trustee Wealth Services will have the relationship management skills to look after those clients, and our superannuation business will have the superannuation trusteeship experience to look after that portfolio business. If I just look at the national presence of AET, it's incredibly complementary to Equity Trustees. You can see the size of those bubbles there represents an indicative size of the business. You can see that Equity Trustees are primarily centered here. Well, not here in Melbourne, but we are centered in Melbourne, in Sydney. We've got a good strong presence in Sydney and Brisbane. AET is headquartered in Adelaide and has, you know, a really strong position in the Adelaide market. It has a leading position also in the Perth market, so it means that we will have the whole southern part of Australia, a leading position in each of these geographies. It will add to our presence in Sydney, where we've been building in recent years, and also, our presence in Brisbane. Geographically, it couldn't be a better fit for Equity Trustees. Let me talk about the strategic rationale of the business. I'll just go through the key investment highlights here. It really will strengthen our Trustee & Wealth Services business and add scale across the board in every line of business we have, and as I said, diversifies our geography. It's important to note that it is long-term enduring revenue. Key parts of this business, you know, are multi-decade type appointments and longer than that in many circumstances, so very similar to our own Trustee & Wealth Services business. The business on a standalone basis at the moment has a very healthy 29% EBITDA margin, but with the synergies achieved, we'll improve that close to our levels of near on 40%. It's an accretive transaction with synergy potential. I mentioned before how much we expect EPS accretion to be. I'll just talk about the two areas where we expect to achieve those synergies. Firstly, on restructuring the platform services business, we expect to generate synergies of AUD 3.5 million once that is fully realized over a course of about 18 months. Secondly, additional investment revenues in relation to trustee services business, the AUD 3.3 million expected in fiscal year 2024, with some potential for that to increase in subsequent years. Importantly, will provide us access to experienced staff. We've admired the EQT staff that we've seen in the market over the years. In fact, tried to recruit many of them over time, not so successfully. But we're really looking forward to welcoming their staff on board. Trusteeship is about judgment, professionalism, expertise, and, you know, it's not a deep broad market where we can find our people. To bring in so many talented, experienced people in trusteeship is gonna be a real boost to this company, and I'm really looking forward to welcoming them to Equity Trustees. I mentioned before the nationwide distribution footprint that it will give across all the major cities. Let's now turn to how it transforms Trustee & Wealth Services for us. You can see there, it increases our funds under supervision scale from AUD 9.1 billion to AUD 14.5 billion. That's a really material increase of 59% increase. It's the scale will really help us in that business. You can see the mix of business changes, and I'll comment on how that mix of business changes, but it becomes more diversified as a result of this acquisition. If I turn to the lines of business. If I just start on the philanthropy side, we sit there at about AUD 2.4 billion and, AET will add another AUD 0.4 billion to that, bringing us to AUD 2.8 billion. On the health and personal injury side, the magnitudes are the other way around, with our business on half a billion and their business on AUD 2.7 billion, taking us to over AUD 3 billion. We will have a really leading position in Australia in both philanthropy and health and personal injury. Just the revenues in those two areas are very enduring in nature. Our advice business will build to AUD 1 billion. Our testamentary trust business will build to AUD 1.2 billion with similar-sized businesses in that space. I'm really excited that their community trust business, they've had great success across the country, but particularly in WA, and that will build. Ours has been a small business that we've been very passionate about, at AUD 100 million. But the size of their business at AUD 400 million will build to AUD half a billion and put us in a really strong position against the other players in the market. Finally, in estate management, that will go over a half a billion dollars now. It's incredibly complementary by lines of business, just as it is by geography. Move on to just looking at it from the group's perspective. You can see our revenue will go from AUD 111 million up to AUD 151 million, so a 35% increase. It's very material to the group. EBITDA will go from AUD 44 million up to AUD 62 million with the acquisition on a pro forma basis. A 41% increase. It is significant scale for the group, which will really help us continue to invest. Combination of the analysis, you can see on the left-hand side the mix of our business at the moment, over time, I guess, has been becoming more diversified with an equal contribution from each of our three business units. Of course, AET is all in the private client space, so on the right-hand side, you can see now that our private client business, which has our longer, more enduring revenue and perhaps more stable revenue, will now move up to 60% of the AUD 151 million revenue. Still a really solid contribution from all lines of our business. If I move to the next slide, significant value creation. I've commented on the platform services restructure, and