Welcome, security holders, proxy holders, and guests. The Goodman Group Annual General Meetings will start shortly. Today's meetings are being held in person in Sydney and online using the Computershare meeting platform. Online attendees can watch a live webcast of the meetings, and security holders and proxies can ask questions and submit votes via the platform at any time. Online questions can be asked verbally or by typing in a question. To ask a verbal question via the platform, please follow the instructions written below the broadcast. To ask a question by typing, online attendees should select the Q&A icon at the top of the screen. Type your question in the text box. Once you have finished typing, please hit the Send button. Please note that while you can submit questions from now on, the Chairman will not address them until the relevant time in the meeting. Please also note that your questions may be moderated, or, if we receive multiple questions on one topic, amalgamated together. Security holders attending in person will also have the opportunity to ask questions at the relevant time in the meeting. Voting today will be conducted by way of a poll on all items of business. The Chairman will shortly open voting for all resolutions. If you are attending online and are eligible to vote, once voting opens, press the Vote icon, and all resolutions will be activated with voting options. To cast your vote, simply select one of the options. There is no need to hit a Submit or Enter button, as the vote is automatically recorded. You will receive a vote confirmation notification on your screen. You can change your vote up until the time the Chairman declares voting closed. An online meeting guide is available in the Investor Centre on the Goodman website and includes step-by-step instructions on how to attend and participate in the meeting. The guide includes a phone number to call should you require assistance during the meeting. For security holders and proxies attending in person, if you are eligible to vote, you should have been issued with a voting card when you registered today. The items of business are on the reverse of the voting card. Further instructions will be provided following the items of business. The Chairman will now open the meeting. Good morning, ladies and gentlemen, and welcome to the 2025 Annual General Meetings of Goodman Group. I'm Stephen Johns, your Chairman. I extend a warm welcome to those of you who are in the room with us here today, as well as to the people who are online. Today, as you probably know, is also Remembrance Day, and we will observe a minute's silence at 11:00 A.M. to honor the service and sacrifice of members of the armed forces who have died in the line of duty. I will now introduce your directors. To my left is Greg Goodman, our CEO. Good morning. Our Company Secretary, Carl Bicego, followed by independent directors, Belinda Robson, George Zoghbi, and Mark Johnson. Good morning. On my far left, Anthony Rozic, our Executive Director. Good morning. Also joining us from New York are independent directors Vanessa Liu, Chris Green, and Hilary Spann. Good morning. In Hong Kong, independent directors, David Collins and Kitty Chung, and in Europe, Executive Director, Danny Peeters. Good morning. I now declare the meeting open. For those participating online, voting is also open. This year marks a significant milestone for the Group: 30 years since Goodman listed on the ASX. Another significant milestone is that FY 2025 was the 15th consecutive year in which the Group has delivered growth in operating profit, which was up 12.8% on the prior year, and we achieved AUD 2.3 billion of profit this year. Operating earnings per security increased by 9.8%, which included the dilutionary impact of our AUD 4 billion capital raising in February this year. Goodman's focus is on generating sustainable returns over the long-term, and this is evidenced by the total shareholder return, or TSR, of 95% over three years and 143% over five years. The Group has again demonstrated the ability to be agile and innovative in a challenging environment. This, together with the strategic location of our properties in major capital cities, has enabled the Group to continue to successfully execute our strategies as providers of essential infrastructure. Throughout the year, there has been significant progress made in advancing the data center activities to bring forward substantial new development opportunities for future growth. Earlier this year, Goodman undertook an AUD 4 billion public market capital raising. This was to support the next phase of the Group's growth, particularly around data centers, while maintaining a conservative debt profile. Goodman's balance sheet remains well positioned with low financial leverage. In June 2025, our gearing was 4.3%, and we had AUD 6.6 billion of cash and undrawn lines, with a further AUD 9 billion available to the partnerships. Our partnership platform was expanded during FY 2025 with the addition of new data center partnerships in Hong Kong and Europe to facilitate the funding of our significant data center development program. Greg Goodman will provide more information on our data center progress in his CEO address. The logistics business continues to represent the majority of Goodman's property portfolio, which now stands at AUD 85.9 billion. The quality of our properties in supply-constrained locations and customers who are seeking greater efficiency and productivity from their facilities continue to support high occupancy of over 96% and rental growth of 4.2%. Goodman is progressing a range of logistics and data center opportunities as customers increase their CapEx on technology and infrastructure. It's driving our development workbook, which is currently at AUD 12.4 billion and is forecast to grow to over AUD 17.5 billion by June 2026. Goodman is developing essential infrastructure for our customers across logistics and data centers in the major cities around the world, with data centers presenting a significant growth opportunity. The planned execution of our data center program has significantly increased the complexity of our operations. Data centers take longer to build, are technically more challenging to develop, and are significantly more capital-intensive. The nature of our business, developing large infrastructure projects globally, requires a highly specialized workforce with international skills and relationships and appropriate incentivization to deliver these complex, high-quality facilities for our customers. Remuneration is an integral component of Goodman's business strategy, aligning long-term performances of the Group with pay outcomes for our people. There are several principles which underlie our remuneration structure. We focus on cash-based earnings in our main performance metric, which is operating profit, operating EPS growth. All employees participate in the long-term incentive plan. This creates a culture of ownership and true alignment with security holders. We emphasize pay for performance, with a significant portion of executive pay at risk. The long-term nature of our long-term incentive plans, the longest in the ASX 100, accords with the life cycle of our development projects. The Group has been very successful over many years in attracting and retaining employees at all levels of the organization globally. Approximately 70% of Goodman's earnings are generated outside Australia, and approximately 70% of our people are employed outside Australia. As Goodman scales up the data center platform and makes strategic hires globally, the appeal of the Group's long-term incentive program has proven successful not only in retaining our people but in attracting new talent with specialized data center expertise. Goodman's focus on building highly capable teams and incentivizing outstanding performance has enabled us to generate strong returns for security holders over the long-term. This is demonstrated by the Group's significantly outperforming peer groups over three, five, and ten-year horizons. As the business has evolved, so too has the Board. We have created a contemporary international board whose members bring a wealth of diversity in the form of skills, geography, age, and gender, with all key competencies and focus areas represented. Of our nine non-Executive Directors, four are female and five are offshore residents. Of our full Board, which includes the three Executive Directors, 33% are female and 50% are located offshore. Standing for re-election today, we have three non-Executive Directors: Chris Green, Vanessa Liu, and Hilary Spann, and Executive Director, Anthony Rozic. They will address the meeting during the formal business section. Their experience and qualifications are set out in the notice of meeting. In closing, it's very good to be able to say that Goodman is well positioned as a provider of essential infrastructure globally. The Group's global expertise, track record over 30 years as a listed entity, and strong capital position provide a sound basis for sustainable growth in the future. On behalf of the Board, I sincerely thank our people for their commitment and determination in achieving excellent results in the 2025 financial year. I also extend my gratitude to you, our security holders, for your ongoing support of Goodman. Before I hand over to Group CEO Greg Goodman, we will show you a short video to highlight Goodman's strategy as providers of essential infrastructure for the digital economy. Thank