Thank you, and good morning, everyone. Firstly, I would like to acknowledge the Gadigal people of the Eora Nation, traditional custodians of the land on which we present today, and pay my respects to the elders past, present, and emerging. I extend that respect to all Aboriginal and Torres Strait Islander people on this update today. My name is Vivek Bhatia, and on behalf of the Link Group team, I would like to thank you for joining us today and extend a warm welcome to everyone. It's exactly a year since I stepped into this role, and as most of you would know and agree, it's been rather uneventful. A once-in-a-lifetime pandemic, a couple of takeover bids, one of the largest IPOs of the year, and a few other things have ensured it's been a year like no other. Today, along with some of the members of the executive leadership team, I am pleased to talk about the exciting future that we have ahead at Link Group. What better way to do it than presenting it on our own award-winning virtual meeting platform. The platform we are using today is an example of the many innovations Link Group has developed over the years. This particular technology was pioneered in 2018 when we hosted the first online AGM for an ASX 200 company in Australia. Seems a long time away. Fast-forward to 2021, and Link Group has successfully facilitated over 350 virtual and hybrid meetings for clients on this platform, so they can continue to meet their reporting requirements in a safe, virtual and physically distanced manner. A testament to how important this technology is becoming in today's world. As part of the Investor Day today, we will be presenting our pathways for growth and our ambitions for Link Group over the next five years. As you can see from the agenda, we have a full schedule where you will hear from each of our business units to give you a deeper understanding of their growth and margin expansion plans. We have also allowed for two Q&A sessions, so please send your questions through online, and we will endeavor to get to each of you in turn. Today I'm joined by the following members of the executive leadership team. Dee McGrath, CEO of Retirement and Superannuation Solutions. Paul Gardiner, CEO of Corporate Markets. Karl Midl, Managing Director of Fund Solutions UK, who is joining us on behalf of Chris Addenbrooke, who's currently on leave. Antoinette Dunne, CEO of Banking and Credit Management. You will also hear from Nicole Pelchen, who joined us as Chief Technology Officer in early October. Nicole will be sharing her initial observations and thoughts on our technology capabilities and how our business can continue to leverage technology to facilitate growth and maintain market leadership. Finally, we have our CFO, Andrew MacLachlan, with us, who will be an integral part of the Q&A sessions today. Link Group's leadership team bring deep expertise and a strong diversity of experience, and we're excited to provide you with the opportunity to hear directly from them in today's session. Firstly, for those who are not too familiar with Link Group, let me start with a brief overview of who we are. Link Group uses digitally enabled platforms to connect millions of people globally with their assets, safely, securely and responsibly. Importantly, we are a sustainable business with strong cash flow and long-term client relationships, high levels of recurring revenue and diversification in both geography and asset classes. We have strong leading positions in all our core markets, underpinned by a dedicated workforce and market-leading technology that's focused on innovation and a world-class user experience. In FY 2021, our business generated AUD 1.16 billion of revenue and AUD 113 million of operating NPATA. As reported in August, we achieved a strong cash flow result and our global transformation program remains firmly on track. We will provide a trading update at the AGM on 23rd November. Today's presentation, though, will focus on our four operating business units. Our 42.8% shareholding in PEXA remains an important financial asset for Link Group. We hold our investment in PEXA on behalf of our shareholders, and as I have said before, we will continue to explore options to maximize its value for our shareholders. As a separately listed entity, there is already quite a lot of information available in the market, and as such, we won't be focusing on PEXA today. Turning to slide six, one of the many key advantages of Link Group is that we have a global and diverse client base across multiple asset classes. With over 6,000 clients globally and an average client relationship of over 10 years, we leverage technology, data, and digital solutions, combined with the expertise of our people, to connect over 70 million people across the world with their financial assets across pensions, equities, unlisted companies, investment funds, debt and property. A snapshot of each of our four operating business units can be seen on the slide. Importantly, we have a largely contract-based revenue model which has seen us deliver levels of recurring revenue of 85% in FY 2021. These high levels of recurring revenue, as well as the geographic and sector diversification of our client base, provides resilience and a solid foundation to deliver consistent shareholder returns. It is also worthwhile to note that 87% of our FY 2021 operating EBITDA came from two of the operating business units, RSS and Corporate Markets. We believe that building a more sustainable future is incredibly important. Effectively managing the environmental, social, and governance aspects of our business is incredibly important to us and crucial to us in being a sustainable and successful business. As outlined in our FY 2021 results presentation in August, and as you can see from this slide, we have made good progress in this area, and it continues to be an important focus of who we are. Turning now to slide 8. Our people are key to our success, and we are focused on building a dynamic, client-focused organization that is caring and inclusive. We have a clear diversity and inclusion strategy supported by employee working groups, and we are pleased to report that we have achieved our 40/40/20 gender equity target at the executive and management levels, and also enjoy a 93% parental leave retention. We have introduced a number of initiatives to support and engage our people, including Flex Together, our approach to flexible and blended working, launching recognition programs such as Appreciate, a focus on well-being and mental health, and an emphasis on training and development to further enhance career paths for our people. At the end of the day, we are a people business, and I'm incredibly proud of how our 7,000 employees all across the world have rallied over the last 18 months in these challenging times to support each other and deliver for our clients. As we touched on during the FY 2021 results presentation in August, growth and margin expansion are the key focus areas for us over the coming few years. Over the last 12 months, we have commenced the execution of our simplification strategy through a number of actions, streamlining the company and positioning us to capture future growth. Importantly, we can see an encouraging turn in the cycle, and there are a number of key macro industry trends that are positively impacting our business and the jaws of margin. They position us really well for revenue and margin growth. I'd like to briefly walk you through these now. The first major industry trend is the ongoing evolution of global pension markets. Not only is an aging population driving demand for retirement solutions across the globe, the sheer weight of numbers is leading to many jurisdictions moving from defined benefit models to broad-based defined contribution models. The Australian superannuation system has now been in place for almost 30 years and has grown to represent over AUD 3.3 trillion of retirement savings, with superannuation now for most Australians being their second-largest asset behind their own home. It has been a tremendous success story for Australia and continues to represent further opportunity for Link Group. More importantly, it also places us with a unique expertise that can be leveraged successfully in other jurisdictions. We're already growing strongly in the U.K. market and see more opportunity unfolding in other countries who are following similar pathways. Secondly, increased regulatory oversight and its associated cost pressures continue to support demand for our services. As a specialist, we provide access to robust, scalable, and purpose-built technology combined with experienced people to meet regulatory demands, removing complexity and supporting exceptional customer engagement. Regulatory oversight is only going in one direction, and our goal is to support clients to efficiently discharge their responsibilities, thereby supporting them to focus on their own successes and priorities. Another positive tailwind is the general growth in the global equity markets and asset types. Economic growth will continue to expand these markets, which in turn will drive increased levels of capital markets activity, as well as opening up of new opportunities to support alternative asset classes, including in the area of ESG. The increasing demand of technology-led solutions also plays in our favor as we leverage our expertise in automation, robotics, and AI to drive the provision of efficient scale solutions and provide our clients and their customers with data-driven and increasingly personalized user experiences. Finally, data privacy and cybersecurity continues to be a major focus for all organizations as they proactively manage reputational risk. The investment we have made in this area over the years and the expertise that we now have has become a unique differentiator for Link Group and sets us apart from the competition, as well as providing us with opportunities to offer some of these safeguards as commercialized solutions for our clients and other industry participants. As you can see, we are very excited about how we are positioned to deliver sustainable growth across our business over the medium term through to FY 2026. Over the past 12 months, I am pleased to say that we have made progress in building the right structure and culture to achieve our growth strategy, and we have a strong leadership team, some of whom you will have the opportunity to hear from shortly. Our market-leading platforms and products, coupled with the long-standing relationships that we have with our large global client base, provide us with an excellent platform to grow in our current markets and also expand into new and adjacent markets and sectors. We're also strongly focused on the continued creation of innovative technology-enabled solutions, supported by a sustainable and responsible business model. Our strong cash conversion and robust balance sheet enable us to fund and deliver business growth as well as, importantly, deliver consistent returns for our shareholders. I hope this introduction has set the scene for today, and we will now take a deeper dive into our business units. I will return to close the session and take any questions that you may have. I'm pleased to now hand over to Dee McGrath, CEO of our RSS business. Thank you, Vivek. Good morning or evening, everyone. My name is Dee McGrath, and I'm the CEO of Retirement and Superannuation Solutions for Link Group. I'm incredibly buoyed to be discussing our RSS business with you today. The business is supported by an excellent senior leadership team with diverse and extensive experience, along with over 2,000 committed professionals who service our clients, their members, and employers every day. RSS is the largest of the Link Group's business units, contributing 43% of revenue and 53% of EBITDA in FY 2021. We service over 30 clients across three geographies. In Australia, we're number one in market share with a growing operation in New Zealand, and of course, we're excited to have opened the doors on our pension business in the U.K. in 2020. As Vivek has outlined, we're looking forward to greater growth opportunities for the business, driven by our relentless focus on leading technology platforms at scale. This enables enhanced user experience, facilitates our entry into new markets as we also focus on solutions that service the life cycle of accumulation and decumulation. The market dynamics globally are driving the dichotomy of convergence and innovation, and this plays to our experience and capability with strong growth projected in both revenue and earnings. Moving to slide 13, servicing over 10 million members, RSS supports clients through a variety of operating and service models. We do this through a modular open architecture and ecosystem that enables us to tailor solutions and user experience for specific client needs, yet also leveraging our scale where it counts. Our solutions mean we operate the value chain for clients, their members, and employers. We operate digital front-end service channels, account management, transaction processing, and of course, the provisioning of data and insights, all in a secure and trusted way. We have a flexible approach to clients' preferred service models, leveraging our scale and tailoring for differentiation. Link Group's global presence has opened opportunities for RSS to enter new markets. With our U.K. entry in 2020, we have experienced strong growth, and this business is now servicing 800,000 members and will be at 1 million members by the end of this calendar year. The Smart Pension Master Trust is leading the Master Trust market in growth with GBP 2 billion in AUM. This, coupled with a good pipeline of opportunity that we are actively engaged on, gives us every confidence in the business's future. Moving to the next slide, Vivek mentioned earlier the ongoing evolution of global pension markets. Not only is an aging population driving demand for retirement solutions across the globe, aging populations are leading to many jurisdictions undergoing regulatory reforms, including moving from defined benefit models to broad-based defined contribution models. The Australian superannuation system has now been in place for almost 30 years and has grown to represent AUD 4 trillion of retirement savings. With superannuation now for most Australians, and as Vivek outlined, their second-largest asset behind their own home, it's been a great success story for Australia that continues to represent further opportunity for us at Link Group. Importantly, it also provides us with unique expertise that can be leveraged successfully in other jurisdictions. We are already growing strongly in the U.K. and see more opportunity unfolding in other countries. The cyclical underinvestment in superannuation and pension markets provides a unique opportunity to use our large-scale transformation, fund transition, and M&A expertise to deliver on cost out and operational model transformation for our clients. This allows them to be more competitive. We've already seen this in Australia with the recent mergers announced, and it is playing out in the U.K. as we progress there. Regulatory changes such as Your Future, Your