Morning and welcome to Generation Development Group's first half of finance year 2024 results presentation. From Generation Life, we have the CEO and Managing Director, Grant Hackett, on the line, and Generation Development Group CFO, Terence Wong. Before I hand it over to Grant, Terence, to go through the presentation up on your screen, I'll just remind you that we will do Q&A at the end of the presentation, which you can submit through the Q&A button at the bottom of your screen. But Grant, I'll hand it over to you to get started. Thanks very much. Beautiful good stuff. Thanks very much, Simon. Thank you very much for everyone joining us today just to bring you GDG's half-year results for FY24. We'll get straight into it. A little bit about Generation Development Group. I know we've got a few new or potential investors on the call today. You can see there we have a Pooled Development Fund license. Terence will go through some details around that in a second in terms of the impact on that. But effectively right now, it just means that any capital gains that you receive for your investment is 100% tax-free, and any dividends are also tax-exempt as well. From a corporate point of view, it means we pay tax at a 15% rate instead of a 30% rate. M oving into, I guess, the three core pillars of our business. First and foremost, the investment bonds there. You can see the fund end of December at AUD 2.9 billion. R eally at that next inflection point, cracking that AUD 3 billion mark, which of course will be another key milestone for this business. But you can see there the 3-year CAGR number of 25%, which is an outstanding result, obviously attributable to the team here and the sales team in particular. Number one in total market share in terms of fund, that has changed. I 'll talk about that when we go through the competitor analysis in a second because of an acquisition that Australian Unity did. But in terms of the latest data that you receive, the industry data to the end of September, we're still number one in total fund. Number one, and we've been this for quite a few years now in market share around inflows, which is 52% s o great to be keeping that above 50% t hat seems to be a consistent theme for our business now, and we want to continue to grow. The overall market for investment bonds, particularly on the back of changes to superannuation and even Stage Three Tax Cuts as well. Again, I'll go into a little bit more detail, how that tailwind can help the business moving forward. Y ou can see there AUD 4 million underlying profit for the half in the bond area of the business, which is a 24% three-year CAGR as well. Moving into the annuities space. T his is a space we went into a couple of years ago. Given baby boomers obviously going into retirement, we're going to hit the peak of that in 2026 when 137,000 Australians turn 65. W e're really on the precipice of that aging population and obviously the requirement around retirement income products h ence, there's a lot of discussion and talk from the federal government around, even to the extent of mandating things like lifetime annuities to be able to address the issues of people holding on their account-based pension a little bit too long or not spending enough of it throughout their retirement because they are concerned how long that pool of money is going to last them for because they don't know obviously when they're going to pass away. W e've gone into this space, one, because it's obviously a growing market. It's a significantly growing market, but also it's going to continue to have more and more legislative tailwinds, we believe. We were really the first ones to bring in the investment-linked lifetime annuity that gave you the flexibility to be able to switch asset classes or, as a financial advisor, design your own portfolio for a client. A s their risk profile changes over the 20- or 30-year period that they will hold this product. They can move in and out of different asset classes or different funds if they wish to do that w e've currently got 29 different investment options for our investment-linked lifetime annuity, called LifeIncome. It's income that's guaranteed for life. W e've got that 100% reinsured with Hannover Re. T hat means our sort of capital requirements are quite light in comparison to traditional lifetime annuities a nd that's really on two fronts. One, we don't bear the reinsurance risk or the longevity risk b ut on the other side of that, we don't bear the investment risk because you're choosing your own investments. We've got the flexibility and choice of investments, which I've already touched on. Y ou can see there we've been growing that fund just over AUD 24 million since we launched in the back half of FY22. Wasn't a great time to launch. It's when interest rates started going through the roof and markets were looking a little bit shaky a nd of course, all the concerns around inflation were starting to peak at that particular point in time. But now as the dynamics of the market and the sort of macro backdrop starts to change, we believe that's going to put us in