I've commented on the additional investment revenues. If we just focus on the integration and one-off costs, we're allowing for integration costs of AUD 22 million expected being incurred over the financial year 2023 and financial year 2024, with about a bit over a third of that in the first and two-thirds in the second part of that year. We'll be employing resources to ensure a really smooth transition of this business. We've entered into a transition services agreement with Insignia, which I'm delighted we'll have their support in doing that. Before I move on to the next slide, this is really compelling strategic rationale for Equity Trustees undertaking this acquisition. It's an incredibly complementary business. It'll provide us with great scale, allowing us to invest more significantly than what we have been able to do. The complementary nature goes across geography and business line and, you know, it just puts us in an incredibly strong position going forward. I'd just like to comment on a strategic alliance that we have entered into with Insignia, and I'm delighted that we've been able to do that. It will enable both the parties to leverage their best-of-breed products and services. Insignia's best-of-breed products in advice, and platform, and asset administration and investments, and Equity Trustees' best-of-breed products in terms of trusteeship. I think it's a really great opportunity for Equity Trustees, you know, given the enormous footprint of the Insignia Group in terms of their advisor network and their enormous client base. I believe we can both leverage our, you know, market-leading capabilities in these areas. The initial term on this alliance is for five years. I'll stop there, and now I will hand over to Philip to talk about the financial impacts. Thanks, Mick. Let me just sort of take you through some of the key points on the financials here. On this slide, I think Mick's touched on how it will enhance our private client business. On the synergy front, really two key sources of synergies. Cost synergies from the platform restructure and exit of those businesses of around AUD 3.5 million. Revenue synergies from additional investment revenues in fiscal year 2024 and beyond. Mick said EPS accretive mid to high-single digits. Accretion on fiscal year 2024 on a pro forma basis, double-digit when the additional investment revenues are taken into account as well. From a dividend standpoint, our current policy remains in place of paying out 70% to 90% of statutory NPAT, but the board will give consideration to any adjustments for one-offs and the like that may be appropriate or on a cash basis over fiscal year 2023 and 2024, noting there will be some significant integration costs over that time. The balance sheet remains relatively strong. We still have at least AUD 30 million of committed undrawn facilities, and the gearing levels remain relatively modest. The next slide here you can see the pro forma fiscal year 2022 financial profile. Moving from left to right, the EQT numbers, the standalone AET numbers, the combination, the net synergies, which include both those cost and revenue synergies I touched on, and then the pro forma. Now moving on to some of the transaction funding and offer details. Total of AUD 165 million being raised through a combination of AUD 125 million of equity and AUD 40 million of debt. Of the equity, AUD 40.4 million in institutional placement to new and existing investors and AUD 84.6 million in a one for six accelerated pro rata non-renounceable entitlement offer. 4.7% discount to TERP. How the sources and uses of this particular funding. On the next slide here, you can see the consideration of AUD 135 million, transaction costs of about AUD 8 million, and integration costs of around AUD 22 million. Around half those integration costs were associated with the platform restructure. A decent chunk of them are associated with the technology integration. Of course, some of them will be associated with the costs associated with the TSA. Finally, some of the equity raising details and a bit more with a bit more detail there. You can see the offer size and structure, the price, the record date, and the like. I won't go through all of that. I'll leave that for you to review in your leisure. Likewise, on the timetable there, relatively self-explanatory, aiming for completion on 30 November 2022. I'll pass back to Mick to just conclude the presentation. Thank you, Philip. I'll be thirty seconds. This is a transformative acquisition for Equity Trustees, and it's going to deliver for all of our stakeholders. It is a unique opportunity. We're delighted to have reached agreement with Insignia to buy Australian Executor Trustees. It's gonna be earnings accretive, really complementary business to ours, and we're really looking forward to taking the business on. We're happy to take any questions. Thank you to Mick and Philip for the presentation so far. At this time, I would like to remind everyone, in order to ask a question, please press star, then the number one on your telephone keypad, and we will pause for just a moment to compile the Q&A roster. Your first question comes from the line of Nick McGarrigle from Barrenjoey. Your line is open. Good day, guys. Thanks for taking the questions. Maybe just on the result itself before touching on the acquisition. Can you talk through the margin in TWS? It obviously seems to have gone up quite a bit, but was there some reallocation between TWS and STS, cause the margins there seem to have gone in different directions? Oh, hi, Nick. No, there wasn't any reallocation. You know, TWS has had a pretty good year. Its revenues have been strong, and its costs have been particularly well