Super in Australia, performance benchmarks, and the government's focus on productivity are now providing tailwinds, with our clients being large first-job employers. Performance benchmarks in the industry are also driving accelerated consolidation, with our transition and mergers expertise helping our clients to win in the consolidation space, and we've put a lot of effort into this area. Member expectations have fundamentally shifted. The demand for digital and multi-channel engagement and more personalized interactions creates ongoing demand for our technology-led solutions. We leverage our expertise in automation, robotics, and AI to drive the provision of efficient scaled solutions and provide our clients and their customers with data-driven, increasingly personalized user experiences. Finally, data and open ecosystems continue to be a major focus in driving value chain disruption. All organizations need to be proactively managed and manage the balance between those personalized interactions and competitive positioning on performance. The investment we have and continue to make in this area has become a unique differentiator for us and sets us apart from our competitors. We believe these large industry themes provides a significant opportunity for growth, and with our blue-chip clients, quality product offering, and strong management team, this gives us tailwinds for growth in revenue and margins. Moving to the next slide. While we have the largest market share in Australia, we still see strong upside and potential given our reputation, track record, and innovation in an open ecosystem. The U.K. is experiencing strong growth with a large addressable market, and we are focused on penetration and a long-term play to be in the top three in this market. We also see more opportunity unfolding in other jurisdictions. There is large opportunity for RSS to expand our core offering to new markets as different regions progress down the superannuation and retirement path. For example, Asia provides opportunity, while the North American market, with its sheer volume, is also an attractive market for our business to look at. Moving to the next slide. We would now like to share a snapshot of how our leading technology and digital capability supports members from accumulation through retirement. Our technology supports clients with their members with the many market shifts that are occurring, and this showcases just some of our capability. Our growth pathway to success through to FY 2026 is segmented into three simple pillars. Organic growth from core markets, enhancing our product suite, and expansion into new markets. To accelerate organic growth, we'll first be focused on building out and distributing our integrated platform in Australia. As you've seen in our video, our technology-driven solutions will be especially valuable to clients as they present a seamless end-to-end solution from working age through to retirement through one unified platform. We'll look at what we are developing in retirement in a little more detail shortly. Additionally, we'll also be undergoing a significant service transformation. We have consistently listened to our clients and what they need to compete and service members, and we're ensuring we are a more proactive strategic partner who brings our in-depth thought leadership, rapid acceleration of automation, a focus on enhanced digitization, and utilizing machine learning. With mergers in industry funds right now, increasing client collaborations, and the likelihood of an additional 400,000+ members by the end of FY 2022, the pipeline to drive our growth looks bright. Secondly, we'll be looking at enhancing our entire product suite from technology enhancements through to the development of an end-to-end retirement product solution. These enhancements will respond to existing market forces such as digital transformation, informing and guiding members through the journey to retirement. It is essential we adapt and have a platform that supports all life stages. We'll have 30% of soon-to-be retirees likely to have their funds administered by Link Group by 2025, and this provides a strong opportunity to continue to service funds and their members well into retirement. Finally, our expansion into new markets will be the first strengthened by accelerating growth into the U.K. through the master trust segment. Through the utilization of more progressive operational models and the natural expansion of our integrated platform, we can leverage top markets undergoing similar reform to solidify our footprint in new territories. Underpinning each of these pillars will be our acceleration of digitized processes and more highly developed automation capabilities, ensuring streamlined servicing and personalized interactions. We'll also be implementing new commercial models and enhanced data capabilities to make sure clients' needs are being met. Part of that service transformation mentioned earlier is our shift towards more agile ways of working, nimbly moving in response to new challenges and opportunities within existing and prospective markets, all with the aim of being the go-to leader of superannuation and retirement solutions for maturing markets across the globe. Moving to the next slide. Today, we've pivoted our products and services towards a more flexible architecture. Our tailored operating models enable our clients to have a greater competitive advantage both through our scale and through our experience-led and technology-enabled approach. One example is our recent work in collaboration with Active Super to launch a cloud-based digital-first new member portal and member app, which showcases our modular design, allowing clients to curate and customize what they know is important to their members. With Active Super now live on this new platform, we anticipate transitioning a number of clients to this platform, including one of our largest clients in the coming months. We have continued our strong investment into our data and integration services. Our CX Data Hub has been designed to allow for data provisioning through real-time data streaming, as well as providing deep insights through tailored data models and behavioral foresights. With an increasing number of partners now integrated into our system, such as Salesforce, Pega, Microsoft, large insurers, clients can now easily pick and choose their preferred providers and capabilities that work for their members through tailored data needs and personalized interactions. We are rapidly streamlining our business operations through maturing our existing automation capability and processes to connecting experiences for members, which you've seen amplified through Beth's journey in the video. These advantages, unique to us in market, provide our clients with greater value in service and product choice. The picture in FY 2026 will be very different, working with our technology team to move from a linear pathway through to a connected ecosystem of capabilities. Data partner integration today is only the start, where we will build out to achieve a much wider breadth of partners offering different capabilities, seamlessly coordinated through our platform to solve real problems for members. You can start to see this now from the work with the market solution partners like Retirement Essentials, Moneysoft Q3, and through to our global capability partners like Smart Pension. Building out deeper capabilities that provide personalized end-to-end experiences is a priority for us, but one that cannot be achieved unless we're innovating with our clients. Finally, we'll continue our strong track record of retention and growing with our clients through our consistent support and guidance in helping funds address rising scrutiny of their operational models to achieve sustainability and increase expectations and performance. The investment we are making is designed to provide efficiencies and cost benefits, as well as providing strong growth through a connected ecosystem of partners and capability. On to the next slide. The big opportunity before us, driven by those macro tailwinds we discussed earlier, and one that will resonate in multiple markets, is an end-to-end retirement solution suite. Right now, Australian retirees lack confidence in retirement planning that will make the most from their accumulated super. With an anticipated AUD 1.3 trillion in pension assets by 2032 and regulatory reform engendering value chain disruption, no one solutions provider has captured the market due to the fact that any and all existing solutions offer components only. Link Group's planned retirement solution will help instill confidence in retirees through leveraging our open integrated ecosystem of strong capabilities and partners. This includes an open architecture that will utilize Link Group's scale and will provide nudges and information to members through the life cycle of planning, transitioning, and being in retirement. This will enable us to reduce cost and access barriers. Product agnostic and a modular platform, similar to our MCX platform, this will enable funds to choose capabilities important to them and curate their own member experiences. Funds can also leverage the platform's end-to-end agility in order to tailor these journeys from accumulation, as we saw with Beth's journey in the video, through to later life, with greater personalization given to changing member needs and complexities of life. Delivering an integrated retirement solution in FY 2022 will provide greater member engagement, provide longevity in our revenue streams, and a further platform for member growth. Moving to the next slide, we've provided you with an overview of our growth and focus on the UK market, which is growing at a strong rate, and we expect to have 1 million members by the end of calendar 2021. A combined capability provides the platform for growth. On to the next slide, we've also included some additional detail on the implementation of our growth strategy for you to review at your leisure. We'll move to the final slide. In summary, while RSS has strong aspirations, our pathway to growth has a robust strategy behind it. As we've discussed before, the global pension markets are maturing with several macro tailwinds, including regulatory and reform pressures, supporting Link Group's position as a strong contender to lead the way. Rising member expectations and cyclical under-investment also means funds need to find new ways to sustain their operations and continue to innovate, which will drive them towards merging their existing capabilities with the likes of a Link Group's wider breadth of capabilities in order to leverage and gain access to our partner ecosystem. The RSS division is in a good position with a scalable, secure platform offering integrated technology and solutions, giving existing clients a significant competitive advantage over other funds. This is exemplified by our long-standing blue-chip relationships and returns generated for the group. By FY 2026, we will strengthen our position as the leading pension market platform, providing retirement solutions globally with an 8%-10% CAGR in revenue and 11%-13% CAGR in EBIT. We are going to achieve this by growing members through the consolidation of funds in Australia, as well as partnering with insourced funds who will start to see the benefits of outsourcing some, if not all, capabilities in order to retain sustainability, competitiveness, and maintain performance. Our enhanced product suite will provide more comprehensive end-to-end solutions, such as for retirement, with fully integrated data capabilities that are able to generate meaningful, compelling, tailored insights, while also offering non-digital member service enhancements. Expansion is also key as our strategy to capture the U.K. pension market will enable us to target and solidify our footprint in other markets such as the Netherlands, U.S., and parts of Asia, ensuring that we continue our leadership position in the markets we operate in. Cyclical change is supporting our growth and the jaws of revenue and cost provide us with a bright future, one which the entire team is highly motivated to be a part of. Thank you for your time today, and I'll now hand over to Karl Midl for Link Fund Solutions. Thank you, Dee, and good morning, everyone. By way of introduction, I am Karl Midl, the Managing Director of Link Fund Solutions Limited, which is Link Group's UK authorized fund manager or authorized corporate director. Based in London, I've been with the business since 1995, so over 25 years, having held a wide array of executive roles over this time, covering operations, relationship management, product, and change management. Today, I intend to provide you with an overview of our Fund Solutions business and the markets within which we operate, provide a couple of examples of where we have built strong partnerships with clients to deliver real value, provide an overview of the macro tailwinds, which we believe will drive our growth, and highlight the growth opportunities we see in our markets, and how the Fund Solutions management team aim to execute on our growth strategy. To start with slide 24. The Fund Solutions division, referred to as LFS, is underpinned by circa 770 staff who support around 200 clients and investment managers. We provide services to nearly 400 separate fund structures, with combined assets under management and administration in excess of AUD 750 billion. We service over 200,000 individual investor accounts and process in excess of 4.2 million investor transactions annually in the U.K.. We delivered AUD 170 million of revenue in FY 2021, accounting for 14% of the Link Group revenues and 92% of our revenues are recurring. In the U.K., we are, with circa GBP 90 billion of assets under management, the largest independent authorized fund manager. We are the largest provider of transfer agency services in Australia and the fourth largest in the U.K. In Europe, we are a leading management company or ManCo in Ireland, and through the recent acquisition of Casa4Funds, we are fast growing our ManCo in Luxembourg. Over recent years, our growth has been driven by organically maximizing our growing and market-leading positions in the U.K., Ireland, Luxembourg, and Australia. To build upon our core competencies, we firmly believe that the expected growth in alternative asset classes will drive material upside for LFS through our leading capabilities in supporting investment managers with alternative investment funds. We are confident that by executing on this strategic plan, we will deliver a five-year CAGR of 9%-11% for revenue and a five-year EBIT CAGR of 28%-30%. Moving to the next slide. Turning to slide 25, which provides more detail on the split of revenue and contribution by business line and geography, the type of clients and investment managers we work with, and details of the services by jurisdiction. LFS currently provides three core services, the first being fund administration, where we provide investment operations, fund accounting, and unit pricing services in the U.K., Ireland, and Australia. We are also a leading provider of real estate fund administration