a good position for that product moving forward a nd we can already see the pipeline, the levels of interest, the track record we're now developing in that product space. We're starting to see that traction, which will hopefully start to grow quite materially over the next kind of 12 - 18 months. On the other side, you can see there we've got the 49.2% ownership in Lonsec, which is Australia's leading qualitative research house. It's performed incredibly well. As you can see, if you've read through the results pack already this morning since we released it to the ASX, they're rating over 1,800 products currently, financial products, SuperRatings, which is their other business in there. Lonsec Investment Solutions, which was really the underlying driver in terms of why we bought the business back in 2020 or made that initial acquisition of 37% y ou can see the funds under management there growing very close to AUD 10 billion at the end of the calendar year to AUD 9.8 billion in total or 116% CAGR since June 2020. EBITDA AUD 11.9 million, which is up 40% on the prior corresponding period. Also important to note, when we were doing the original business case around this, the 30 June 2020 result was AUD 7.8 million for the total year EBITDA in that business t o see it almost getting close to double that in the first half, only four years later, is quite a material jump in performance a nd that's mainly driven off both the research and the asset management business around the SMA space. All right. W hy Generation Development Group? I've already touched on some of these numbers i 'll get through this slide pretty quickly, and then I'll hand it over to Terence just to talk through some of the financials. But you can see number one in inflows for even more than the last three years, but these are all 3-year CAGR numbers, 22% in-sales growth, and we'll go into some detail in that in a second, 25% fund growth over the last three years as well. T hat continued and strong sustained NPAT growth that we've seen of 24% over the past few years. Very, very sticky, resilient fund. The core uses for the investment bond really are around tax arbitrage is one h igh net worth, high net, highly affluent individuals looking to be able to minimize their overall tax position. Y ou maximize that for holding it beyond 10 years t hat creates this, I guess, natural sort of ring fencing around this type of asset management versus just traditional asset management that may be just generating an alpha of Australian equity fund or a global fund. We've got this sort of tax wrapper around us, which really does insulate the fund and gets this duration a lot longer given the incentives and benefits obviously improve and compound over time around that. The other aspect too is also for estate planning purposes w e're governed by both the Life Act and the Tax Act. And because we are governed by the Life Act, we get the benefits of a life insurance policy, which means you can have binding nominations. For your particular beneficiary that you want to leave something to s o if you want to leave something outside of the family or a high-conflict family or blended family, this is a great estate planning tool. T herefore, we have a lot of business for those two reasons, and that obviously drives the duration around our fund. We've done a lot of innovation. It's one of our sort of core values within Generation Development Group. You can see there our Tax Aware Series, which drives an effective tax rate for our investors between 12%-15% for now over 20% of our 69 investment options. That's regardless of what your own personal marginal tax rate might be. You can see there the equity income fund that we've got and obviously the investment-linked lifetime annuity, which was a massive innovation in that particular space. I've already touched on the PDF and the benefits that you attain with that as an investor and obviously us as the corporate entity paying tax at 15% instead of 30%. Capital-light business model t he only capital that's required within our business for both of these products on the lifetime annuity side of LifeIncome and also our investment bond is operational risk capital, which is around 40 basis points of overall FUM, which is including our own internal buffer around that as well. The 7th point here just on the side around the regulatory tailwinds, this is something that's uniquely probably exciting for our business compared to a lot of others b ut obviously those proposed changes that will be soon legislated around the double taxation of super balances above AUD 3 million. T he fact that that tax for balances above AUD 3 million is quite penal, that they are taxing on the unrealized component of your investment and the fact that they're not indexing that threshold of AUD 3 million too. T oday it's 80,000 Australians, but if you look over the next 30 years, it's going to be closer to 600,000 Australians are going to be impacted by that change. Stage Three Tax Cuts. We all saw the press around that a few weeks ago and the changes to that and actually bringing back in the tax bracket