controlled for low single digits increases there. It's really took some opportunity to expand margin. STS, conversely, been a fair bit of a continued investment to make sure we can stay on top of all the regulatory requirements there. That simply reflects the relative performance of the businesses. Just in terms of the technology investment, you've flagged the expected expense for next year and the year after. Was there much of that embedded in the fiscal year 2022 result already, or has it been difficult hiring people to undertake that work? No, there wasn't a lot embedded in fiscal year 2022. You know, we've made some progress filling vacancies, including in technology, but there's still more work to be done there, Nick. Maybe if you can just make some comments on CTS, that seems to have had a good result in terms of its margin there. Certain securitization has added a number of accounts. Can you give us a sense of the pipeline on new growth for that business? Yeah. No, CTS had a really great year in fiscal year 2022. It's started fiscal year 2023 on a similar vein. I think, you know, the funds management industry is dynamic, and there's new managers coming to Australia all the time. We're winning more than our fair share, I think. You know, I think also there's new asset classes being developed. I mean, not new asset classes, but a change in asset class going on to alternatives and more fixed income type of strategies. We've got at the moment, you know, 30 to 40 funds in the process of being established, of which I said, I think, six of those are listed vehicles. You know, there are obviously long-term structures that are being put in place here, and looking to secure more retail flow, which is stickier. It's, yeah, it's in good shape and we've continued securing people into our corporate trust business. I'm really happy with the general manager for business development. He's got a custody and real asset background that is helping us. You saw more than 30% revenue growth in that corporate trust business. That was our plan four years ago, and it's starting to come to fruition. Yeah. I'm not sure if you can elaborate a bit further on the comments about consequential impacts on revenue, but maybe it's the daily average FUMAS is different to what we can calculate externally looking at spot averages. But just how are you thinking that has an impact on revenue for 2023? Look, it's something that matters. Making sure everyone understands how it works. Obviously the average daily is important rather than the spot. You know, obviously if the markets are either up or down in a sustained way, that has a consequent flow on through it, consequent flow and impact on revenues. I mean, you haven't given us enough detail there to work out what the average daily FUMAS was, but I'm assuming you're sort of saying that the, between the ASX and the MSCI, that gives us enough to run with in terms of that mark to market on a, on a sort of day or month basis. That's right. Yeah. I think in the result presentation, you indicate AUD 54 million of available liquidity, and I presume that's before the AUD 40 million being taken on as part of the transaction. That's right. I guess as an extension of that, you're also raising money to undertake the transaction. There's gonna be a significant amount of available liquidity in dollar terms. Are there further opportunities that you're looking at beyond the AET acquisition? Well, look, I mean, we've said before, we're interested in businesses that are trustee businesses. You know, there's nothing we're sitting there looking at right now, but we always have our eye out for trustee businesses that would be, you know, complementary, you know, to our few trustees. Just to add to that... [crosstalk] And across... [crosstalk] We... [crosstalk] Yeah. Nic, just like to add to that. Probably fair to say there's nothing imminent, but there's certainly possibilities that are, which have potential. Yes. Okay, great. Just on the transaction itself, can you just run us through, in terms of business lines, the overlap and where you're acquiring new capability, particularly health and personal injury, and just giving a sense on how that business works, functionally? Sure. Okay. Well, I guess the one area we're acquiring, or two areas we're acquiring capability, I think the Small APRA Funds. You know, we don't have that line of business. That's a new line of business for us. I think also, we're adding capability in the community trust side. They've got a much bigger business, and these are quite complex, a lot of these trusts, and so we're looking forward to having that team on board. In the health and personal injury side, I wouldn't say we're adding capability cause we've got solid, you know, presence in Sydney and Brisbane. We're adding a lot of scale to it. How that business works is through you know court awards being made to individuals who have suffered injury and the courts putting in place a trustee to look after their interests. It's business that doesn't really change between the trustees. Once the court is appointed, the only way to change would be to go back to court, which is a costly exercise. Most of the business is referred through you know the legal industry to the trustees and clients make their own choice as generally as to who they want as the trustee at the start. When I say clients, I mean the individuals and their carers and representatives. In terms of on the spectrum of stickiness across that TWS business, it's sort of at the stickier end of business. Yeah. It's yeah, they don't change trustee very often. Yeah. Cause it's a costly exercise, and it would mean sort of a breakdown in relationship has occurred, you know, which is probably