you very much. What is Essential? Essential is groceries to your door. It's data on demand, instant content, urgent medicine, clothes, and fast access when you need it most. Thanks to an extensive network of infrastructure, Essential is only ever one tap, swipe, or click away. We listed on the ASX in 1995. Today, we're providers of essential infrastructure in 15 countries. Goodman customers rely on our strategically located logistics facilities. Sophisticated, sustainably designed, powered by technology, our facilities improve efficiency through digitization, mechanization, and automation. With increased use of cloud computing and AI, the need for data centers is growing rapidly. Goodman has been developing its data center capability since 2005. We've already delivered 800 MW of data center capacity globally, and our 5 GW power bank is one of the largest in the world. We've got the power, sites, people, and capital to deliver at scale. Through the Goodman Foundation, we use our expertise and resources to provide essential infrastructure for local communities. Together with our partners, we supply food, housing, clothing, and essential goods. This year, we have helped provide more than 15 million meals and saved almost 30 million kilos of waste from landfill. We have improved social and mental well-being, supporting over 32,000 people to access mental health, mentoring, and social assistance services. We have enabled education and employment opportunities, with more than 9,500 people receiving education, training, or support to enter the workforce. We have also provided essential aid for disaster-affected communities. Goodman is built for the long-term. We have a proven track record for delivering complex infrastructure projects, and our high-quality properties are well positioned. When we make decisions, they are made for today, tomorrow, and long into the future. Goodman, essential infrastructure for the digital economy. Good morning and welcome. Goodman is delivering world-class infrastructure on a global scale. While our assets serve distinct industrial and data center customer groups, they have common requirements. Both seek similar locations with access to power and people and properties that help to optimize their operations. We provide this in the world's major cities across 15 countries. Our sites are in metropolitan areas in close proximity to the consumers. For our logistics customers, it's important that they're close to transport infrastructure, while for our data center customers, it's about access to large-scale power. Industrial development is still driven by the continued rise of e-commerce. It's grown strongly over the last 10 years and is forecast to continue. Goodman is delivering infrastructure to support this evolution. To facilitate growth and productivity and efficiency, logistics facilities are increasingly integrating advanced technologies like artificial intelligence and, importantly, robotics, which all require larger, more sophisticated pieces of infrastructure. A trend we're seeing play out with all our large customers. Many of the tools we use today rely on data, from the autonomous vehicles you see driving around cities like Los Angeles to the software running our warehouses. They're all creating an ecosystem of technology that needs data processing and storage. The data generated by 2027 will double what was created in the last 10 years, illustrating the extraordinary pace of this digital expansion. These services run on cloud computing, which is growing rapidly. As a result, customers are increasing their CapEx in technology and infrastructure. The cloud demand is converging with the explosion of the generative AI and accelerating global demand for data centers. Now, this is all positive for Goodman, which has a large power bank on sites it already owns in 13 major cities around the world. 3.4 GW of this is already secured, which makes it globally very significant. What makes this infrastructure valuable is their location. Our sites are predominantly located in supply-constrained metropolitan markets such as Paris, Frankfurt, Amsterdam, Tokyo, Hong Kong, Los Angeles, and Sydney. Given their proximity to consumers, power, and fiber connectivity, they provide low latency to serve cloud-based customers. We also differentiate ourselves based on our financial strength, global expertise in complex project delivery, and the quality and value we provide. Goodman has the right sites, power, people, and, importantly, capital to build the infrastructure that speeds up time to market for our customers. As we do with industrial, we continue to roll out our regional capital partnering program alongside the development workbook. This is where Goodman co-invests with institutional investors. We're currently progressing partnerships specifically for data centers in Europe and in Australia. Our development workbook is increasing from AUD 12.7 billion to greater than AUD 17.5 billion by June 2026. This is largely due to the significant data center projects we're building in key markets around the world. The Group is also progressing a number of acquisitions of multi-purpose sites. Recent acquisition in Silicon Valley is a good example where we have data centers sitting alongside warehouse facilities. Sustainability remains a core value, and we work with our customers to support their ambitions and ours. Through the Goodman Foundation and staff contributions, we're working to improve social outcomes with almost AUD 17 million contributed to support communities through FY 2025. Goodman has positioned itself for the long-term. We have sustainable capital structures that will help us realize our potential. We're focused on quality locations and, importantly, executions. We see strong opportunities in both logistics and data centers to generate long-term value for US security holders and our capital partners. The Group's global opportunities and strong capital position should support future growth, which is targeted to deliver operating EPS growth of 9% for financial year 2026. I would like to thank the Board, the Goodman team, some of them here today, our security holders, as well as our customers and all our stakeholders for your continued support. Thank you very much, and hand back to Stephen. Thank you, Greg. We'll now commence the formal proceedings of the meeting. I intend to answer the questions from those attending in person first, then answer questions from online. I'm assisted by one of our senior executives, Alison Brink, who's at the back here in moderating and asking the questions that are submitted online. The first item is the annual report of Goodman Group. This is business in consideration of the annual report and the accounts of Goodman Limited, Goodman Industrial Trust, and Goodman Logistics Hong Kong Limited. I table a copy of the annual report before the meeting. We have numerous copies here in case anyone is interested. Thank you very much. From our auditors, we have Nigel Vergo and Sam Gross from KPMG, and they're available to answer any questions specifically relating to the audit. This is an opportunity to ask questions about the Group's operations under the first item of business. You'll have an opportunity to ask specific questions in relation to each resolution when those resolutions are formally put to the meeting later on. I'll now respond to any questions in relation to the annual report and the Group's business generally. First questions from the floor, please. Mr. Chairman, I have Brian Allison from New South Wales. Mr. Allison. Good morning. Just in the presentations in the annual report, you talk about partnerships that you have in data centers. I'd just like a bit more information on the nature of the partnerships. Is it landlord and is it our part of the partnership, or are we further involved with the running of the data centers? Thank you very much. We have partnerships which fund most of Goodman's operations. They're not just for data centers. They're also for the industrial developments and properties that we own around the world. This has been a feature of Goodman's financing for many years, where typically Goodman has something like a 20% or 25%-30% cornerstone investment in those partnerships. We're the major shareholder, if you like. The rest of the partnership is made up of very, very substantial pension funds and investment institutions from around the world. For our AUD 85.9 billion worth of properties, the great majority of those are actually owned in partnerships, where typically, as I said, we own about 25%. We manage the partnerships. However, the partners in those entities, they make decisions in conjunction with us about investment, about development, but they do typically act on the basis of the recommendations that we provide. We are the active partner or party in the partnerships, but they provide very valuable equity contributions to the Group. The partnerships have their own balance sheets. You might be aware from the annual report that they have about a leverage of averaging 20% across all these partnerships, but the majority of it is in equity. We have, as I mentioned in my address at the moment, about AUD 9 billion available funding in those partnerships for future developments and future acquisitions. This is not just for data centers. It is very much for the industrial properties that we've owned for many years. Those balance sheets keep someone very busy. The other question I have is about distributions. They have been static for many years