of 37% or really 39% including Medicare. That just means our market is wider now than it's ever been before because bracket creep for a lot of Australians, as we continue to see with wage inflation, becomes more of a central issue. T herefore, that customer base or opportunity for our business continues to strengthen around that. W hat I thought was going to be probably a slight headwind for us around Stage Three Tax Cuts, obviously bringing around for people under 200,000, their overall tax liability was going to be quite lower, materially lower than what it was before. That's now turned into a slight tailwind for our business a nd particularly when tax becomes more of a central conversation for financial advisors where 92% of our inflows come from, that means we're able to leverage these sorts of things. A lso on the back of the fact that 92% of our inflows do come from financial advisors, that Quality of Advice Review, the COAR recommendations, which are soon to be legislated, obviously seeing advisor numbers contract since the Royal Commission back in 2018, that's really started to flatline and even start to grow again. Hopefully with the changes with COAR being introduced and legislated, that will allow that number to grow over time, which again gives us more opportunity as a business to be able to distribute our products. T hen again, the final point you can see there, we want to look at more opportunities for us to be able to leverage our life license and grow at our product set. I'll pass it over to Terence now just to run through the financial result. Thank you, Grant. Good morning, everyone. Thank you for joining us. It's my pleasure to provide an update on a pretty strong first half financial results for the firm. As you can see, revenue has increased by about AUD 2.6 million. Of that AUD 2.6 million, about AUD 600,000 from the move to mandates, but the remaining AUD 2 million is from the growth in fund. In terms of expenses, you can see expense growth of about AUD 2.1 million stripping out the pass-through cost of the mandates i t's about AUD 1.5 million. Of that AUD 1.5 million, we spent about AUD 0.5 million on preparation for AASB 17 y ou will see that flowing through in the stat accounts. We've also spent a lot more money on enhanced IT security to ensure that we've got all the necessary protections in place. We've also spent a little bit more marketing to support the strong sales growth. The balance is in personnel costs, and that's to do with a few AUD 100,000 extra that we provided for BDM incentives given the strong sales pipeline. We've also had some contractors help us with AASB 17, very small headcount growth to support the organic growth of the business and finally wage inflation. What did that all result in? It resulted in an overall increase of 13% to the underlying life income investment bond business of AUD 4 million. That would have been even higher, but for some restructuring that we did to preserve the PDF status that sort of throttled back the management tax benefit a little bit b ut for that, we would have achieved growth of closer to 20%, if not higher. In terms of income tax expense, you can see that moving up slightly to AUD 200,000. That's in relation to the tax payable and the GDG head entity because we have now exhausted all our capital losses from prior periods. But pleasingly, we need paying tax at that level at 15% PSO to PDF. The highlight real release around the investment in Lonsec, you can see the increase to 81% from AUD 1.7 - 3.2 million. This takes into account both the increase in ownership of 49 that we have in Lonsec, that's not 49%, but the actual underlying increase in Lonsec's profit of 50% for the half, which is a great result for us driven by the growth in the LIS business and the research business G raham will go through that in a bit more detail later on. The last item is the annuity business. As articulated to market previously, we said due to, I guess, slightly weaker sales than we had hoped, we were curtailing expenses, which we've managed to do w e pulled that back about 9%, but still maintained all the growth initiatives and development initiatives that we were targeting. W hether this all leaves us, it all left us with a strong increase of 61% in underlying profits for the year, which we were very happy with. In terms of cash equivalence, you can see the balance going up slightly. That's a reflection of, I guess, the strong earnings that we've generated over the last couple of years. While we've maintained dividends at AUD 0.01 for this half, if the trajectory continues and if we start receiving dividends from Lonsec, for example, we may consider increasing the dividend in the longer term, medium to long term. Fund, you can see that increasing 24% against PCP to AUD 2.9 million. If this trend continues, we would expect a very strong sort of revenue growth in the second half of fund y ou have to bear in mind in terms of the investment bond business, the first half of the half, i.e., from July to October, November markets were still relatively weak t he benefits of strong investment