in the U.K. In the U.K., Ireland, and Australia, LFS also offers transfer agency services where we are essentially responsible for the investor record keeping and placing of investor transactions for various fund structures. We are the largest independent provider of such services in Australia and the fourth largest in the U.K.. In addition, through our independent authorized fund manager and ManCo solutions, we provide regulatory services to a significant number of UCITS funds and alternative investment funds in the U.K., Ireland, and Luxembourg. We are a leading provider of management company services in Ireland and in the U.K., we have 48% market share of the independent ACD market. All the services we provide are complementary and we provide more than one service to many of our clients and investment managers. For example, we also provide transfer agency services to in excess of 90% of the funds which we are also the ACD. In Ireland, all of our transfer agency clients are also fund administration clients, and 80% of our administration and transfer agency clients are also management company clients. A number of investment managers that we partner with also currently use our services in more than one jurisdiction or are considering doing so. Moving to slide 26. We work in partnership with a significant number of asset managers, ranging from large global players to boutique investment management firms. It is testament to the depth and quality of our services that we can count seven out of the top 10 global asset managers as clients, including Fidelity, Vanguard, BlackRock, and Schroders. To demonstrate this, we are going to show two short videos highlighting the strength of the partnership we have built with M&G Prudential in the U.K. and Fidelity in Australia. With M&G Prudential, we have worked in partnership to provide a leading digital proposition, which has seen us move from 100% of transactions being processed manually to nearly 85% of money in transactions now being placed digitally. We will now play the two videos to you. We are Link Group, a global digitally enabled business that connects millions of people with their assets. As a transfer agency, we're committed to supporting U.K. investment managers with technology, service delivery, and distribution support. We work to enhance the financial advisor and investor journeys and reduce cost for the end investor and improve the customer journey. That's why we work closely with Prudential to provide a streamlined online ISA that gives financial advisors enhanced visibility over their clients' investment. It features 24/7 access to a centralized dashboard, real-time tracking, and a simpler paperless application process where most transactions don't need the investor's signature. This makes workflows seamless for advisors and their support staff and reduces investor charges. We focus on long-term relationships and have a track record of supporting investment managers across multiple fund structures and asset classes. Hi, my name is Doug Bryden. I head up the operations and client service teams at Fidelity International in Australia. Fidelity has partnered with Link since 2013, initially to deliver unlisted registry services for our business, and more recently, listed registry services for our active ETF launches and our new to be launched dual-listed structures, which basically provides a listed and an unlisted avenue for investors to access our products. We chose Link as a partner due to the depth of resources, the skill, and the knowledge across all the teams and staff that we work with every single day. The teams we work with are committed to the service delivery, and we appreciate this each and every day. Importantly, the partnership has enabled us to focus on our clients and our business, knowing that Link will deliver on the service and the functionality behind the scenes. Link are a strong partner for our business. They efficiently deliver on the daily service requirements for our clients, while also focusing on continually improving the functionality and service that we need, not only for industry requirements as they evolve, such as regulatory reform, but also for our business requirements, and that's critical for us as we expand and increase our product offering. Link have been there through our journey, and we look forward to working with Link in the years ahead. Moving now on to slide 27. LFS is already well-credentialed in our markets, and there are a number of macro tailwinds that we are confident will drive growth, including the ongoing expansion of global markets and the continued emergence of new and alternative asset classes, ongoing change in legislation leading to product development and industry consolidation and greater sophistication in investor behaviors and requirements. Growing asset markets will support our organic growth, and changing market dynamics, including increasing demand for ESG products, will support new business opportunities. Industry consolidation will also fuel organic growth and could be coupled with strategic bolt-on acquisitions across existing and new markets to complement and broaden our scale and capabilities. We know investment managers are increasingly seeking to outsource their regulatory burden and operational activities to allow them to focus on their core activities in, of investing and distribution. Such investment managers are looking to partner with an organization like LFS that has a strong group of SMEs underpinned by leading technology solutions to help redesign or create new products and operating models. Fund investors are also driving organizations to think differently. They want greater engagement through digital solutions. Younger generations are being encouraged to save more, and they are also more active in managing their own investments. Here we can build upon our existing capabilities, as demonstrated in the video earlier, to deliver a single multi-jurisdictional investor portal built on a scalable platform to leverage best-of-breed technology solutions. This will allow investors to transact, update their personal details, and query their investments without LFS operations intervention, and will also allow investors to experience a significantly enhanced investor journey. Moving to the next slide. As I've already articulated, LFS serves a large and growing market in all three markets that we operate. With further investment, we believe that we can continue to grow market share in all regions. We aim to achieve this by better aligning our products and services across geographies, something that we have been very much focused on over recent months. Apart from the U.K. independent authorized fund manager business where we already have a strong market share, there is fertile ground to penetrate our existing offerings into current and new markets. In the fund administration space, we see many opportunities to grow our market share through organic growth. The market continues to see significant year-on-year growth, and mid-tier providers are increasingly being seen as viable alternatives to the global scale players. In the PE space, administration is predominantly undertaken in-house, which provides further significant outsourcing opportunities. We also see that M&A activity will create further opportunities as will LFS moving into new markets such as the alternative space. In transfer agency, we see that the market is evolving. More managers are looking to outsource, and we are seeing consolidation as providers with historically low levels of investment consider their options. There is also significant market disruption through new technologies, and a number of providers do not have the scale needed, which challenges their business model and will lead to further potential acquisition opportunities. Now moving on to regulatory services such as the authorized fund manager and ManCo. While we have a large share of the total addressable market in the U.K., investment managers across all jurisdictions, due to regulatory change, are considering outsourcing their ManCo roles, and therefore the TAM is large and one that we feel that we can take advantage of. The increase in regulatory burden will also drive further consolidation in all the jurisdictions that we operate, which may also provide opportunities to expand into new markets. In the U.K., while we have circa 48% of the independent ACD market, this only accounts for circa 10% of the overall market, which is increasingly seeing in-house ACDs considering using an independent provider. Now to slide 29, which shows our pathway to deliver our full year 2026 growth aspirations. Our ambition is to be the largest independent authorized fund manager and ManCo across U.K., Ireland and Luxembourg, integrated with specialist outsourced middle and back office administration and transfer agency services. We will achieve this by firstly continuing to drive strong organic growth from our core markets. We will uplift our sales team, brand awareness and deliver on our strategic account development plans by cross-selling to existing global clients across all services and jurisdictions. Secondly, we will enhance our product suite. We are growing our alternative asset fund administration capabilities. We are expanding into other complementary services such as AFIM, depository and middle office. We are improving interaction with our investors through an enhanced digital portal, and we are elevating our ESG fund administration and governance capabilities, thus allowing us to take advantage of growing trend in ESG strategies. To this end, in the U.K., we are already in discussion with a number of existing investment managers regarding launches of ESG funds, and we are therefore working hard to ensure that we can fully support them in a safe and robust manner. In Ireland, we already service a number of ESG funds and we are looking to increase our market share further. Thirdly, we aim to through a targeted acquisition strategy to grow in new markets. We will seek to target markets that further complement the services and markets in which we already operate, such as ManCos and fund administration in EMEA and APAC, and in transfer agency services in the U.K., Ireland and Australia. Now to move to slide 30. In the next two slides I will dive into each of these areas in a little more detail to demonstrate the key opportunities, the market dynamic and how we plan to execute on our strategy. To continue to drive organic growth, we need to focus on growing the core, cross-selling between service lines and ensuring we make more of the current clients we service today. We believe there is a clear opportunity to cross-sell fund administration to superannuation entities in Australia by leveraging the RSS relationships and packaging an end-to-end service that includes fund administration through to member administration. There are opportunities that have already come to market and will continue to do so, looking for a single provider. In support of our strong organic growth plans, we need to continue to enhance our product suite. Firstly, there is a need for new entrants into the alternative asset servicing space and this offers LFS an opportunity to expand its current fund administration capabilities. This asset class includes private equity, real estate, debt securities, hedge portfolios and infrastructure. We already have best-in-class technology in place, which we use to service a number of these in U.K. and Ireland, and a limited number in Australia. Secondly, from a pro-client retention perspective, and as a growth initiative, it is critical that we continue to enhance our digital portal as our clients and their investors now expect a seamless online experience. Thirdly, it is vitally important that we are able to support ESG strategies as we fully expect our investment managers to migrate to them over time. While data, analytics, and benchmarking will be important, equally as important is building a knowledge base that demonstrates to managers that we sufficiently understand their strategies. We need robust, best-in-class systems in place to monitor and report to customers and regulators that investment managers are following true ESG strategies. Now to the next slide. LFS needs to expand into new markets so that we can better service our existing and future clients. Some of the markets in which we operate, such as Luxembourg, are fragmented, providing real opportunity to build further scale through acquisition. The regulatory landscape is likely to drive a higher barrier to entry and also push some providers to exit, again, creating opportunity through market consolidation. In addition, the transfer agency and unlisted registry market is becoming increasingly focused on enhancing the investor experience through the use of digital portals with self-service capabilities, allowing us to better connect people with their assets. Our recent developments in this area will allow us to take full advantage of the market opportunity, including consideration of strategic acquisitions. Moving on to the last slide. To recap, our growth aspirations will be driven by continued growth in global markets, changes in the regulatory environments, which in turn will drive greater outsourcing and market consolidation, and an expected material growth in alternative assets and ESG-focused products. LFS are extremely well-positioned to leverage the huge market opportunities supported by the strong macro tailwinds that I articulated earlier. Our organic growth aspirations, which account for 50%-60% of our five-year anticipated revenue growth, will be driven by a more joined-up sales approach, increased brand awareness, and by leveraging our many strong global relationships. We will continue to enhance our product set with a core focus on further developing our investor portal, delivering on our ESG capabilities, and expanding our services in both private equity and real estate, thus allowing us to take advantage of the key drivers in the industry. In summary, we are confident in our ability to execute on our strategic plan and deliver a five-year revenue CAGR of 9%-11%, a five-year CAGR of 28%-30%, and expand our EBIT margin. We strongly believe in the initiatives we have proposed and see a strong alignment with market opportunity. I thank you for listening, and I will now hand over to Andrew MacLachlan, who will moderate a Q&A session. Thanks very much, Karl. My name's Andrew MacLachlan, CFO of the group. We've got about half an hour for this Q&A session. Then we'll have a 15-minute break before recommencing at about 10:22 with Nicole Pelchen. I'm gonna just read out the questions, and then I'm going to pass them over to either Dee, Carl, or Vivek, or myself to answer. We'll start with the first question. In RSS, you're painting a picture of increasing member expectations driving demand for more personalized services. To what extent are those new personalized service requirements able to be serviced by yourself, e.g., building apps, et cetera? Are your clients choosing other providers to do these, or are you able to get those clients to choose you? Dee, perhaps you could answer that, then I'll come on to the second part