not likely to occur, you know, with clients that require such high levels of service. Yeah. Great. I might just leave it there and let someone else ask questions. Thank you, Nick. Your next question comes from the line of Nic Burgess of Ord Minnett. Your line is open. Yeah. Good morning, Mick and Philip. Congratulations on a really strong result and the acquisition obviously. Just a couple of quick questions on the deal. Just how should we think about asset allocation of the AET business overall? And secondly, what are the regulatory capital implications of the acquisition? Perhaps I'll take the first and take the second. Our private client business is very skewed towards Australian equities. The AET business will not be as skewed towards Australian equities because, you know, the health and personal injury portfolio is gonna be more balanced and diversified than what we would do for our perpetual charitable trusts, which tends to dominate, you know, our respective asset allocations. It'll be less, if you like, correlate to Australian equities in our business. I'll let Philip focus. So more... [crosstalk] Yep. More like a... [crosstalk] Yep. A balanced portfolio rather than a growth portfolio, I guess. Yes. Yeah, there will be more of a balanced nature to it. Yeah, because in some cases, the capital is able to be drawn down, so when that's the situation, you can't be 100% in Australian equities. So, yeah, that's the reason for that. Yeah. I mean, roughly what would be... [crosstalk] Just on... [crosstalk] An allocation to equities, if you're able to say at this point. Just to be clear. I don't have that in front of me, Nic. We can get that information. It's, yeah, look, it's probably gonna be still considerably over 50% into... [crosstalk] Okay. Into equities and a little bit more diversified between Australian and global, yeah. Yep. Okay. That makes sense. Thank you. Mm-hmm. Just on the regulatory capital question, there are two dimensions to this. One is in relation to Small APRA Funds, where along with all superannuation trustees, there's a requirement to have ORFR capital, and there's about AUD 2.6 million of cap coming across with the acquisition associated with that. There's the usual sort of capital required for the regulatory licenses of around AUD 10 million of NTA. That'll obviously come across as well. Over longer periods of time, you know, there is an opportunity to consider a consolidation of licenses, which may allow the release of some of that capital. That'll be. It won't be in the near term. That's probably a few years away. How many licenses are coming across or how much capital do you need on those licenses that are coming across? About AUD 10million. 10 licenses or AUD 10 million of capital, sorry? AUD 10 million, sorry. AUD 10 million. AUD 10 million of capital. Okay. All right. That makes sense. Yeah. Just one final question just on the result. Just on the revenue margin in the TWS, that large estate that was wound up or finalized. Yeah. Do you earn revenue on the back end of those sorts of activities, and therefore in the second half, you might consider that the revenue earned is perhaps a little bit higher than the underlying run rate of the overall estate management business? Tends to be progressive. No, it shouldn't be unduly backended. No. Yeah. Okay. Yeah. Nothing abnormal to read into that. Nothing abnormal. Good second half performance. No. No. No. Okay. Thanks very much. No. Thank you, Nic. As a reminder, if you would like to ask a question, please press star one on your telephone keypad. Your next question comes from the line of Philip Pepe of Shaw and Partners; your line is open. Hi, guys. Congrats on the result and even big congrats on the acquisition. It looks like a very good fit. Just question on the synergies, and apologies if this is naive. The platform services restructure and bringing some of the funds in-house, I would have thought both of those are available to the vendor. I guess, is it a matter of different strategies or better execution? Why hadn't they considered this and how are you guys gonna eke out the synergies when the vendor hadn't or chose not to? Good question, Philip. Well, I think it's perhaps not as clear on the first point, in terms of portfolio services, and also, they don't have superannuation trusteeship in their business, right, as a business. I think you know, us looking at it afresh, we can see that business could be transformed. The part that we're taking on, the Small APRA Funds, and if we exit the others, then we would you know, we would be in a better position. On the second point, in terms of the investment revenue, well, they don't have the same investment model as us. You know, they run a multi-manager type of investment option, and they do have it running through their, not through AET, but through the broader Insignia Financial Group. Whereas we obviously have it here in our business, and we don't run a multi-manager, we run an in-house proprietary team. Yeah, that's really the difference there. Very good. Thank you. As there are no further questions at this time, I would like to turn the call back over to Mick O'Brien for closing statements. Fabulous. Thanks very much. Well, appreciate the questions from everyone, and appreciate everyone's attendance this morning. It's an exciting day in Equity Trustees' history and also in AET's history. We're, you know, both a 140-year-old companies, and yeah, this is, I think, a major coming together of two first-class companies, and we're really looking forward to getting it complete and, you know, hope that investors, you know, have the same degree of excitement and confidence in the organization. Thank you very much for attending this morning.