markets, we really only captured in the last one and a half months of the reporting period. I f this holds through the remaining of the year, we should be able to capitalize on that. W ith that, I'll pass it back to Grant. Thank you. Thank you, Terence. T hese are some of the highlights for the first half of FY24. W e've touched on it a couple of times now, that really strong growth and underlying FUM a nd to Terence's point, in the first four months of this financial year, markets were down and we were materially off the plan that we had in place b ut that really only bounced back in the last six or seven weeks when markets started to improve. O bviously, that improvement has continued into 2024. And all things considered, hopefully we're able to remain quite strong in terms of our overall FUM if markets hold up between now and 30 June. T hat's up obviously 24% y ou can see sales are up AUD 305 million for the first half of FY23 w e did AUD 250 million, which is about a 22% increase year-on-year. Also, the net increase is important there. That's up actually 24% compared to FY23. G reat to see us being able to deliver on a net basis and really see redemption stabilise as a percentage of fund overall in comparison to FY23, where we saw a little bit more of a spike in that because of the changes of market dynamics and a lot of elements that we couldn't control, but we have put a lot more in place around retention strategies, which is something we'll continue to do. As the business grows overall moving forward a nd you can see there in annuity product sales, we've been doing that AUD 1 - 2 million a month for the first half of the year. T he pipeline continued to grow more strongly than what we've seen in previous periods. Market share, we've touched on that, 52% in the investment bond space. Approved Product Lists, 698 or up 10% t hat's important because that's obviously access for distribution. That's driven off the back of our very positive research ratings across all of our products that we've received. Active financial advisors. I 'm really actually proud of this number. I think seeing that get close to 2,000 active financial advisors, again, we've seen obviously financial advisors numbers contract basically in half over the last five years or six years since the Royal Commission. To see that number grow quite materially in the first half of this year, it's driven off the back of a lot of people need to look at an investment bond now if they want to be able to minimize their overall tax situations given the constant commentary around tax, the changes to tax w e've seen the changes obviously with superannuation about to flow through w e saw the changes to stage three. There's been discussion in the media around negative gearing t here's been discussion around taxing trusts from the first dollar of distribution a ll these sorts of things mean the investment bond structure becomes more of a focus for financial advisors than perhaps some of those advisors than what it previously was when they'd sort of stick to their stock standard plan or methodology. Now they've got to start to look outside of that and consider us a nd it's great to see that that's actually reflecting in the numbers for the first half of this year. I guess that's why Terence and I have been quite high conviction around the second half of this year because the pipeline has grown so materially and off the back of having new people invest with us. New bond numbers, you can see that's up 21%, which is pretty consistent with that active advisor number in terms of that percentage uplift to 12,764. Also savings plans, up 13%, just under AUD 48 million. You can see the investment options that we have across our different product set, and we've already touched on the maturity profile of an investment bond. This now talks to the competitive set that we have in this space. T he blue chart talks about inflows. The line chart there or the line graph actually speaks to total market share. Y ou can see we're actually taking more than our natural market share because of the disparity between the line chart and the bar graph. You can see there with Australian Unity, they have the largest total market share, and that was on the back of the acquisition that was completed in November of Insignia or the old IOOF business book of about AUD 1.2-AUD 1.3 billion that was t hat's taken them to just under AUD 3.5 billion of total fund. Y ou can see our other competitor there, Futurity Investment Group, which really focuses more on the education bond space, which is a little bit different to the product set that we have for our investment bonds and the intended purposes. And Centuria there, you can see, which we all know is predominantly a property business, but they do have a life company and distribute this product as well. I feel like we're making good progress back to total market share at this stage and feel like over the course of the next 12 months, that if everything stays on the current trajectory, that we should be able to take that number one position again. Just moving into the sales component here