of the question. Sure. Thanks, Andrew. Firstly, let me say that we have a large number of our clients today already consuming our portals, our applications, and the services that we provide. We will continue to do that, and we will continue to build out strong technology and servicing solutions in a multi-channel environment to be able to service you know our clients, their members, their employers, and the advisor community. We're very confident that we have the capability. Of course, clients get to choose what they do in terms of their service providers, but we've got a good track record and you know great client mix on the technology we have today. Thanks, Dee. Can you also talk to industry dynamics in terms of merging funds and whether the merged entities are looking to reduce or increase their admin costs? Yeah. There is an enormous amount of activity in play at the moment. You know, a great problem to have, but I have a team that's working on an enormous amount of merger activity and transitions that are already underway. As I'd stated in the presentation, we expect to have somewhere in excess of 400,000 members onto the platform through merger activity by the end of FY 2022. Well, there are a number of other engagements and conversations underway, and I expect that this will continue over the next two years. In terms of the merged entities, obviously, a lot of the smaller funds at this time are looking at the larger funds to merge into. They have great capability, great track record, strong performance, and they also see the benefit in moving to our clients because of our capability, both in our ability to transition and our ability to service them at a lower cost going forward. That's part of what we do all day, every day. Of course, these larger entities will continue to look for cost out and productivity as every client would. I've been doing, you know, similar to this for, I won't say how many years, but, I haven't met a client yet that says that they're happy to pay more. Dee, the next question from Siddharth Parameswaran also for you: with the move to digital, are calls in call centers reducing? And if so, what does that mean for revenue and costs in RSS? Yeah. Look, what we are building out in, you know, what I would sort of term that omni-channel digital capability is for members, employers, and advisors to be able to service via the channel that they're most comfortable with. Our service centers or our contact centers are not going away. We will continue to service members, but of course, what we hope to be able to do is to service, you know, the more complex type of interaction and questions via our contact centers and be able to serve up information that is available for, you know, for members and employers in other channels that is easier to consume. Call centers or contact centers are not going away. We don't see that there will be. There will be some shift in our business model in terms of the services that we provide, but we don't see a decline in our revenue. Dee, what does the growth in advice, needs, and desires for retirement income solutions mean for Link and our admin solutions? Yes. We are thinking about our retirement solution really as an end-to-end journey. As part of that ability to educate and inform and guide members through planning for retirement, transitioning to retirement, and then being in retirement and, you know, being able to take a form of salary, if you like, in retirement, advice will form part of that, and we will have that built in as part of the guidance and the nudges along the way for members to be able to trigger a more formalized sort of advice at any point in that journey. You know, that's another added benefit of being on the one platform with all of the integrated services available. Thanks, Dee. The next question from Ed Henning: while moving to a modular platform might be a necessity for competition, is there a risk you see near-term earnings pressure if current clients only choose limited parts of the offering? I think I'd really like to dispel what I think is probably a misconception out there. We don't have one model. We have, at the moment, I think I have about 16 different service models. That's what we do with our clients. We define a service model that suits their business, their strategy, and the way in which they want to service their members and their employers. The ability to be able to plug and play and to change that over time is incredibly important for clients, and we need to continue to service that. I don't see that that's any different going forward than what we've been doing for some time now. Thanks, Dee. You're still popular, so I've still got a few more questions. Another one from Ed Henning: in RSS, you've talked about 60% revenue growth from core markets. Can you talk about how much of that is in Australia via organic growth and mergers and in the U.K.? And how should we think about the growth profile in the U.K.? Yeah, I think just sort of at the macro level, and we can certainly, you know, have a broader conversation offline. At the macro level, we expect that we'll sort of see, you know, somewhere in the sort of 10%-15% uplift from building out the retirement platforms. We'll see, you know, somewhere in the vicinity of, you know, sort of 20% on new growth in new territories. There's another question that I've already seen on acquisition as well. In terms of targets for acquisition, Link has a strong history and strong credentials in acquiring administration services and technology. We will continue to target in the jurisdictions that we step into. We will continue to look at targeting, acquiring, you know, those services, business and administration businesses to build out our capability and transition and transform, those operations. Thanks, Dee. The next question's from Kieran Chidgey, again, on RSS. On the revenue CAGR, can you provide a breakdown of the price versus volume growth for the organic component? Kieran, unfortunately, I don't think we're gonna provide that level of detail, but Dee might talk to some of the expectations for volume. Secondly, technology reinvestment timing. Will the positive jaws between EBITDA and revenue growth be consistent over time, or is there stronger EBITDA growth back-end weighted given the higher upfront reinvestment? I might take the last one first. We certainly have factored in the service transformation and the build-out of the retirement platform into our forecasts. There will certainly be our business is the type of business that it requires sort of, you know, 12-18 months to start to bring volumes on, but we will certainly see those volumes from 2023 onwards. In terms of the mix, I, you know, in the presentation, I think we talked about we expect to see, you know, around 4%-5% in member growth in Australia. We don't see that, you know, that will be impacted in any way. Obviously, we have those mergers and the transitions that I mentioned as well. Thanks, Dee. Sorry, finally, there was a question, also, in terms of inorganic growth from Andy Chuck representing 20% of the growth aspirations. Can you provide some color around what type of businesses Link would be focused on? Yeah, I guess I picked up that question. As I said, we will be continuing to target sort of administration technology servicing businesses in the markets that we enter into. Thanks, Dee. We've now got a question for Karl from Siddharth Parameswaran. How has the fallout from Woodford changed what you're doing in terms of pricing for risk, approach to monitoring funds, compliance with mandates, et cetera? And has this changed client behavior at all? And if so, how? Thanks, Andrew. We've always taken a risk-based approach to pricing when we look at mandates, especially where we're providing regulatory services. That has always been factored in. We look at the strategies that the managers are seeking to implement. We also have a robust upfront due diligence process as well, in terms of working with managers to ensure that they meet our own risk appetite. There are occasions where we don't actually seek to work with managers where they don't meet our risk appetite. That side of things from a risk perspective is always built into our upfront due diligence and our pricing. I think one thing we have seen over the last couple of years is some price pressure from a revenue perspective, but actually some of the recent publications in the U.K. regarding host ACDs as they're known by the U.K. regulator has actually helped to focus attention on the ACD and actually put value onto the ACD. So actually when it comes to pricing, we don't expect to be seeing some of our competitors from a pricing perspective seeking to undercut as much as well. So that's a positive from our perspective to actually have that, I suppose, support from the regulator in terms of the way the pricing works. I think from a monitoring of mandates again we've got best-in-class systems in place. We're actually in the process of reviewing all of our investment risk platforms to ensure that we've got one single investment risk platform across all of our jurisdictions across EMEA, so U.K., Ireland, and Luxembourg, where we're providing management company and ACD services. That will continue to enhance our investment risk monitoring, but also seek to provide us with an EMEA operating model in place, which allows us to actually focus on cost and best in class monitoring as well. Thanks, Karl. While on the topic of regulatory requirements, can you talk about the capital requirements for the business and the broader industry? Looking back at Woodford, do you think you and the market has the right risk and reward balance? Taking the latter part of that question first, I suppose the risk versus reward, as I said, we always seek to price that into our pricing. I do think in relation to ACD services and ManCo services, there is an enhanced understanding of the role of those regulated entities. From a capital requirements perspective, I can only mainly speak for the U.K. market, but I do expect that this is yet something that the FCA may be looking at in relation to capital requirements for U.K. ACDs. Now, that I think is a positive in some respect. Obviously, we're a listed entity. Some of our competitors are much smaller. The burden of that regulatory cost will increase the barrier to entry for new entrants. Investment managers who are seeking to undertake the services themselves in-house may also start to look at utilizing external providers, independent ACDs. That could actually drive further consolidation in the market and also in-house ACDs and management companies looking at utilizing large independent providers. Thanks, Karl. Another question for you from Kieran Chidgey. On Fund Solutions, firstly, targets seem to imply EBITDA margin expansion from 17% in 2021 to 37% by 2026. How much of this reflects the need for Fund Solutions to reprice to better reflect the level of regulatory risk assumed? I think, from a pricing perspective, our pricing model, as I've already stated, look, it, you know, one of the things that we will look at, take for example ESG strategies. We will look at those on an individual basis. We will look at exactly what we need to do to monitor those strategies properly to ensure that our investment managers are actually following the strategies and delivering to investors, and what we need to put in place to protect investors as well. We will always build that into our pricing model. It's no different than the approach that we've taken over recent years when looking at more complex strategies. You know, we will continue to ensure that the revenue that we derive from the services that we provide are commensurate with the risk that we undertake. Thanks, Karl. Next question's for Dee, from Chris Owen. There was a suggestion that RSS could examine other markets such as Canada, the U.S., Hong Kong or Luxembourg. What's the intended timeline for those markets and anticipated level of investment needed? I'll certainly can talk to the timeline. I mean, we're obviously the U.K. is our priority, and we're actively engaged in doing some market scans into other geographies. We expect that we will look at all of those geographies in the window between now and FY 2026. In terms of the investment, maybe I could just add, Dee, and then I think Vivek will talk to this later. All of the growth aspirations can be funded within the balance sheet, so I think that's an important point. We'll talk to that later. Also, Dee, next question for you as well. You've talked about open architecture leveraging leading practice solutions as new entrants come to market, as well as a shift in the operating model. Can you talk about how open your solution is and how it integrates with the other service providers that may be offering other value-added services? I'll come to the second part of the question. Certainly we have done a lot of work over the last two years, and I know that Nicole will cover some of this in her presentation. We've invested heavily into you know what I would term opening up the core and making sure that we build out a highly interoperable platform. Investment in a catalog of over 200 APIs and microservices. Really looking at the investment and the build-out of the data hub that we have built enables more of that, and so that we can more seamlessly integrate with anyone. You know that is the premise of continuing to build out the open architecture. The next parts of the question I'll take, and that's what sort of cost is this gonna require, and are these included in your EBIT guidance? Will they be treated as significant items? I think in terms of the costs, what we've said is that we'll be able to fund those from within the balance sheet. We expect CapEx as a percentage of revenue to probably be more in the 5%-7% range going forward from 2023. In terms of our EBIT guidance and any one-off costs other than acquisition related costs, will be included in our operating EBIT going forward, so won't be below the line. The next question from James Cordukes for RSSD. Members are beginning to shift from accumulation phase to retirement and pension phase, which typically incur higher fees. We haven't seen a significant benefit from this in the past, but with a greater focus on retention of members into pension phase by the industry funds, could this become a tailwind? Absolutely. The retirement solution and that solution suite that I know I briefly touched on, you know, that is the absolute purposeful strategy to ensure that we have that longevity for our clients, for our funds. You know, there are a number of our members in pension today, but of course, you know, they need to provide longevity. Now with the Retirement Income Covenant in Australia is providing, you know, more of a, I guess, a tailwind and an impetus to act. We will have a retirement solution in market in FY 2022, which will be able to service that longevity. Thanks, Dee. The next question is for Karl from Nigel Pittaway. How large is the opportunity from the recent regulatory change in Ireland, and when is it likely to crystallize? Thank you. I presume we're talking about CP86 here. That opportunity is something that