now, and I just wanted to get a little bit of information on the attitude of the Board towards distributions. Secondly is franking credits. Do we have franking credits that have not been distributed? Because franking credits have no value to the company, but they do to the shareholders. Thank you very much. The distributions which have been made over recent years have been from our property trust, Goodman Industrial Trust, and also the Hong Kong entity, which is also a trust. There are no franking credits to distribute from those. We have Goodman Limited, which is the third entity in our stable group, which does have some franking credits. They are not material at this stage, but if they were to become material, we would then distribute those as part of our annual distribution to security holders. The distribution has been kept at AUD 0.30 per security now for a number of years, you correctly point out. There has not been any increase in that. What is important, the distribution policy is part of our overall financing property. We intend to maintain a very low leverage. At the moment, we have only got 4.3% leverage. Typically, over recent years, we've been around about 10%, which is very, very low for a property group. We intend to keep it that way. The amount of retained earnings that we have funds the investments we make in our partnerships. To put that into some perspective, we have about AUD 600 million or AUD 700 million worth of distributions, and we had an operating profit of AUD 2.3 billion in FY 2025. That remaining AUD 1.7 billion was reinvested in the partnerships. As I mentioned before, we have on average about a 25% investment in those partnerships. That has actually been funding our future investment and our ongoing investment in the partnership. It is a very important part of our capital management. We will look at our investment profile going forward, but as we're looking at the investments and the opportunities, particularly in data centers, and the fact that by 30 June next year, we expect to have more than AUD 17.5 billion of projects underway, obviously that's a big financing exercise. For FY 2026, we expect to keep the distribution of AUD 0.30. Okay, thank you. There's a question down the front here. Mr. Chairman, I have Bronwyn Underwood from New South Wales. Good morning. Good morning. Thank you. Thank you for your presentation. I'm a little bit not concerned, but I noticed that nothing was mentioned about where the sites of your data centers are with the requirement of a lot of water. How are we going to deal with that in all of these locations that you pointed out are predominantly in cities or close to cities? If you could give further information about that, I'd like to please. Yes, certainly. You're quite correct. Our data centers, we're concentrating on metropolitan sites. The big projects we have underway, which are in Tokyo at the moment, and also have started in Artarmon and in Sydney, and we're about to start four projects in Europe. There are two in Paris, one in Amsterdam, and one in Frankfurt. So we've got four projects underway. We're about to start there. They're all in metropolitan areas, and clearly they require power and they require water. The design of the centers provides for that. That's a certain part where we're using best practices and most advanced engineering practices in order to achieve what we need to in those data centers. There is water availability, and there's power availability in the projects that we're undertaking. Thank you. Mr. Chairman, I have Lewis Gomes from the Australian Shareholders Association. Good morning, Lewis. Welcome. Thanks, Stephen. I'm here on behalf of the Australian Shareholders Association. My name's Lewis Gomes. We have 102 proxies from ASA members, totaling about just under 500,000 securities that I'll be voting later today. Firstly, thanks again, Chairman, for spending time with myself and some of my colleagues at our pre-AGM meetings. We always find them very insightful, and we appreciate your openness, and you don't avoid the hard questions, which is what we like. It's a very constructive relationship, and we hope it continues. I think it's just worth acknowledging the fantastic success of the Goodman Group over 30 years. And in your annual report, you noted that when Goodman Group, which I think was then Macquarie Goodman, it might have been, when it first listed, it had assets worth about AUD 75 billion, and we're now up around AUD 86 billion-AUD 87 billion. Got to get my Ms and my Bs correct. That's fantastic growth. You compound that over each year, and it's something like 25%-26% annual compound growth rate, which is phenomenal. Some of us were here, I'm sure, were shareholders back in the Macquarie Goodman days. During the GFC, of course, we went rapidly down the lift into the basement, but we've come back up the elevator for what, nearly 20 years now, going on 20 years, and it's been a fantastic journey. Congratulations to Greg and his team. It's remarkable. There aren't too many stories like that on the ASX, so well done. The question really comes to capital management. Obviously, a big issue looking forward into the data centers in particular. Work in progress back only in FY 2019, FY 2020 was around AUD 4 billion. It then grew over two or three years to around AUD 12 billion, AUD 13 billion, and it stabilized at that for a few years. As we heard, it was, I think, AUD 12.4 billion at the start of this financial year, and it is looking to be AUD 17.5 billion by the end of this financial year. That is a AUD 5 billion increase in work in progress over 12 months. You had a very successful capital raising of around AUD 4 billion early this year that we know about. If you look at the 10 projects that we have got underway at the moment, I think the outturn value of those is estimated around AUD 13 billion, thereabouts. Probably a mix of operating data centers, but probably more like powered shells, I guess, is probably what most of them are. That's for 500 MW of power, and you're looking at 5 GW, which is a factor of 10 over where we are today. The question becomes, the end value of that 5 GW, who knows what the end value is? I've seen reports of somewhere between AUD 100 billion and AUD 130 billion in today's dollars. Goodman Group will look to own probably about 25% of that. Let's say AUD 30 billion-AUD 35 billion of investment from Goodman, which presumably would be a mix of capital and debt. You've got AUD 4 billion of debt at the moment, and you're down at 4%. You could borrow to get up to 10%. You could borrow another AUD 5 billion-AUD 6 billion. The funding need that will be required to get to 5 GW is going to be almost the orders of magnitude. It's greater than where we are today. I just wonder, Goodman's got fantastic growth and a lot of confidence in the Board and in the management to get to that sort of level and to find the funding and to find the people to do it all. You've got a lot of competition now in the data center space, a lot of big operators with a lot of experience. You've also got a lot of Johnny-come-latelists who have got almost no experience, but think they've got lots of capital. Maybe they do, maybe they don't. I just wonder if this 5 GW is a realistic ambition, and is Goodman in a position to be able to capitalize it? It will be over many years, of course. It's not an overnight thing. You've got to have people, capital, and opportunities and clients, customers to get to that level. I'm just wondering, how confident are you? You're going to say you're very confident, but if you could just elaborate on how you think you're going to get to that 5 GW. Very confident. Thank you. First of all, Lewis and your colleagues, and I think all my colleagues appreciate the relationship we have with the Australian Shareholders Association. It's very professional. We share what we can with you, and you share your thoughts and comments with us. That's a very healthy and productive way of going about things. Also, I was smiling up here a little bit when you were describing the history of Goodman and the current operations, because you seem to know more than probably I do about the company. The homework you've done is obviously pretty impressive, actually. When you start to describe the financing challenges that we might have and the exercise that we had before, as Nick Vrondas, our Finance Director, was shifting in his seat there because he knows exactly how much work he's got to do over the next 5 or 10 years. Seriously, it goes back to a bit of the earlier question about partnerships and distribution and the capital management of the group. We are currently looking to create the partnership in Sydney for the Artarmon Centre. That's well and truly underway, and we're confident that we'll be able to bring new partners into that entity. We're looking to, and we have just launched a partnership for Europe for the four centers in Europe. That is going well, and we would hope that during the course of this financial year, we'll be able to make positive announcements that that has been successfully implemented. Yes, the partnerships themselves will have some leverage in them, not a huge amount. Yes, the group here, the Goodman Group, it's actually we're down at 3% at the moment. We were 4.3% leverage at gearing at 30 June. We're now at about 3%. We expect to go up to 10%-12% leverage. We've got a financing policy of 0%-25% leverage, but we're aiming for the midpoint of that. We will be going back to around about the 