and just showing the trajectory of the business o n the left-hand side, I'll start with first just in terms of annual sales, so gross sales and net inflows. You can see there in the yellow part, that's the gross sales that we've achieved and the comparison back to FY20. You can see that's AUD 305 million, which is materially up on what we saw in the first half of FY23. Not quite our all-time record for a half, which we did in the first half of FY22, which was about AUD 344 million in total sales. You can see there in the green part of the bar chart that we've been able to increase our net flows as well because redemptions have stabilised a little bit more in this financial year. N ot just redemptions, but also deaths. A s you can imagine, this product is great for estate planning, which I've already touched on. T hey've come back a little bit more too in terms of beneficiary payments. Moving over to the right-hand side, you can see there that the fund growth that we've received since 2019 took this business 16 or 17 years to get to the AUD 1 billion mark. Then a couple of years after that, you can see we've surpassed the AUD 2 billion mark a nd a couple of years later, you can see we're obviously right on the precipice of going through AUD 3 billion of total FUM i t's great to see the growth there, and particularly over the course of the last 12 months from AUD 2.36 - 2.92 billion of total funds under management. This is how we talk about the operational leverage within the business. T he reason that we do this and provide this, and we only provide it on an annualized basis, is because it takes a little bit of a bit of the noise out of the numbers. Terence already alluded to it when he was going through the financial snapshot of the overall group. But you can see there are things like when we shift across to more mandates, which means we can fully utilize the tax benefits and the tax rules that have investment bond where we bring down our effective tax rate down to those low teens. When we're doing things like that, there's pass-through costs of about AUD 600,000 just in the first half of this year. I t puts a little bit of noise in the numbers. T herefore, we really like to show the operational leverage within the business on this slide. Y ou can see we've had steady growth in that since FY19 through to FY23, and we expect to see a shift in the right direction in FY24 a nd we obviously want to continue to really drive that in FY25 and bring more operational leverage into our business. Let's move into Lonsec. Again, this has been an outstanding investment and another outstanding result for that group a big congratulations to Michael Wright, the CEO of that business and all of his executive team and all of the different components that have delivered such a great overall performance for them. You can see all the awards that they've won there y ou can see the four core areas of the business is Lonsec Research, Lonsec Investment Solutions. They're the two big drivers of revenue within that group. Then you've got SuperRatings and the software business iRate. L et's take a look at some of the key highlights. Again, compared to this time last year, we had a 40% stake in this business. We did a selective buyback where we've increased that to 49.2%. T hat's obviously flown through the numbers for us b ut you can see here a snapshot of that business in the first half of FY24. They're up 17% in terms of revenue to AUD 31.2 million. You can see the first half FY24 EBITDA is up a massive 40% on PCP to AUD 11.9 million a nd I've already touched on when we first bought that business, that was sitting at about AUD 7.8 million for the total year. Y ou can see the first half FY24 NPAT there is up a massive 50% to AUD 6.5 million. Now, if I go back just two years ago or 18 months ago to the FY22, sorry, full financial year, we were in the low sixes for the full year on NPAT a nd you can see we're already delivering a greater number than that in the first half of this financial year. That's driven off the back of its material increase in the research side of the business m ore products been requiring research and obviously requiring that so they have access to distribution so they can actually sell their products. O n the other side of that, the substantial growth that we've seen in Lonsec Investment Solutions, which refers to this slide, you can see that that closed at AUD 9.8 billion s o very close to cracking through the AUD 10 billion mark as of the end of last calendar year. You can see there in the blue chart, so this was one of the big reasons that we actually invested into this business was we thought there was going to be a thematic where SMAs were going to be a big structural change within the industry. But also on the back of the Royal Commission and other aspects, it's just a lot easier for financial advisors to be able to manage portfolios and make changes to portfolios, particularly when there's large market changes or contractions. They can move that around without doing a thing called an ROA, which means they have to write out so their whole customer