we continue to work on with potential managers who are looking to use an independent where they've got self-managed investment companies in Ireland and so on. That is, those are opportunities which are creating at the moment and we continue to work with some managers on those opportunities. Something which would occur over the course of the next 12 months. Thanks, Karl. Next question is for Dee from Nigel again. How are you seeing the competitive threat in Australia currently, especially from those offering more blockchain related technology? I guess just a reminder that, you know, we have the largest market share in Australia. We have an integrated platform that enables clients to be able to provide or to choose their service model. We have, you know, technology that has performed stunningly in my view last year through ERS, the Early Release Scheme, you know, and the governments are using super as their sort of first line of economic defense in COVID. In 19 days, we stood up an industry-wide solution, built the technology that we needed to do on our side, and serviced, you know, 2.4 million claims and AUD 18.5 billion in just shy of 9 months. Our platform is extensible, it's scalable, and so, you know, I can't comment on competitors' technology, but we welcome competition. Competition keeps you strong and keeps you sharp. Thanks, Dee. Also for you from Andrei Stadnik. If super and pension clients want to offer non-super investments or broader investments to their clients, can RSS support this? And will the upgraded RSS platform be able to offer SMA or SMSF-style investments? It certainly has the potential to do that over time. We have architected it in a way that we can obviously add on and plug in integrations from a number of service providers and product providers. What I would say is I think that we will see, you know, a lot of movement in this space, you know, over the next sort of 12 to 18 months. Certainly the intention is to have an extensible capability, and where our funds, you know, decide to provide, you know, more services to their members, we will certainly be able to support them in that. The next question from Ryan Stone, probably Vivek, you and I. Why don't you simplify the business by divesting PEXA where there is no operational synergy or economies of scale? I think as Vivek said earlier, we're not talking to PEXA today. This is really focused on our four operational business units. We can address those questions at a later time. I'm happy. Anything you want to say, Vivek? I'm happy to answer that question. So as I said, in my presentation earlier today, is that our investment in PEXA, the 42.8%, is a financial asset that we hold on behalf of our shareholders. We will continue to look at all multiple options on how can we maximize it for our shareholders over a period of time. So that remains a very clear strategy, and we can talk a bit more about that, and we'll probably shed some more light over the next few months on what those options could look like and how would we pursue that and explore the pros and cons of each of them. You know, that I think, you know, remains the same answer. If there are more questions around that, I'm happy to address them later. Thanks, Vivek. There's no more questions at this time, so just a last reminder, if anyone did have any further questions, we've still got a few more minutes. No? Okay. All right. Well, look, thanks very much, everybody. I think it's about 10:15 A.M. now. We'll be back, let's say at 10:30 A.M. with Nicole. Thanks, everyone. Hello again, everyone, and welcome back to the Link Group Investor Day, and the second part of the session. I'm now gonna hand over to Nicole Pelchen, who's based in Melbourne, our new Chief Technology Officer. Thanks, Nicole. Thank you, Andrew. Good morning and evening, everyone. My name is Nicole Pelchen, and as Vivek and Andrew mentioned, I joined Link Group as the Chief Technology Officer last month. Although early days for me, I will share my thoughts today on our technology platforms and how our business will leverage technology to facilitate our growth. Let me start by sharing the technology landscape at Link Group. As an incoming CTO, I was really pleased to see a very solid base and foundation, and one of which I believe we can build on. Today at Link Group, we have over 1,000 technologists across multiple disciplines focused on servicing our clients. Our global structure allows us to leverage skills from different locations and connect our time zones to provide continuous client support. Our Mumbai hub is established with currently 250 IT professionals, and we expect this to grow to 700 in the coming year. There are a mix of platforms and systems primarily aligned to business units. They vary in age and architecture from proprietary to cloud SaaS systems. Operationally, our systems are stable and reliable, and the systems can be tailored to meet changing client needs. Our security is world-class. We have a scalable ecosystem where clients and partners can leverage open architecture and APIs. We are innovating for the future with system enhancements and consolidation, including a focus on a range of digital solutions to improve the user experience. We have commenced our cloud journey, taking advantage of Microsoft Azure platform and have plans for 85% of our IT estate to be in the cloud by 2023. From an outside-in view and from my own research in the market and with analysts prior to joining Link Group, I thought I would be coming into a much more old-fashioned technology. I don't see that here now. The technology is modern, robust, scalable, and secure. All elements which are essential for a technology financial services provider are already here. I think what we don't do is talk about our technology very well. The technology works. It has kept up with the times, and we continue to invest like other technology companies do. We are the top provider of services today and have plans to stay there. We have proven scalability and security. We service over 70 million people regularly with a modern architecture that is modular, and we have over 200 APIs. Not many other organizations that have that scale and can provide services like we do in such a seamless way. I know as a CTO, I would choose this rather than a new and bright front end that has no proven ability to scale and is not secure. In my 25 years in the industry, Link Group is right up there with many of the large financial services companies, and even better as there is agility to keep evolving. As I said, a strong base to build on. If we turn to the next slide. Having said all of that, we still need to continuously keep up with the times, like all technology companies do, and further leverage technology to facilitate our growth. We will continue to improve our customer service, and we need to offer our clients new services. We will continue to invest in technology at more than AUD 250 million per annum. Technology is becoming an increasingly relevant interaction point with our clients. Our clients require more flexible and innovative technology to help deliver their product offering to their own customers. We recognize that our technology needs to evolve and adapt to meet our clients' expectations and needs. We are moving from a traditional application-centric approach to a platform approach. This, we believe, will service our clients more quickly and more cost-effectively. To move faster and to ensure our technology is on point, we will move to a more adaptable way of working, allocating resources where the work is required. We will invest in newer technology, digital, cloud, artificial intelligence, and machine learning, to name a few, and we will extend our existing systems with greater features and functionality. If we turn to the next slide. With much ahead of us to achieve and managing a large and diverse technology landscape, as well as continuing to develop specific client solutions, we will focus and structure our investment around four key areas to drive this growth. Number one. Digitization and simplification. This will include automation of our operations and our technology, moving to the cloud to leverage the latest tools, and evolving the way that we work. Number two. We will focus on digital. This will involve improving the customer experience with new and better digital channels and portals, and it is imperative in providing an open ecosystem for our clients and partners to innovate with us. Number three. Information security. It is important to continue to keep our high standard and to provide new security services in line with the market and the ever-changing environment and threats. Finally, number four, data and analytics. This is a big opportunity for Link Group as our clients look to use data more and more. As the custodian of an incredible amount of data, we are focused on how we can use these data assets both for our clients and to grow our own business. Importantly, wrapped around all of this is the need to deliver what we say we will do. From my background of working on a number of large client and financial industry programs, delivery will certainly be a key focus for and a commitment from me. I would now like to share a quick video outlining our approach to cybersecurity, which utilizes the latest leading technology and protocols, allowing us to operate and monitor 24/7 globally. We believe the way we manage cybersecurity is world-class and has helped to strongly differentiate us in the market as we connect people with their assets safely, securely, and responsibly. As you can see, our security is world-class. As the CTO, I'm excited about the opportunities that the current technology landscape presents. With continued investment aligned to our business strategy, we plan to build on our existing technology base to create more modern platforms that are more adaptable, cost-effective, and part of an ecosystem. As a technology-focused company, we will provide world-class services focused on client outcomes through new digital offerings, making data central to how we operate, working with greater agility, and leveraging our global diverse team. Our platforms will continue to allow the business units to drive their growth, and our technology advancements will help them take new products and solutions to a range of existing clients and leverage the product suite into new markets and opportunities. The future of technology at Link Group is bright. Thank you for your time today. I will now pass over to Paul. Good morning. My name is Paul Gardiner, and I'm delighted to be back running the Corporate Markets division since May this year. I look forward to taking you through the reasons why I'm excited about the future of this division. I'm, however, not excited to be back wearing a tie again today. In FY 2021, Corporate Markets was the second highest contributor to Link Group, making up 31% of the revenue and 34% of EBITDA. In most of the markets that we operate in, we're number one or number two. Australia and the U.K. represented a combined 80% of total revenue, followed by India, 6%, Germany, 5%, and Hong Kong, 3%. We have a very strong client base with over 6,500 clients globally. The depth and breadth of our client base is one of our strongest advantages and will drive significant opportunity going forward. Our revenue model is resilient with more than 70% of global revenues coming from recurring fees. Today, we provide services and solutions across the company secretarial, investor relations, and HR functions of a listed company. If I look to FY 2026, our overall ambition is to become a global leader in empowering corporate functions with innovative solutions that simplify their needs. During 2020, we clearly demonstrated our ability to rapidly adapt to changing market dynamics. As Vivek has already outlined, the success of our transition to virtual meeting solutions is a great example of how we continue to support our client base with new on-demand cloud-based digital solutions. We've broken down our division into five service verticals, registry, employee share plans, investor relations, communications, and corporate governance. There are opportunities to increase our operating margins in our core registry business and grow our higher margin investor relations business, which I will speak to later in the presentation. We've also added a new vertical called corporate governance, which I see as a major contributor to our growth going forward. Corporate governance is a fast-growing segment with an estimated total addressable global market of AUD 72 billion by 2025. Tapping into this opportunity by developing or acquiring tech-led governance solutions will improve the important performance of Corporate Markets and diversify our service offering. We operate in some large markets with a total TAM of about AUD 3 billion, and we're currently only making up 12% of the market share. Therefore, I see plenty of opportunity to grow both our revenue and profitability across all our core markets. Not all our service verticals are present in every jurisdiction we operate in, meaning there are opportunities for us to target under-penetrated markets to cross-sell and increase our market share in each vertical. These are represented by the gray space in each pie chart on the TAM charts. For example, in Hong Kong, we only have a registry in IR business. We need to add on other verticals like employee share plans and co-sec businesses to complement and strengthen these offerings. If I look at the macro environment, the markets that we operate today present opportunities we need to capture, but also risks we need to address. Firstly, looking at the risks and headwinds, the volume of IPOs in mature markets like the U.K. and Australia will continue to grow at modest rates. Our competitors in the registry business continue to drive down prices in mature markets, in particular the U.K. I'm hoping to see some more rational pricing coming back to the market, especially with some of our competitors now owned by private equity. We obviously also need to include or improve our own offering in the U.K., which I will touch on in a moment. In terms of tailwinds, IPOs are growing in emerging markets like Hong Kong and India, which present a clear opportunity for us to expand our registry services to those geographies. Our registry business in India is currently winning over 60% of IPOs coming to the market. Nowhere else in the markets we're operating in are we seeing a like for like demand for retail take-up in IPOs. A recent example, we handled the recent IPO of Zomato, which had over 10 million applications from retail investors that were scaled back by the company. In the Q1 alone, we've added another 10 million shareholders to our platform in India. I'm pleased to also say that this week we've been appointed by HDFC Bank as their registrar. They're a top five listed entity by market capitalization in India, and they previously managed their share registry in-house, a great win for the team. Interest rates will be a key feature of this division over the next five years, as we now hold approximately AUD 1.6 billion of client funds across the U.K. and Australia to perform registry, employee