10% level that we were in previous years, using the capital raising funds that we obtained earlier this year in February. Yes, it's a big exercise, but very comfortable and confident that we will do that. I can say that as the Chairman, as the director, management have got to do it. We are talking also over a period of probably up to 10 years. There is, for the right projects, we are confident, and management is confident that the equity is there from the major pension funds and institutional investors around the world and in Australia, and that we will get the appropriate support. We will have cornerstone investments. That is the plan in all of those partnerships. We will bring the biggest and best institutional investors with us, and we have to prove to them that the projects stack up, that they are viable, that we have the right tenors for them. Most of the projects, at least the ones we are currently talking about, will not be powered shells. We're proposing to have fully fitted out projects that will make them more expensive, more capital intensive. That is the four in Europe and also what we're doing here in Artarmon. Yes, it is a big exercise, that is the challenge, but it's also the great opportunity for us in the long-term. I think you've heard the term long-term now from myself and from Greg quite a few times this morning, and that is what we're looking at. We will be financing ourselves with the best projects that we can find in the best metropolitan centers around the world, and that will have hopefully the best tenants as well. We are focusing on hyperscalers, the AWSs, the Microsofts, the Googles of this world, and hopefully those will be the people who will also be underwriting the rental streams from those properties. Thank you. Are there any more questions from the floor? Yes, in the front row here. Mr. Chairman, I have Jonathan Harrison from New South Wales. Good morning. My question goes to the AI-based demand. There is quite a lot of commentary circulating in the markets now that the seemingly limitless projections for AI computing demand may be overblown to the extent of a substantial market correction. I am wondering whether the Board could share with us its views on this possibility, particularly in the light of the fact that you just suggested that some of these new data centers, or if not many of them, will be fully fitted out. As Aline and I assume, that means the risk of the demand not eventuating means that the company could find itself with occupancy levels of these data centers way below the 96% that prevails across the whole portfolio at the moment. Thank you. Thank you for the question. I think it's important to focus on what data centers Goodman plan to develop. Most of the data centers will be in metropolitan areas, not the AI training centers, which require far more power and can be in other areas. We are looking at metropolitan areas where the land is, properties are constrained, and where we have the properties in the right locations. We plan to focus on the hyperscalers, as I mentioned a moment ago, the Microsofts and Googles and AWSs of this world, and they will be paying rent. It is not that we will be operating centers in that regard. That is not the full plan. There are possibilities that we may operate some centers, but the focus at the moment is on dealing with hyperscalers so that we will have lease deals, long-term lease deals with them and for their usage. Now, cloud computing in the metropolitan areas is not just AI requirements, but it's also online retailing. There's a great demand, and we see that in the major cities in which we're operating and on which we focus. We are very confident that if we initiate the projects in the right locations with the right tenants, they'll be very successful. Greg, would you like to add to that? Yeah. I think really good question. I think there is a lot of conversation about AI and where it might be, and is it overblown? I think there's exaggeration, particularly when you're reading in the media, without doubt. I think the reality is the infrastructure, the ability to get the ambition fulfilled and built is a lot harder than writing it in print. I think you'll find over time there'll be a consistency leveling out of probably excitement to the point, though, where if you've got the infrastructure, you've got the people and the capital to deliver, you'll put yourself in a very good position. I think as the Chairman pointed out, we're very focused on cloud metropolitan areas, which we think are the best, most sustainable investments for our long-term investors. That's where we will be doing business with big customers and the world's biggest companies. Those deals have been done, and those deals are being done at the moment. I think the question's a really good one. Is it overdone? I think over time, AI is, next 10 years, excuse me, changing the world, but let's not believe all the exaggeration, which you do read from time to time, because it's harder to get done than it is to write it in print. Thank you, Greg. Are there any more questions here on the floor? If not, Alison will go online. Are there questions online? Yes, Mr. Chairman. Firstly, I've got a question from Andrew Walton. What is your differentiation to win data center build contracts and partnerships in the USA? I think we've got properties in the right location. We've got very good people. We understand the business. Greg, do you want to maybe? Yeah. Another good question. It's about having the capital and the infrastructure, and a lot of that infrastructure is actually people that know what they're doing. Once again, it's easy to talk about it. To To the question we were chatting about before, the other is actually delivering it. In many instances, the average cost of these projects is AUD 1 billion, effectively, in the world we live in. Yeah, we're well positioned. We're well positioned globally, in fact. The sites we've talked about in the 3.4 GW are sites we already own. That part of it, capital stack is taken care of. Effectively, that is a massive advantage, having the capital and the ability to fund through without pre-commitments and things like that, or without a lot of banking and debt finance. I said that we had a quarterly last week, and I made some comments about that. The amount of leverage going into the sector all around the world is, in my view, extreme. I do not think it is sustainable, and I do not think it will be sustainable. I think big corporations that have big balance sheets have long-term aspirations. In a world where you get the exaggerations and things like that, you drive through it, you will do very, very well over the next 10 years in the sector. I think the demand is there. It is strong. There is no turning the dial back on the digital revolution that is going on around the world. The speed of it, we might be able to debate and argue with, but it is happening, and it is happening every day, and it is happening consistently. Pretty well every product Goodman Group is now buying, particularly from Microsoft, I suspect, is laced with AI products and innovations and additional expense. It is alive. It is creating productivity efficiencies as we speak, and that will continue. Thank you, Greg. Alison, more questions online? Yes, Mr. Chairman. I've got a question from Stephen Mayne. Why didn't we do a best practice pro rata capital raising in February, which treated all shareholders equally? It was disappointing that the SPP didn't have a secondary VWAP-based pricing like other companies have done in the past. The fees paid to the investment bank seemed excessive. Did we run a proper competitive tender to keep the fees down? Wouldn't it have been better to do a floating price placement rather than the AUD 4 billion fixed price offer at AUD 33.50? Thank you very much for the question, and welcome to the meeting online. It's a very broad question. We had a very successful capital raising. I think we did it exceptionally well with little pre-publicity. We got a very good price for the company. It was a very fair price at the time. As you pointed out, we did have the SPP, which was designed for retail shareholders. We were not aware that April was going to come around with tariffs, and we were going to have Liberation Day, which actually affected all the share market, and that the price of all securities, but certainly Goodman securities, then reduced and declined and went below the actual issue price. It was actually a benefit for the retail shareholders not to have participated, as it turned out. It was a very successful capital raising. We went through all the processes, and as a board, we are delighted with the result. Alison, any more questions? Yes, Mr. Chairman. I've got a question from Mr. Adam Verwy. The company's total gas consumption grew 35% in the last financial year, and Goodman's Australian properties consume the highest amount of gas from the global portfolio, mainly from heating, ventilation, and cooling. While noting that gas isn't a huge part of the company's energy mix, gas is a fuel characterized as volatile and uncertain. Share price increases are highly possible as the East Coast gas market in Australia is predicted to face a shortfall in supply by 2026 in states where Goodman has numerous properties, exposing the company to gas price increases. The company is also moving quickly to house data centers, which require huge amounts of energy, including gas peaking plants in Australia. The two questions are: Can the board confirm