base receive signed forms back and then actually implement a change. If you're experiencing anything like we did in March 2020 with COVID and there's huge market gyrations in such a short period, that can obviously have a material impact on your investment performance. SMAs, we're going to continue to see that big structural change for a long time, we believe, moving forward. You can see there just going from December 2022, from AUD 5.6 - 2.2 billion to the end of December 2023 to AUD 7.8 billion in total funds under management for the SMA space. We did the acquisition of Implemented Portfolios, which was completed in August 2022. You can see that's grown from AUD 1.7 - 1.9 billion. B oth of those businesses continued to perform very, very well. Let's take a look at the outlook as I wrap it up and throw it back to Simon to facilitate some questions. We feel really, really positive at the moment. We've seen some great momentum come back into our business over the last 12 months. We believe that's going to continue moving forward on the pipeline that we have. We honestly believe we're going to see AUD 600+ million of total sales for this year i t's whether we exceed our FY22 record of AUD 639 million. I can sort of articulate that the start to this calendar year has been absolutely outstanding by the team. The momentum has certainly continued even though we've saw some really, really big numbers in Q2. The legislative tailwinds, as we see things like those obviously double taxation and super start to be legislated, again, that'll be another tailwind for our business that we want to continue to be able to leverage as well. Obviously, moving into the life income, the lifetime annuity side, we want to continue to capitalize on the momentum of the agreement or the strategic relationship that we've now got with MetLife and been able to put together one of those white label solutions that we've really built our offering around. As well as the financial advisor market, we really deconstruct our whole technology to be able to plug into a super fund to be able to help them comply with the Retirement Income Covenant. We'll continue to innovate in both of our flagship products and move more of our investment menu across to what we call Tax Optimised, which is really bringing down that effective tax rate to be able to deliver much better after-tax performance for all of our investors. We've built a really strong track record around that now, which I think the market is starting to take notice of. Then obviously, we'll continue to focus on supporting Lonsec in terms of executing that three-year accelerated growth plan, which is coming to an end at the end of this financial year. We've started to really build the strategy for the next phase of that, or as we call the accelerated growth plan phase two, and obviously continue to integrate Implemented Portfolios and just drive a great sales result across the asset management and both research side of that business as well. A big thank you to everyone for their support of Generation Development Group w e're very pleased with this result, and we're very pleased with the momentum that we have carrying forward in this business. I'll now pass it back to you, Simon, just to facilitate some questions. Perfect. Thanks, Grant. Thanks, Terence. Just a reminder, if you did want to ask a question, there's a Q&A button at the bottom of the screen, or you can raise your hand. First question, which we're allowed to talk now, is Ridley Polson from Morgans. Hi guys. Congratulations on the result. Just in regards to Lonsec Grant, you've just seen such a big improvement in the EBITDA margin in the half. I mean, it's up almost 8%. Just trying to understand where you see that going forward. Given the LIS businesses, I imagine it's at scale. Do you see that EBITDA margin improving? and I guess in the context of Lonsec, it was doing an efficiency program. Can they do more on costs? But just how you're seeing the profitability shape for that business going forward on the margin side? T here's probably two parts to that. One is in LIS, we believe we'll continue to see good, strong growth w e obviously don't give guidance around what we potentially see for the full year or even going into next year. But in terms of the growth trajectory that we've seen, we believe that will continue. Also in terms of even more so you'll get operating leverage like a normal asset manager in that part of the business t he other one is the research business a nd because of some of the technologies we've put in there, it means we haven't necessarily had to hire more product analysts to be able to do more products. W e've continued to see, obviously, the research side of the business grow, but not the personnel that's required to be able to deliver that service. Y eah, we feel confident, to your point around EBITDA, continuing to grow and see that margin will certainly come through. If you've got anything else on that? That's spot on. Just Terence, just circling back on the investment bond business, which obviously missed on the lower tax benefit. Just your view