share plans, and corporate action services. I think it's also worth noting that since FY 2019 across the U.K. and Australia, our margin income has declined by AUD 19 million, which has no cost associated with it, so our EBIT automatically reduces by AUD 19 million. However, if you take out margin income and the South Africa business we sold, our earnings and EBIT give a flat result over the last year. In the numbers out to FY 2026, we've only assumed interest rates will rise by 70 basis points over the period. Just a reminder for everyone, an increase of 100 basis points will generate approximately AUD 16 million in revenue for this division, which will go straight to the bottom line. Looking out at the growth pathway to FY 2026, I wanted to spend some time talking about our Australian business. Since July alone, we've helped list 16 IPOs that represent over 74% of market capitalization of all IPOs listed. We've won the largest IPOs, Hongkor Riche, PEXA, Judo Bank, and GQG in the last few months. The really great thing here is not only did we win the registry business from these clients, we also cross-sold in 55 new services across our Corporate Markets offering, from shared analytics to IR websites to employee share plans. Our corporate governance team is also acting as co-sec for five of those companies. Over the last five years in Australia, we've combined our offering to ensure we win more from each client. We see the same opportunity in the U.K., and we're working to embed the model there. In our share plans business, we executed the largest ever share plan for an Australian company with over 100,000 Woolworths employees taking part in an all-employee gift offer. We also see a new market for large corporates looking to educate their staff more on share plans, and I've recently worked with a couple of large clients to implement dedicated bespoke digital solutions. ETFs continues to be a really strong area of focus for our teams in Australia. We continue to support large ETF providers launch new products. We will be supporting the BetaShares Crypto Innovators ETF that's gonna be launched this week. We're currently number one in the Australian market for ETFs, and to demonstrate our ability to pivot to new market structures, we are currently working with a number of large fund managers to introduce a new type of dual market structure, listed and unlisted, combined in one vehicle. This is called a multi-distributed ETF. In Australia, we've been quite focused and quite heavily focused on the bigger IPOs and the bigger clients over the last few years. Now we have a lot of products at our disposal. We will take a more aggressive stance to win as many IPOs in the market as we have more opportunities to cross-sell other products once we win the registry. One of the things that always excites me about this Corporate Markets division is a large distribution of clients, over 6,500 clients globally, and we added over 700 clients last year alone. We have an incredible distribution network of existing clients that we can use to accelerate and launch new offerings into the market. 45% of our Australian clients today only have one product with us, and this will be much higher in our other regions. I see this as an opportunity to bundle our service offerings, ultimately increasing revenue from existing customers using existing products in existing geographies. Key to our success is the investment in our technology platforms. We have a short video coming soon on our Miracle platform, which is our B2B SaaS platform. Used by over 13,000 individual users in over 1,600 companies, we are one of the only global businesses that delivers an integrated solution across the corporate functions of companies. The companies we work with use the platform to check their registered holdings, identify and track their shareholder base, target and communicate new and prospective investors, and also access intelligence on voting in the run up to their shareholder meetings. I see this as a key advantage and one of the main reasons why clients choose Link over our competitors, none of whom can offer the same broad range of services in as many market segments as we do. We need to now use this advantage in how we offer, bundle, and price our services. Given we have 6,500 clients globally, and currently just 1,600 of those are on Miracle, we will have thousands of our clients move on to the platform over the next few years. In the U.K., currently, only our investor relations clients are using Miracle. However, by the end of next calendar year, we will have all our registry and employee share plan clients in the U.K. accessing their services from the Miracle platform. Once this is achieved, there's a big opportunity to further cross-sell our products in the U.K. like we do here in Australia. Building out this platform is critical to our success. One integration platform where we empower corporate functions with solutions to simplify their needs. Today, in comparison to other SaaS providers in the market, it is difficult for our clients to buy from us, and we see an opportunity to transition Miracle into a marketplace for clients to easily access the full suite of solutions and services from other as well as from other third parties. Our second platform is called the Link Investor Centre, and this is our B2C portal for retail investors and employees. It's one of the most regularly used Australian websites, catering to more than 20 million transactions per annum. Today, it's very much an Australian-based transactional portal. Tomorrow, it will be a multi-jurisdictional platform that we can provide and sell a range of services. We've already started on its development journey and have recently announced a partnership with OFX, a leading FX provider, to allow shareholders in different countries to convert their dividends to their currency of choice. We have a captive audience on this platform, and we're not monetizing it as much as we would like to. Therefore, we see strong opportunities to do so across all markets. Now we'll have a short video which explains our Miracle platform in more detail. At Link, our focus has always been on what's coming next. We empower our corporate clients globally with simple and innovative solutions for tomorrow. Miracle is our integrated global SaaS platform that simplifies your investor relations, company secretariat, and HR functions. Miracle has been empowering clients for more than 20 years. We're in over 20 countries, working with over 1,600 companies. This exciting product bundles a unique set of modules into one seamless platform. Miracle is becoming a full-service hub that consolidates all registries, employee share plans, investor relations, communications, and corporate governance processes into the one system. No one else offers a single cohesive platform quite like it. What's next? We're upgrading our modules and expanding globally. Miracle has an exciting new user experience. We've built a dashboard for you to tailor what you want to see. We've created new search functionality to help you quickly find your prospective investor. Convenience is at your fingertips. Customize an alert or send a blast email in a few clicks. We've made it easier to identify your underlying beneficial owners, enabling access to all layers of your shareholder base. We've introduced a new voting application accessible in a responsive way. We're also unveiling a totally redesigned registry module to ensure you effectively engage with your investors. We're not done yet. Our mission is to grow in existing and new markets. No matter where you are, we'll empower you to solve your corporate challenges. We heard you want to partner with the best-in-class providers. Presenting the Miracle Ecosystem. We're creating a trusted marketplace to connect you to services which seamlessly address your needs, no matter how big or small. With an AUD multi-million-dollar investment over the next five years, our leading technology streamlines and supports the way our clients engage and interact. Miracle, the clarity you need for your business. If you haven't got it yet, I'm really excited about the Miracle platform going forward and how it's gonna empower our business. Our biggest priority and my number one focus is to improve our profitability in the U.K. business and set it up to win for the next decade. After the investor day, I will be spending two months in the U.K. working with the core team to achieve this goal. The U.K. contributes 39% of our revenue, currently serving approximately 40% of all listed client entities in the U.K., which provides a very strong base to grow our revenue. While we have a strong base, our registry and employee share plan solutions business in the U.K. has fallen behind over the last five years. Obviously, this is not something we are happy about and will definitely address. We've spent the last few months speaking to our clients and our staff to understand our gaps, and we've developed a roadmap that we're confident will work. My assessment from talking to U.K. clients is if we could offer the same technology, services, and solutions we offer in the Australian market localized to the U.K., we would instantly have a very compelling and competitive offering. I know we can achieve our goals in the U.K. as the Australian business was in a very similar position in 2013. We've been here before, and we have the blueprint to succeed. It's critical that we operate as a combined corporate markets business in the U.K. to avail of the cross-selling opportunities that come with our large client base. As I already outlined, getting our U.K. clients transitioned onto Miracle platform is a key enabler for this to happen. Of equal importance is integrating the Investor Center platform into the U.K. business. We currently have one core registry platform and digital ecosystem operating across our Australian, New Zealand, and Hong Kong businesses. If I put a customer lens on a future CapEx spend, it makes more sense to invest in this platform and ecosystem, continue to modernize it, and localize it for the U.K. market. We therefore have one global cloud-based employee share plan and registry system, and all markets will benefit from the future investments we're making. It will mean that we will be able to deploy features and functionality in all markets on a more timely and consistent basis. We're looking to invest over AUD 30 million in this program, which will be undertaken over the next 18-36 months. Our clients, however, will not have to wait long to see some new features and functionalities. These will start to arrive from early next year. Why are we doing this? While the U.K. is a big market with an estimated TAM of GBP 1.5 billion, and while we're winning clients there, we could be winning a lot more, as well as achieving greater cross-sell penetration. For example, we've less than 10% of the employee share plan market, and we'll be looking to increase this to 25% out to FY 2026. I'm pleased to say we've just won Fidelity as a client, and they're using us to white label their employee share plan offering into the U.K. We've also resigned ITV, Experian, and Pennon in the last few months, and we're currently winning about 30% of all IPOs. We're also committed to investing in and acquiring the best talent in the market and have recently hired new business development managers and account executives to support the execution of our strategy. With the investment in technology and people, by FY 2026, we're confident that we will increase our U.K. business revenue by AUD 30 million and our EBIT by AUD 20 million. The second priority is investor relations. Investor relations is a highly profitable market segment for us, and our performance has been really strong to date, considering the business was only doing AUD 2.4 million EBIT when we first purchased in 2006. In FY 2021, we generated AUD 49 million in revenue with a margin of 36%. The majority of this growth over the last decade has been organic. The services we're offering in our IR area are wide and varied and have been built out to support the corporate requirements of our client base, from shareholder analytics, investor engagement and communication, proxy solicitation, and events management, all of which straddle investor relations, company secretarial, treasury, communications teams, as well as corporate advisors. These businesses are known in the market as Orient Capital and D.F. King, trusted and count a significant number of listed issuers among its retained client base. We've worked on some really high-profile analytics projects, including for the Office for National Statistics in the U.K. Since the start of 2021, we've helped Australian companies raise approximately AUD 14 billion of capital through pro rata accelerated offers and supported over 250 general meetings, EGMs, M&A corporate transaction projects, including the largest activist defense project in France versus U.S. We're using our in-house webcasting experience to bring you this presentation today. A large majority of the full year and half-year results presentations you attend in the Australian markets are enabled by this events team. Our investor relations business is number one in each of the core markets for shareholder analytics, and has, in the past year, provided just shy of 12,000 shareholder analysis and bondholder identifications. I see a big opportunity to use machine learning and real-time analytics to enhance the service. We plan to introduce push notification analytics to improve and replace our current static shareholder reports. When institutions purchase or sell shares in listed companies, our clients will receive notifications straight to their Miracle mobile app. This is not a service that any other provider in the market is offering, and we're in a unique position as the registry provider and having access to the register on a real-time basis. There is no other registry provider offering the shareholder analytics service to the level we do on a consistent global basis, and there are no other IR analytics providers with the same level of connection to such a large multi-jurisdictional registry offering. Implementing and deepening the use of Miracle as our platform across all our clients provides us with even more cross-selling opportunities in existing geographies, particularly for these higher margin services. Just to summarize, as we look to FY 2026, our aspiration is to grow our revenue by 6%-8% CAGR and our EBIT by 10%-12% CAGR. This will be achieved by investing in our core markets to achieve early growth wins by addressing the basics. Investing in our people and technology is critical to success, and we estimate we will need to spend AUD 100 million in CapEx in the next five years to achieve our ambition. Our and my biggest priority is to create a more profitable and stronger business in the U.K. across all the verticals. On a global scale, we'll broaden investor relations into new and existing markets while strengthening our corporate governance offering by introducing new tech-led governance solutions. Once we get the basics right, we want to target new client segments and geographies for our solutions. There's