if it has a plan to transition off gas by a specific date? Have you modelled out the cost of BAU use of gas in your capital expenditure scenarios? Thank you for the question. Before maybe handing over to Greg to answer it in a bit more detail, obviously power consumption is a big thing for everybody in the economy in Australia and globally. We have a requirement for power for our industrial and logistics properties, as well as for our data centers. We would take power from the grid. We have power commitments with the suppliers who generate the power, and we do not specifically have any particular arrangements with gas or other forms of power. Greg, do you want to maybe just refer to our motif? Yeah, a really good topic, because I think everywhere we're in the world, grids are getting, particularly with the data center growth, getting under pressure, and there's new infrastructure being built pretty well in all the markets we are around the world. For example, in Paris, 70% of the energy that will come from the data centers we're building in Paris is nuclear. There's gas in certain markets, there's coal in other markets, and there's solar and renewables in other markets as well. I think the point I think you made is a good one. The Chairman, I think, answered it primarily around the customers are paying for the energy. Our customers, who are big customers, big industrial customers, or big customers around data centers, are very aware. They do a lot of diligence on the grid before they commit to a piece of real estate to make sure that they feel comfortable. They can get consistent pricing. They have big contracts with the energy providers. I think it's a big question for the world around energy. It's the biggest topic pretty much globally. I don't think it's necessarily solved either. The amount of pressure that's going on the grid over the next 5-10 years around the evolution of technology is large. Hopefully, there'll be technologies and chips and other things that evolve that'll use less energy and create more power. That's, I think, what the Microsofts and the NVIDIAs and others are working on around the world. Some of the biggest capital in the world is putting their minds to how do we get more out of less? It is an issue. It is an issue globally, and grids are under pressure. Everywhere we go now, it's becoming a million megawatt to create new infrastructure, which means 300 MW is going to cost you AUD 300 million. That is new infrastructure going in to make it possible to keep driving the evolution, revolution we're seeing in regards to technology. Big issue, good question. Thank you. Alison, any more questions online? No? No more questions. No more questions. Okay, thank you. We will now continue the meeting. Item B, I will now return to the formal resolution set out in the notice of meeting. My fellow directors and I support resolutions 1 to 9. Please note that where open proxies are held by me as Chairman, I intend to vote these proxies in favor of each of those resolutions 1 to 9. All of the resolutions are proposed as ordinary resolutions and will be approved if passed by more than 50% of the votes cast. For transparency and the benefit of the meeting, I will now present the results of the proxy votes on resolutions 1 to 9. You can see them here on the screen. As can be seen with the proxy votes received, which account for about 78% of our share register, I expect that resolutions 1 to 9 will be passed on the casting of the proxy votes. I also expect that there will be no strike on the remuneration report, in which case we will not be required to put resolution 10 to the meeting. As mentioned at the commencement of the meeting, for security holders participating online, polling has opened and will close at the end of the meeting. For those of you who are with us here in the room today, we'll vote on resolutions 1 to 9 after they have been put to the meeting. In accordance with the Corporations Act and determinations made under the Constitutions, each of today's resolutions will be decided by way of poll. The first resolution for members to consider as an ordinary resolution of Goodman Logistics Hong Kong Limited is to appoint KPMG as auditors of Goodman Logistics Hong Kong to hold office until the next AGM, and the directors be authorized to fix the auditor's remuneration. As explained in the notice of meeting, as a result of the technical structure of holding Hong Kong securities on the ASX, security holders cannot vote personally at the meeting in respect of Logistics Hong Kong, these resolutions in respect of the auditor. Rather, Chess Depository nominees will vote these interests in accordance with the voting and proxy form directions that they have received prior to 10:00 A.M. on the 9th of November 2025. This applies only to resolution 1. I now move that resolution 1 be approved. Are there any questions on the floor? If not, are there any questions online? Thanks, Mr. Chairman. Thank you. I will now move to the next resolution. The second resolution for members to consider as an ordinary resolution of Goodman Limited is that Chris Green, a director retiring by rotation in accordance with the Constitution and the listing rules, be re-elected as a director. I now invite Chris to say a few words in support of his re-election. Thank you, Chairman, and good morning, ladies and gentlemen. My name is Chris Green, and I am seeking your support for re-election to the Goodman Group board, having served as a director since April 2019. Goodman Group is a very special company, a true global provider of essential infrastructure. Goodman has long been renowned for its ability to anticipate customer demand and adapt its business to seize emerging opportunities. Over the years, this has been demonstrated through the strategic repositioning of its portfolio toward key global markets close to large urban populations. This strategy has met not only the needs of e-commerce and logistics customers who require rapid transit times, but also the growing demand for data centers, facilities that need vast amounts of power for cloud computing and AI, and that can only exist in the kinds of locations Goodman owns. If I may share a little of my background, I'm the founder and CEO of Greenpoint, a global real assets investment firm established in New York in 2019 with AUD 1.1 billion in equity under management. Greenpoint invests at the convergence of real assets and technology, with two platforms supporting the evolution of transport, including electrification, autonomous vehicles, and drones. Prior to founding Greenpoint, I spent 16 years with Macquarie Group, where I served as global head of real estate. During that time, I led the firm's investment in and growth of real estate operating companies, including several logistics businesses across Asia Pacific, the U.K., and the U.S. During my six years as a director, I have sought to bring my skills and expertise to the group and its management team, particularly around technology, infrastructure, and evolving real estate business models. I currently serve as a member of the Remuneration and Nomination Committee and previously as chair of the Sustainability and Innovation Committee. Under the strategy led by Greg Goodman and his team, I believe the group is exceptionally well positioned to play a significant role in the digital future in a sustainable and responsible way. My experience across institutional capital, technology, real asset investing, and sustainability, particularly in North America, brings perspectives that I hope continue to be valuable to the board and the group's ongoing success. Goodman Group is my only public company directorship. As noted in the annual report, two investments have been made by Goodman in partnership with Greenpoint. There have been no new commitments during my current three-year board term, and Goodman's investments represent a very small proportion of the overall Greenpoint business. I recognise the trust that security holders place in directors to uphold the highest standards of conduct and diligence. I'm committed to doing so on your behalf. With your endorsement today, I hope to continue to provide advice, perspective, and stewardship to the Board and Senior Leadership of Goodman Group as we navigate the future together. Thank you. Thank you very much, Chris. I'll now move that resolution 2 be approved. Are there any questions? Any questions on the floor? Lewis. Mr. Chairman, I have Lewis Gomes from the Australian Shareholders Association. Thanks again, Chairman, and thank you, Chris Green, for your presentation. Chairman, you'd be aware for a couple of years we've queried the relationship between some of Mr. Green's private interests and Goodman's. You've described them from Goodman's point of view as not material, and that's the fact. I think there might be AUD 20 million, AUD 30 million worth of investment one way or the other. So it's not material. I'm not suggesting it is. I'm not suggesting there's anything untoward in any of that, and I'm sure Chris Green's a terrific director. He certainly sounds like he's making a good contribution. I wonder if through you, Chris, could maybe just speak briefly to how he manages what some people might see as a perception of bias, if you like, between his relationship with Goodman through his companies and the interests of Goodman itself. I'm not suggesting he's other than an excellent director, but it'd just be good to hear from him if that's possible. Lewis, thanks very much. I've just