on that going forward, was that one-off? Is that margin going to that new tax margin, it looks like it's, say, 30% of expenses ex D&A? Would you expect it to continue at a similar level? How do we model that going forward? Yeah, I think it'll probably be maintained at that level. But what it's coming through now is that we are getting pressure in terms of how we structure things and so forth because of the PDF restrictions. I think on that basis, I would expect this to be in the situation where we may be in a position to hand back the PDF license in, say, 12-18 months' time if this continues b ut as you can see from the financials, it is starting to hurt us a little bit to try and preserve that PDF status. Gets to a point where you do cut off your nose to spite your face a nd we've just got to be conscious of that a nd we'll always be very, like we have been, open to the market that it's great to have that license, but it's not something we'll be able to retain forever. I think we've done a really good job in terms of structuring the business to be able to retain that over the past couple of years b ut it is sort of coming to the end of its runway. But just to be crystal clear, especially for new investors or potential new investors on the call, the PDF license is independent of our investment bond product. A ll the tax attributed to the underlying investment bond product is completely independent. Those are subject to the tax in LifeTime and has nothing to do with the Pooled Development Fund license. Yeah. O ne last question, if I can just sneak it in. I mean, Terence, you mentioned the dividend and the PAT ratios falling. Obviously, it's still a growth company. N ot expecting large dividends. But can you just remind us again your capital requirements as you grow? Is it about 40 basis points for operational risk to fund in the investment bond business? Have you got a metric we should think about in the annuity business? And I imagine for Lonsec, it's just whatever investment's required to support growth b ut I guess the two more, the capital sides for the asset businesses. Yeah, sure. Thanks, Richard. Yeah, the capital requirements are the same for both the investment bond and annuities business. It's both around the 40 basis points mark. Most of the time with the annuity product, you expect the capital charge to be a fair bit higher. But because we've got that reinsurance in place, that reduces it. B ecause we don't bear investment risk and it's an investment-linked product, we don't have investment risk either. O n that basis, it's also that our capital requirements for the annuities business is like the investment bond business, which is around 40 basis points a nd that's inclusive of internal buffer that we use. I f you look at our cash balance, which I think your latest balance is about AUD 19.7 million, about half of that is tied up for regulatory capital i 've got AUD 2 or 3 million that I need for working cap. AUD 5 million + AUD 7 million is surplus capital. We're probably in a position to consider potentially upping the dividend in the not-too-distant future, especially if we start receiving a dividend from Lonsec. But given, I guess, the growth opportunities that we have, we continue to reinvest in the business y ou see market volatility and so forth. I don't want to be running my cash balance too thin either. I do enjoy my sleep, and I do not want sleepless nights. Thanks very much. Perfect. Thanks, Ridley. As I conclude the Q&A segment, Brian, I might just hand it back to you for closing remarks. Yeah, thanks very much, Simon. Again, just thank you very much to all the support that we've had out there. It's certainly been a great period for Generation Development Group. FY23, we had a few challenges, obviously, with all the macro headwinds that we've had. But we feel like a lot of that touch wood is behind us. Obviously, some of those legislative tailwinds that I've alluded to around the superannuation taxes, the big opportunity that comes with that, which is about AUD 224 billion that sits over that AUD 3 million balance that's currently inside super, Stage Three Tax Cuts, the fact that not only financial advisors, but also accountants, and even on the estate planning side with some lawyers, really have to start to look at our structure moving forward to be able to get the best outcomes that they're looking for their clients. We're still very high conviction in terms of LifeIncome and the requirement for lifetime annuities a nd we believe some more legislative tailwinds will probably come out through the course of 2024 from the federal government. A lso just the third part there with Lonsec, we feel very confident that we'll be able to continue to drive some record numbers in that space and continue to obviously see that reflected in the P&L of Generation Development Group. Again, thank you. Appreciate all the work that NWR does for us as well. And looking forward to bringing a great full-year result and hopefully a really strong Q3 coming up as well. Thanks, Errol. Thank you. Thanks, Mark. Thanks, Brian. Thanks all for tuning in.