high demand in North America, Europe and emerging markets in Asia for the solutions that we provide, and we see this as the next natural evolution of our business strategy. Thank you for taking the time to listen to me today, and I'll now pass to Antoinette Dunne in Dublin to talk to you about our BCM Global business. Thank you, Paul. Good morning, everyone. I'm Antoinette Dunne. As Paul said, I'm the CEO of the Banking & Credit Management division, and I am based in Dublin, Ireland. I'm going to take about 15 minutes to give you an overview of our business and our future growth plans. In summary, on slide 52, the BCM business has operations across Ireland, the U.K., Italy and the Netherlands. We have circa 700 colleagues across all of our frontline support functions in our four operational jurisdictions, including some central group support functions in Australia. We work in the primary markets with mortgage loan originators in Ireland, the U.K. and Netherlands. In the secondary markets, we work with purchasers of existing loan books in Ireland, Italy and the U.K. We have a dual focus for the coming years. Firstly, to work closely with our existing clients in the primary markets, to win new clients in these markets and to deliver enhanced services. We want to increase primary market servicing revenues, as this will drive most of our growth over the coming years. Secondly, we want to continue to support our secondary market clients by delivering effective services for existing portfolios under management and to win new portfolios as they come to market. In financial year 2021, we contributed AUD 140 million in revenue and 2.2% of EBITDA for the group. Our growth plans over the next five years will deliver a revenue CAGR of 9%-11% and an EBITDA CAGR of 35%-37%. Moving on to the next slide, 53. BCM at a glance. We've split our operations across service lines and jurisdictions. Our primary market services, which are outlined on the slide, are effectively those that support new loan originators, so they can be banks and non-bank lenders. We support them in originating new loans, dispersing funds and the ongoing management of loans. By outsourcing to us, these originators avoid the need to build a full end-to-end infrastructure themselves. Across jurisdictions, we provide different levels of these services at different fee rates, depending on market dynamics. Our secondary market services, which are also outlined on the slide, are those that support purchasers of portfolios, both performing and non-performing. We support these guys in the day-to-day management of loans. This includes the collection of repayments, customer engagement, regulatory requirements, and recovery and workout of non-performing loans. At the moment, around 42% of our revenue currently comes from primary market services and 58% comes from secondary markets. About 60% of revenue comes from our Irish operations, with 40% combined from the other jurisdictions. In the round, 86% of revenue is recurring. Our focus for the coming years will see a growth in the percentage of revenue across primary market services and a growth in other jurisdictions, thereby reducing the overall percentage of revenue coming from the Irish business. What we're trying to do in effect is to balance our services across primary and secondary markets and across jurisdictions. The key drivers for this growth in primary market services will come from a couple of things. Our residential servicing business in the Netherlands, which is already gaining a lot of attention in the market, and a drive to deliver more services in the mortgage value chain in our U.K. business. Also, our Irish new lending clients will take a bigger share of new lending and new originations in the Irish market. During 2020 and the global pandemic, we pitched for one and worked with a new client in the Irish mortgage market, the first international bank to enter the Irish market since the financial crisis in 2008. The client is Avant Money. They're owned by a Spanish bank, Bankinter, and their Head of Mortgages, Brian Lande, has provided a brief video message about why they chose to work with us and his take on the relationship so far. Can we play the video now, please? Hello, everyone. My name is Brian Lande. I'm Head of Mortgages at Avant Money, which is part of Spain's Bankinter Group, the fifth largest bank in Spain. When we decided to enter the mortgage market in 2020, we wanted to find an outsource provider that we could work with in partnership to both originate mortgages and service mortgages. We selected BCM Global to do both, and it's been an excellent relationship so far. The key word is partnership. What we're looking for is an organization that we can work with in partnership to evolve our offering in the Irish market. BCM Global have done exactly that. They've been with us step by step from first conception of our business to where we are today, and it's a very successful relationship so far. Currently, we're working in a broker-only channel, so it's a certain size business. We are currently exploring with BCM Global the opportunity to extend that partnership further into a direct channel. We're delighted with the relationship with Antoinette and the team at BCM Global. We've been very clear with each other from day one what we were looking to achieve. We've worked very well together since then, and I think that time and effort we put in upfront to define our relationship has stood the test of time. Thank you, Antoinette. Thank you, Julia. Thank you to the team at BCM Global. Okay, I'm gonna move on to slide 55. Our secondary markets business had a challenging 18 months during the pandemic. There was limited new activity across our key jurisdictions. Our primary markets business, on the other hand, wasn't as impacted by the pandemic, and we saw steady growth in revenues across these service lines. There are a number of tailwinds that we believe will produce opportunities for us in the coming months and years. We've outlined the detail on the slide, and we'll ensure that we capitalize on these opportunities by investing further in our tech and our people capabilities in both our primary and secondary markets. We want to stay with and ahead of, where possible, our client requirements. We've outlined in later slides some information on specific initiatives that we have underway or we intend to commence in the short term. We're working in the new loan origination space with new lenders in the Netherlands, the U.K. and Ireland. We're building digital capabilities and customer self-service into our platforms. There are opportunities for us to expand our services and generate more revenue in the mortgage value chain, and we take experience from different jurisdictions and look to drive similar activity into other jurisdictions. Moving on to slide 56. Total addressable market. We've outlined on the slide for you our internal assessment of TAM for our primary and our secondary markets across each of the jurisdictions in which we operate. While we operate in significant markets such as the U.K. and the Netherlands, there are different market dynamics that must be taken into consideration when we try to determine what the addressable market is for our services. The key ones for us are propensity to outsource and the fee structure applicable or acceptable for the services outsourced. In primary markets in the U.K., for example, the mortgage market is extremely large. However, only about 5% of newly originated mortgages are actually outsourced, whereas in the Netherlands, up to 50% of new mortgages are. In Ireland, the outsourced element is growing with the entry of new non-bank lenders like Avant that you just heard from. However, the overall market in Ireland is small compared to the U.K. and the Netherlands. Our TAMs across our markets differ widely. The secondary market TAMs, as you see on the slide as well, are also slightly difficult to accurately assess. In our assessment for Ireland, we've included an estimate of all portfolios across the market, both traded, i.e., already with servicers, and those NPLs currently on the bank's balance sheets. In Italy, we've a small but a growing presence. We've estimated the TAM based on the bank balance sheet NPLs and their UTPs. It's a real mix of TAMs on our slide there. Moving on to slide 57, which is our growth pathway. We have a number of initiatives underway, as I've already said, that will drive our growth across our primary and secondary markets. In the primary markets, we're very close to our existing clients, and we know from participating in RFPs and pitching for business with new clients that their expectations from services is for a real partnership, as Brian said earlier on. They're looking for us to help them grow. To demonstrate our partnership approach, we've commenced work to further invest in our existing platforms in both the U.K. and Ireland. We're doing this to protect our market positions and our client relationships, as well as to build better customer portals and increase the speed of service for our client customers, and that will improve our revenue generation opportunities in the mortgage chain. In the Netherlands, we have a program of work underway, which is building on our existing capabilities in our front-end broker distribution business. As importantly, we're delivering a full service residential servicing capability to add to our existing buy-to-let services in the Netherlands. This program is already producing significant opportunities for new business, and once fully complete at the end of Q2 2022, it will give us a significant foundation to deliver a quite a large business in the Netherlands going forward. In the secondary markets in Italy, we've commenced a co-investment opportunity which will generate increased servicing revenues for our business on the ground there. It will also demonstrate our commitment to the market. We've seen these types of commitments from other services on the ground, and it's fast becoming a feature of the market. We expect to generate additional co-investment opportunities in the future. In the secondary markets in Ireland, we have a significant scale of presence, particularly in mixed portfolios, and we're continuing to enhance our capabilities, both people and systems, in performing and re-performing residential and securitization space. Moving on to slide 58. We've outlined on this slide more information on each of the initiatives that we have in train. For our business in BCM, growth is in the main of an organic nature. We're leveraging our client relationships in both market services and across jurisdictions, and we're working to enhance our technology, skills, and services to ensure that we grow with and retain our clients while positioning ourselves to win new clients and new mandates. In summary, our financial 2026 aspirations. We have a significant book under management in the Irish secondary market already, and we have a leading position in servicing new entrants into the primary market. We've a long-established servicing business in the U.K., which continues to win new clients and increase AUM and profitability. In the Netherlands, we have a strong base, and we're building a significant business in the coming months and years. In Italy, we have a team that has demonstrated delivery, and we have now expanded into co-investment, which will generate revenue and build market brand and commitment. Over the coming years to 2026, we've a well-defined program of work to enhance our capabilities and to demonstrate to our existing clients, new clients, and to the markets in which we operate that we're committed to growth and delivering effective and profitable partnerships. The focus for me and for the business, I suppose, is threefold. One, to balance revenues now across primary and secondary markets. New revenue growth will be around 70% from primary markets in the next few years and around 30% from secondary markets. I wanna move with our clients, existing clients and new clients in terms of technology, services, and our people capabilities. Most importantly, I want to rebuild our financials and to deliver the 9%-11% revenue CAGR and the 35%-37% EBITDA CAGR. I wanna thank you all for your time this morning, and I'm now gonna hand you over to Vivek for his concluding remarks. Thank you. Thank you, Antoinette. I hope you have found these deep dives informative and that it has helped you to better understand our growth ambitions for each of the business units. More importantly, you share the excitement we collectively have for our future. During 2021, we began reframing our strategy to focus on how we simplify, deliver, and grow as we transform Link Group into a growth-oriented, technology-led business, and in doing so, create consistent value for our shareholders. While we are looking to the future, I'm pleased with the good progress we have made so far in doing what we said we would do. 12 months ago, when I started in this role and did my first round of meetings with the investor community, I heard very clearly a few thematics. The business structure and underlying business unit margins were difficult to understand due to the presence of the Tech and Ops division. As a result, we have simplified our operating model and financial reporting to make the business easier to operate and understand, including realigning our four business units and collapsing T&O within them. You also said understanding of the rationale behind the current portfolio mix, including the timing of the PEXA acquisition, was not well articulated. Since then, we have taken a more strategic view to portfolio management, making a few key decisions, such as exiting South Africa and not progressing with the PEXA acquisition. We will continue to review our portfolio composition in a disciplined manner and always seek opportunities to reconfigure if there are businesses or geographies that don't meet our economic return targets. You also said the value of our investment in PEXA was opaque, and hence not well understood by the market and couldn't be calibrated. Since then, we have created a transparent look-through value of our interest in PEXA with their IPO earlier this year. Another point raised was that we had consistent below-the-line significant items and that had generated some frustration for you in the market. I'd like to reconfirm, as Andrew said, that from July next year, the only significant items that will be called out separately will be those related to third-party M&A costs. The growth and EBIT margin aspirations that you have heard today from the business unit CEOs include all the costs, as I said, excluding the third-party M&A costs required to achieve this growth. The other point you raised was our lack of confidence in our ability to hit the AUD 50 million cost out target by June 2022. As you know, we increased that target to AUD 75 million and are very much on track to deliver that by June 2022. One of the other points raised by you was that there's a lack of understanding by the market on where the growth will come from and that there seems to be an over-reliance on M&A. Today, we have outlined a growth plan which focuses