been alerted of the fact we're about to hit 11:00 A.M., and so we'll stop for a minute's silence in a moment, and then I'll address the question when we come back. Good morning, everyone. Today, on the 11th of November, we pause to remember the men and women who have served and those who continue to serve in times of war, conflict, and peacekeeping. At the 11th hour on the 11th day of the 11th month, we honor their courage, their sacrifice, and their enduring legacy. Please join us now in a minute of silence as we reflect in gratitude and remembrance. Thank you, ladies and gentlemen. We'll now resume the meeting. Lewis, I think I'd prefer to answer this question on behalf of Chris Green because, as Chairman, I'm responsible for the operation of the board and make sure that we operate appropriately and efficiently and ethically in every respect. Chris Green, as you pointed out, is an outstanding director. I'll verify that, and my colleagues would all stand behind that. It certainly, from a Goodman point of view, is totally immaterial, and also from his own point of view. I think the investments that we've made were to further and improve Goodman's prospects going forward. The involvement in technology, in particular, relates to real estate, which is part of Chris Green's portfolio, gives us a very good view as to the innovations which are occurring in our business, which we can use to our advantage. The second investment, which is really about obtaining carbon credits as part of our sustainability objectives, this is a deal which was brought to us, but in fact, the most important part of that is that we're in partnership with the Clear Energy Corporation, which is an entity of the Australian government. We are in partnership with the federal government. There is nothing in that which impacts Chris's operations as a director, his contribution to board deliberations, his involvement on the Remuneration and Nominations Committee, and that has never been an issue in any way whatsoever. I am very confident to be able to say to you that the independence issue is not in question in any way whatsoever. Are there any more questions on this resolution, the re-election of Chris Green? Alison online? Nothing there? There are no questions. Thank you. The third resolution for members to consider as an ordinary resolution of Goodman Limited is that Vanessa Liu, a director retiring by rotation in accordance with the Constitution and the listing rules, be re-elected as a director. I now invite Vanessa to say a few words in support of her re-election. Thank you, Mr. Chairman, and good morning, everyone. My name is Vanessa Liu, and I appreciate the opportunity to present myself for re-election to the Goodman board, having been first appointed in June 2022. With more than 25 years of experience working in technology and startup companies and advising clients in media and high-tech sectors, I have a deep understanding of emerging consumer and enterprise technology trends, in particular the uptake of artificial intelligence and automation and how this affects consumption and the built environment. I'm the founder and CEO of SugarWork, a SaaS technology platform helping enterprise companies pinpoint where to invest in automation and artificial intelligence. In addition, I serve as an independent director for Appen, which provides training data to companies for their AI models. Prior to joining the Goodman board, I was the Vice President of SAP.io, the early-stage venture arm of SAP, which invests in and accelerates startups and enterprise technology. In that role, I oversaw SAP.io's North American foundries in New York and San Francisco and accelerated a portfolio of 87 enterprise tech startups. As a part of this role, I worked closely with customers in industries including retail, automotive, healthcare, manufacturing, and professional services to bring them new innovative technology solutions. Prior to this, I've held various positions in digital media, including as an associate partner at McKinsey & Company's media and entertainment practice based in Amsterdam, London, and New York. I serve clients in a variety of media and high-tech sectors, particularly on issues of digital media strategy, emerging market strategy, growth, and innovation. I'm excited to continue my time on the board of Goodman, working with Stephen and Greg and his team to contribute to the sustainable growth of the group. I believe my global experience, combined with that in the tech and innovation sector, contribute to Goodman's forward-thinking strategy and positioning as providers of essential infrastructure to the digital economy. If re-elected to the board, I will give you my commitment and dedication to serving your interests as security holders and to support the continued success of the group. Thank you. Thank you, Vanessa. I'll now see if there are any questions on the floor first. Any questions on this resolution? Online, Alison? No questions online. Okay. Thank you very much. Now move to resolution 4, which is the re-election of Anthony Rozic as a director of Goodman Limited. This is an ordinary resolution of Goodman Limited that Anthony Rozic, a director retiring by rotation in accordance with the Constitution and the listing rules, be re-elected as a director. So I now invite Anthony to say a few words in support of his re-election. Thank you, Steven. Good morning, ladies and gentlemen. I've had the privilege of being an executive director of Goodman Group since 2013, and today I am seeking re-election for a further three-year term. I joined Goodman in 2004 and have previously held the roles of Group Chief Financial Officer and Group Chief Operating Officer. In my current position of Deputy Group CEO and CEO for Goodman in North America, I was directly involved in the establishment of the US operation and hold responsibility for the management. Over the 12-year period, we have successfully and organically grown our North American business to over AUD 10.5 billion in assets under management across 70 properties. Our strategy remains to invest in the major industrial urban infill markets and major data center markets with near-term power availability. We recently repositioned our investment management platform and launched two new investment partnerships, enabling more flexibility for both our industrial and data center development opportunities. The US business currently has a development pipeline of AUD 7 billion to support our future growth targets, with the data center opportunities representing a meaningful contribution to the business. Market conditions are also providing us with valuable opportunities for acquisitions in the US to support our future development pipeline. The US is now the group's second biggest investment region after Australia, and as a director, I share both direct insight and accountability with the board. Goodman has brought a fresh, dynamic, and innovative approach to the US real estate market, enhancing the brand value into the largest economy and logistics market in the world. Together with our capital partners, global customers, and key stakeholders, this represents a significant long-term growth opportunity for the group. I have over 30 years of experience in the property industry in financial, capital, and operational management experience, together with a strong working knowledge of global markets. It has been a privilege to be part of the group and have direct involvement in the establishment and growth of its global business. If re-elected as a Director of Goodman Group, I believe the broad range of roles and responsibilities that I have held provide me with the operational and strategic experience to bring to board deliberations, and I never lose sight of my responsibility of representing security-held interests, and I'm also mindful of our obligations to all stakeholders in the communities in which we operate and to the people we employ. I'm aware of the challenges ahead, but also excited about the opportunities the future can bring Goodman. Thank you. Thank you, Anthony. Any questions from the floor on this resolution? Online? No questions, Mr. Chairman. Okay. Thank you. The fifth resolution for members to consider as an ordinary resolution of Goodman Limited is that Hilary Spann, a director retiring by rotation in accordance with the Constitution and the listing rules, be re-elected as a director. I'll now invite Hilary in New York to say a few words in support of her re-election. Thank you, Chairman, and good morning, ladies and gentlemen. My name is Hilary Spann, and it is a great pleasure to speak with you this morning to say a few words in support of my re-election. First, it has been an honor to serve as independent director for Goodman these last three years. The Goodman executive team has positioned the company to perform strongly on behalf of its shareholders, despite the unprecedented set of global events and economic conditions we have all experienced during that time. Excellence in business stewardship is a hallmark of the company under the leadership of CEO Greg Goodman and with Stephen Johns as Chairman. I believe that my extensive background in public and private equity markets has allowed me to make meaningful contributions to the board during my term to date, and I'm eager to continue working with the board and management to advance Goodman's shareholder interests going forward. I am currently the Executive Vice President and Head of the New York region at BXP, the largest publicly listed developer and owner of premier workplaces in the US. In addition to a sizable operating portfolio, my team is currently underway with approximately AUD 2.5 billion of active property developments in the office and multifamily sectors, and we have an additional AUD 4.5 billion of projects in pre-development. This, combined with my capital markets background, positions me well to contribute to Goodman's board across a variety of topics, including capital flows, trends in development, construction matters, and sustainability innovations. A bit of detail on my experience prior to BXP: from 2016, I spent five and a half years at CPP Investments, one of the world's largest institutional investors, as the head of real estate investments for the Americas. From 2001, I spent 15 years at JP Morgan Asset Management and the Global Real Assets Group, primarily in a variety of private equity acquisitions roles. These roles form the basis for my expertise in the global capital markets. I'm based in New York, and my perspective is also formed by a market that is often at the forefront of trends in the investment markets. I believe that this combination of experience allows me to make a valuable contribution to Goodman's board. If you choose to re-elect me today, Goodman Group will remain my only public company directorship. It would be an honor to continue to serve in this role, and I can assure you that I would apply my experience and energy to work diligently to add value to the business and serve in your interests as security holders. Thank you. Thank you, Hilary. Are there any questions from the floor? If not, Alison, any questions online? Yes, Mr. Chairman. I've got a question from Stephen Mayne. As a New York-based director who would be used to U.S. requirements for annual director elections, what does Hilary Spann think about Goodman moving to annual director elections like what BHP and Treasury One states voluntarily do? The Chair is right that we have a great international board, so why not move to international best practice with annual director elections? Also, is the long-serving Chair planning to nominate for another three-year term on the board when his current term expires? Do you believe the new Goodman Chair is currently on the board? In other words, where are things at with chair succession? I hope you translated that all very well, Alison. There's more than just Hilary's re-election. I'll answer the Hilary part about annual elections. Steven, that's not something that I think is necessary. This board is operating very, very effectively. We're all in accordance with the regulations, the listing rules here in Australia, and I think we've been functioning exceptionally well as a board. There's really no need for annual elections. I think you raised that question most years, and it's not something we're really contemplating in any serious way. In terms of my own position, that's really up to my fellow directors eventually, but I hope for re-election next year. In advance of that meeting, I'll let you know, and you'll see whether I'm standing for re-election or not. Thank you. Any other questions, Alison? No further questions. Thank you. We can now move on to the next resolution, which is resolution 6. It is for members to consider as an ordinary resolution of Goodman Limited to adopt the remuneration report for 2025. As I mentioned earlier, I am pleased to report that based on the proxies received, more than 75% of the votes will be in support of this resolution, and there will not be a strike. A voting exclusion applies to this resolution as set out in the notice of meetings. The directors and other key management personnel will not be voting their shares or their securities in relation to this item. I now move that resolution 6, that the remuneration report for the year ended 30th of June 2025, be adopted. I will now address any questions. Are there questions from the floor or comments? If not, we will move online. Alison, are there any questions online? Yes, Mr. Chairman. I've got a question from Stephen Mayne. Thanks again for offering a best practice hybrid AGM today, but why have you not disclosed the proxy votes to the ASX along with the formal addresses to allow for a more fully informed debate? Did any of the proxy advisors recommend a vote against any of today's resolutions, including the REM report? If so, what reasons did they give, and did it materialize into more larger REM protest votes? Thank you. Firstly, we have basically four proxy advisors: ISS, CGI, Glass Lewis, the two largest, and then there's Ownership Matters and AXI, who support the industry funds. Ownership Matters and AXI have recommended against the remuneration report. CGI, Glass Lewis, and ISS have recommended in favor of it. The only resolution that ISS recommended against was the re-election of Anthony, and that was based on their in-house rules that they do not like more than one executive director to be on the board. There's not a particular issue about Anthony himself. It's just that principle that they have and that they recommend almost automatically, as I understand it, against more than one non-independent director. As regards the remuneration report, I think the votes stack up for themselves. We have around about 85% based on the proxies in favor of the REM report this year. I would imagine that most of the rest of the votes which are against are based on the Ownership Matters and AXI recommendations. We are very pleased with the support. I think there is a very good understanding which I have set out in the remuneration report and also in my Chairman's address that we have a remuneration based on very sound principles which incentivize outstanding performance. We pay for performance. A large proportion of executive pay is at risk. In terms of Greg Goodman's own remuneration, 93% is at risk, which is an incredibly high number. For the KMPs, the key management personnel, on average, 80% of their remuneration is at risk. For the executives throughout the group, it is around about 50-odd percent. That is a very high percentage of non-salary remuneration where performance needs to be achieved in order to get the results. Now, the results have been coming through. We've heard today from ourselves up here and also from Lewis Gomes from the ASA about the performance over such a long period of time. I think our remuneration is very well structured. We're able to attract good people. We're able to retain our good people, and we're incentivizing them for outstanding performance. I think that is recognized, and I'm pleased that it's been recognized by shareholders with security holders with an 85% support this year. Are there any other questions online? No further questions. There's a question from Lewis from the floor. Thank you. Thanks again, Mr. Chairman. I haven't got a question, just a comment in respect of the voting and how our colleagues in the proxy advisor firms respond. We all saw the strike last year. The ASA last year actually voted for the remuneration report, as you will recall, for good reasons. We believed. We have had differences in the past, and there have been times in the past when we've voted against the remuneration report. I think what you've shown, Mr. Chairman, is a willingness to listen. The number of securities being offered each year has come down materially, and it's come down again this year. I think that's a sign of you listening to shareholders' concerns. The remuneration is, I won't say exceptional, not really exceptional, but it is significant. Understandably, some of our members feel that's a bit over the top. In terms of where the share price is, there's not really too many complaints. I commend you for the way you've handled it and look forward to that approach continuing. Thank you. Lewis, thanks very much. Maybe I can just add something to my previous answer to Stephen Mayne. Ownership Matters and AXI recommended against our remuneration report basically on just one issue, which is an accounting issue about how we calculate operating profit. We believe the way we do it is the correct way or certainly the most sensible way and the most sustainable way, which is based on a cash-generated metric. It is good to know also or good to note also that Ownership Matters do not dispute the structure of our remuneration nor its success over many years. Just, Lewis, going back to your comment, yes, our remuneration is significant. I could say it is generous, but it is only generous or significant for our senior executives if they achieve outstanding results. That is what we are looking to continue to see, and hopefully that will be the case in the future. I think we have heard a lot today about the great opportunities for Goodman going forward, but those opportunities will only develop into outstanding results if we have the right people in the right places to actually execute. It requires, when you have AUD 17.5 billion of work in progress, you need good people who are very committed and very focused on achieving the appropriate results. Thank you very much. If there are no more questions on remuneration, either online or on the floor. No further questions online. Thank you very much, and thank you, security holders, for your support. I will now move on to resolutions 7, 8, and 9, which each relate to the grant of performance rights to our three executive directors. A voting exclusion applies to these resolutions. In summary, the Executive Directors cannot vote their securities on any of these resolutions. Before proceeding to the following resolutions, I note that I propose to conduct a discussion on resolutions 7, 8, and 9 together once these three resolutions have been formally put to the meeting. If you'll just bear with me, I'll just go through reading out the three resolutions themselves. The seventh resolution for the members to consider as an ordinary resolution of each of Goodman Limited, Goodman Industrial Trust, and Goodman Logistics Hong Kong Limited is to approve for all purposes the grant of AUD 570,000 performance rights to and the acquisition of Goodman securities by Greg Goodman, as described in the explanatory memorandum. I now move that resolution 7 be approved. Resolution 8. The eighth resolution for members to consider as an ordinary resolution is to approve for all purposes the grant of AUD 300,000 performance rights to and acquisition of Goodman Group securities by Danny Peeters, as described in the explanatory memorandum. I'll now move that resolution 8 be approved. The ninth resolution for members to consider as an ordinary resolution of each of Goodman Limited, Goodman Industrial Trust, and Goodman Logistics Hong Kong Limited is to approve for all purposes the grant of AUD 330,000 performance rights to and the acquisition of Goodman securities by Anthony Rozic, as described in the explanatory memorandum. I'll now move that resolution 9 be approved. Now moving to questions. Are there any questions on these three resolutions? On the floor, Lewis. Thank you. Thank you, Chairman. My last question. We talked about the very successful 30-year run that Goodman's had as a listed entity. We've had a CEO who's been in that role for 30-plus years. I don't know how many years prior to listing. The corporate governance gurus would say, well, the lifespan of a CEO is around seven or eight years. Thankfully, we don't have any suggestions of that being relevant here. We have a long program, as we heard, ahead of us. We're talking 10 years plus. Greg, he says he's got gray hair, and he has, but at least he's got a lot of it, more than I have. I've got no doubt he's going to be around for another 10 years. I think everybody here is hoping that that's the case. There will come a time when Greg decides to move on to do something else. The succession planning, I don't have to tell you. You know more about it than I do, but it's absolutely critical for a top-performing company. We recently had discussions with the Chairman and the CEO of the Commonwealth Bank about what they're doing with succession planning. When you see an outstanding company with an outstanding CEO, the question obviously comes up, what happens when we get to having a new CEO? I think here in Goodman, one of the features of its success has been that ability to look over the horizon. Greg's seen trends coming before most others. Whether it was Capital Partners, whether it was data centers, whether it was high-tech warehouses, we used to think of them as just big tin sheds, and they probably were. They've obviously gone a lot further than that. You need a CEO who's not just good at property and good with client relationships, but someone who's got that vision who can see into the future. I trust that there are people within Goodman Group who have that ability. If not, hopefully we're training them over the next 10 years or so to make sure that when the time comes, we do have an alternative ready to go. Lewis, it's a great point, and I won't ask Greg to respond to that because I'm really delighted to do that. Firstly, the compliments which you paid towards Greg are well-deserved, and I think it's well recognized internationally, actually. He's arguably the world leader in our business, and we're very, very lucky to have him. A lot has been said for many years about the advantages of founder-led companies, particularly when you have founders who are extremely well-versed in the businesses that they're in globally and able to drive long-term growth. It's also great to be able to have a situation where the founders can grow with the business, grow with the maturity of the business, and develop all the requisites of a major public company, including the governance and the compliance and all the other things which go with it. But most importantly, create the culture within the organization. The culture in the organization goes to not just entrepreneurship, which is very important, but the ethical nature of the business, the behavior of the people in the global business around the world, and the way we conduct ourselves going forward. That culture hopefully will extend beyond Greg's time as CEO, whenever that might be. Greg is here for the long-term. I'm very confident of that. He's part of the long-term incentive plan, which, as you know, has got a 10-year time horizon. We have that commitment. Having said that, we have, as you would expect in any major public company, a very active succession process right throughout the group, not just for the CEO, but right throughout the group. Where we, as a board, see people who are ready now, ready in two years, ready in five years, the sort of things you would expect in a professional organization. I can assure you that is undertaken conscientiously and very professionally throughout the group. It would be foolish for me to say that there is another Greg Goodman because he is the founder. He is the person who has created the culture and the business, but we have very, very capable people who would be able to take Goodman into the future. Thank you for your comments. I do not think they are specifically about the performance rights which were proposed for Greg. You did mention before that the board has taken certain actions to reduce those rights over the years. This year, Greg's performance rights are AUD 570,000. Last year, they were AUD 630,000. There is an 11% reduction in the face value this year. For the other KMPs, there is, I think, a 7% reduction in the face value. That covers resolutions 7, 8, and 9. Yes, I respect your comments and thank you for them. They are very important. Are there any other questions or comments, Alison, online? Yes, Mr. Chairman, I've got a question from Stephen Mayne. Goodman Group has added around 10,000 retail shareholders over the past year and now has more than 70,000. However, less than 2,000 of them would have voted on Greg Goodman's LTI grant today because we all feel overwhelmed by the big offshore index funds, which own almost 30% of stock and dominate voting outcomes. To stimulate future retail voting participation, when disclosing the outcome of voting on all resolutions, including the LTI grant, please advise the ASX how many shareholders voted for and against each item, similar to what happens with a scheme of arrangement. This will provide a better gauge of retail shareholder sentiment on all resolutions and is a voluntary disclosure initiative adopted by the likes of Qantas, ASX, and Suncorp and even arranged shareholder register. Can you repeat it, Chair? Okay. Can I respond to that? Was there more to the question? That's nothing. Thank you. Sorry, I interrupted you too soon. No, we have one vote per security, each security held, and I think that's the democratic way of doing it. I don't think there's any additional information which would be relevant to know how many retail shareholders voted for or against or how many institutional voters for or against. What we do have is the number of securities for which they vote. We have this year 85% in favor, and I think that's really all that's relevant. We provide the information prior to the voting and prior to the discussion so that the meeting itself is well-informed as to where the votes rest. Any more questions, Alison, online? No more questions, Mr. Chairman. Okay. Thank you very much, and thank you for all the questions, both online and from the floor. Now, having put all the resolutions to the meeting, now is the opportunity for those attending in person to vote on them. For those of you who are online, you have been able to vote through the meeting. For those of you in the room today, please vote using the voting card you were given when you entered the room this morning. The vote on all resolutions will be conducted by way of a poll. I now ask all of the security holders who are attending here in person to cast their votes for or against each resolution by marking the boxes on the reverse of their voting card. When you've completed your voting card, including completing your name, please place your poll card in the ballot box circulating with representatives from Computershare. Computershare is assisting us today with the collection and counting of voting cards. For those of you online, if you would also complete your voting. Are we all done? I think we're all done now. Thank you. Thanks very much, everybody. I now declare the voting closed. Thank you for your presence. Based on the proxy vote results and confirmation from Computershare on the voting from the floor, I'm pleased to confirm that resolutions 1 to 9 were passed and that resolution 6 on the remuneration report did not receive a strike. Accordingly, resolution 10 does not need to be put to the meeting. We will announce the full details of the voting results to the ASX this afternoon. As there's no further business to be considered, I now formally declare the meeting's closed. For those of you here in person, please do join us for some refreshments in the foyer. For those of you online, thank you very much for joining us today. Thank you very much.