largely on organic growth, complemented by select strategic bolt-on acquisitions. Over the past 12 months, we have also seen an increased broadening of the products and services we provide to our clients. Whether they are virtual meetings for our corporate markets and RSS clients or our appointment to establish the Service Excellence Center for Hostplus, we have leveraged our technology and scale. We have also expanded our footprint in important markets. For example, our increasingly growing presence in the U.K. pension market and the expansion of the Link Fund Solutions business into Luxembourg, which is Europe's largest investor fund center via our Casa4Funds acquisition. One of the other points that was also shared with me was that the leverage was outside our nominated target range. You know, since then, as you know, we have recalibrated our target ranges, but also managed to reduce our debt levels and as of June 2021, they were slightly below our target range. Furthermore, in August, we also announced our intention to do AUD 150 million on-market share buyback. During the session and during some subsequent meetings, the announcement was met with some skepticism about our intent and whether we will follow through with it, and fair enough too. I am pleased to report that since commencing the buyback in mid-September, we are approximately two-thirds done in just over seven weeks, and we will cross AUD 100 million of that share buyback today. Hopefully, all of this presents yet another proof point of the fact that this team will deliver on what it says. Moving to slide 62. I wanted to call out that Link Group is well-positioned for growth, as you have seen from each of the business units, strong, favorable macro drivers and a strong growth pipeline across each of our business units, which will drive our margin expansion plans. As market leaders in our core businesses, our decades of experience, dedicated and committed people, and the advantages of our technology and scale provides us with the strong opportunities to extend our industry-leading products and existing footprint into new markets and adjacencies. We have a large and diverse global client base that provides a solid platform and a distribution base for our growth initiatives. Importantly, we have a strong balance sheet to support this margin expansion and growth initiatives. As you have heard from some of our leadership team today, each of our global business units has a clear, well-articulated strategy to bring about sustainable growth over the next five years. They have identified opportunities for revenue growth and margin expansion and have developed plans to deliver on our aspirational targets. In summary, the opportunity for Link Group is significant. Each business unit has large addressable markets in which it can grow, and we are not just limited by the maturity of markets. Over the past few months, the team has gained conviction by doing the necessary work on the various dimensions to these opportunities. To reiterate, we believe that what you have heard today can be funded from a robust balance sheet and the strong cash flow generation that this business will do over the next five years. What does this mean for our aspirations over the next five years? First of all, we are a market leader in our core businesses. Our size, scale, and the breadth of our offering, the diversity of our clients, and our proven track record will be key in supporting the delivery of our identified, actionable growth plans. It is the combination of these things that provides me and the team with the confidence that we are well-placed to achieve our aspirations. Our technology continues to be source of differentiation in the market, and we will continue to invest the 5%-7% of our revenue per annum to deliver superior client outcomes and world-class user experiences. Also, we currently trade in the market on a very attractive trading valuation. If you exclude PEXA, our operating EBITDA multiple is trading at a very significant discount to the ASX 200 average. Furthermore, once we have completed a 150 million share buyback program, it will reduce the number of shares outstanding by circa 6%. As you have seen today, we have mapped out a clear, detailed pathway to growth and margin expansion for each business unit. Our aspiration at a group level for revenue growth is a CAGR of 8%-10% over the five-year period, and a target EBIT margin of 16%-18% by the end of the same period. Please do keep in mind that our starting position is 12% as of FY 2021, but when you take some of the significant items associated with the transformation program, it is more in the teens. As I have said before, our focus is on organic growth, supplemented by strategic select bolt-on acquisitions, which can be funded from our balance sheet and operating cash flow. In summary, Link Group is in a strong position with a positive cyclical shift and favorable macro factors in our corner. We have experienced and committed people supported by robust and efficient technology-led solutions, and a laser-like focus on executing on a clearly outlined growth and margin expansion strategy. As always, the proof will be in the pudding. Our ask of you is to track and monitor our progress against the outlined strategy, half-on-half, year-on-year. On behalf of the entire Link Group team, I would like to thank you again for your attention and participation today, which I know is always more challenging in a virtual format. I will now open the floor for our final Q&A session for the day. First question is to Paul by Kieran Chidgey. How does the Miracle offering compare to other key peers, i.e. Computershare, Equiniti technology offerings in the U.K.? And on employee share plans, how do you get traction in the U.K. without price discounting, and why should a client move? Thanks, Kieran. Some good questions. I think the beauty of the Miracle platform, as I outlined today, is it's an integrated platform. There's no one competitor. When I look at the Miracle platform in terms of competition, I don't see Computershare or Equiniti as our competition. As I said today, we have a share analytics or investor relations platform, which is a global business, which none of those two provide on a global basis. It's very difficult to compare our platform to just solely registry or employee share plan players because that's not just our audience. As I said today, it's an integrated platform across corporate functions. It has worked and served us really well in the Australian market, and we look forward to introducing it properly into the U.K. market. In terms of your second question, employee share plans. Look, I don't see price as being the trigger factor in terms of a client moving or moving their employee share plans. It's more around the digital experience that you give to employees. Over the last couple of years in the Australian market, we have been building out mobile apps and digital solutions in order to facilitate this. Again, we will introduce those offerings into the U.K. market over the next 18-24 months. I see that as being a key catalyst for employee share plan business to move to us. Remember that and this is a global phenomenon in terms of generally you win registry and employee share plans together. Most companies select one provider. In the U.K. market, that's not the case for us because we whilst we have 40% market share of all listed entities, we only have 10% in terms of employee share plans. I see the it's a key opportunity for us to cross-sell our employee share plan offering into our registry base once we get the digital offering right. Thanks. Thanks, Paul. The next question is back to you from Andy. Is the AUD 30 million of investment included in the 5%-7% CapEx as percentage of the revenue guidance? It's a very simple answer. Yes. Thank you. Another question to you from Siddharth Parameswaran. What are the current yields you're making on your margin balances of GBP 1.6 billion? What has happened to your share over the last two years in the U.K. market? Given the replatforming journey could take another 36 months, is there a risk that revenues could decline first before stabilizing? Okay. Let me take those in sequence. In terms of the current yields, let me talk about last year. Last year we made 30 basis points on our margin balances. In terms of what's happened to our share over the last two years, as I said in the presentation, I'm not happy in terms of some of the client losses over the last two or three years. I think in terms of the replatforming, sequencing is going to be key here. We will be able to add features and functionality, particularly onto the Miracle platform, which is what our clients see prior to replatforming or core registry and employee share plans. I see some of that features and functionality coming out over the next 12 months, so clients don't have to wait for 18-36 months for the replatforming of all the registry platforms. I don't see a risk of our revenues declining over the next 18 months, and if we lose a client, it won't be material. We will be rolling out the platform into other markets, but our core markets that we're concentrating on over the next 18 months is the U.K. and Hong Kong. There is no risk that our very successful Australian and Indian operations will be impacted in relation to this change. Another question for you, Paul, from Ed. Given the investment requirement and pricing pressure in the U.K., are you confident you will see growth in the near term before you roll out the new platform and increase the cross-sell opportunities? Another way of asking the question is how much of the growth are you assuming at the back end of the five-year plan? I see that even without putting out a new platform, there is plenty of cross-sell opportunities for us in the U.K. market. The businesses have been operating probably more on a silo basis, particularly the registry employee share plans and the IR business. There is plenty of opportunities for us to cross-sell our products, particularly into Capita base in the U.K. As I said previously, the new platform features and functionality will start next year. Our clients will see some of the benefits in that. As I said in my presentation, we probably a bit undercooked in the U.K. market in terms of sales people at the moment. We've been aggressively hiring business development people over the last four-five months. I don't see the growth being back ended. I think it will be incremental from FY 2023. Thank you, Paul. The next question is for you, Antoinette. Again, from Andy. The use of outsourced providers for the U.K. is significantly lower than the Netherlands and Ireland. What's driving the difference in take up, and is there an opportunity for users to increase? Yeah. I think in the primary markets in particular, the U.K. mortgage market is huge. I think it's about GBP 1.5 trillion in outstanding balances at the moment. 5% of new mortgages being outsourced is still quite a large number. I think the issue really is there's a much lower level of new lenders in the U.K., whereas in the Netherlands, quite a lot of the market is driven by non-bank lenders. In Ireland, quite a lot of the new lending now is being driven by non-bank lenders, whereas in the U.K. it's still the traditional banks who don't tend to outsource. Still, you know, there are opportunities for growth, because the market itself is so large. 5% of new originations in that market is quite big. Thank you. Another question to you from Kieran. Is it possible to effectively grow in Italy with Link's existing footprint, given it faces a large number of more established players, or will this require an acquisition? Yeah. I mean, Italy, I suppose it's a huge market in terms of NPL and UTP, particularly secondary space, and there are lots of services already there. There are lots of services already established, and we're competing against services who actually acquire portfolios in their own right. They invest in portfolios, and they co-invest in funds. We talked about co-investment in the slides. We have grown the business, and we've grown some service lines. We've expanded our service lines away from traditional workout and recovery into REO and asset management type services. We have been expanding in the last couple of years. We're not looking at acquisitions at the moment. I will say that prior to Link's ownership, when we entered Italy in the first instance, we entered on the basis that we were looking to acquire a business. It didn't materialize. The opportunities that were there didn't or weren't a right fit. Look, the co-investment initiative that we're going with at the moment should generate significant fee income for us on the ground there. That's another, I suppose, pathway that we're taking to drive revenues. Great segue, Antoinette, because the next question is exactly on that from Ed. You mentioned co-investing in Italy. Are you saying that the business is becoming more capital intensive? And how much capital are you looking to deploy? Are you seeing the secondary book growth? And if not, how do you anticipate it to grow? I'm not sure whether you or Andrew want to answer the capital question. I'm just always slightly nervous about commercial sensitivity. You know, we are just starting discussions and engagement on a co-invest, but it is substantial. Effectively what it is us demonstrating some skin in the game, and putting some funding into the establishment of a fund. I suppose it's more for us than to win the servicing of the assets that fit in that fund. We're not buying assets, no, we're not buying loans. We're investing in the establishment of a fund so that it generates servicing, core servicing fees for the business. I don't know if Vivek or Andrew, if you wanna comment on the capital piece that we're deploying. I'd rather not talk about the size of it specifically. Oh, that's fine, Andrew. I think you have done a great job of answering that. Mm-hmm. Next question by Kieran Chidgey is inorganic growth forms a component of a number of division growth targets. Given Link's M&A track record has been mixed more recently with PEXA performing well, but Capita disappointing, can you outline the key requirements for assessing opportunities? I'll hand that to Andrew MacLachlan. Yeah. Thanks, Kieran. I guess, clearly, when we're looking at any acquisition, whether it's what we call a bolt-on acquisition or a more transformational acquisition such as PEXA or Capita, clearly those acquisitions need to be more accretive than buying back our own shares, which at the current share price is quite accretive as you'd appreciate. That's, I guess, the first hurdle that we look at. We then obviously look at the size of the market opportunity, for the particular acquisition, the position of the business in that market. We look at client concentration, we look at technology, cultural fit, all of those sorts of things that you'd expect. Clearly, when we're looking at new geographies and new products or adjacencies in new geographies, there would be higher hurdles that we would apply to those sorts of acquisitions given a higher risk profile. Thank you. There is a very clear acquisition framework, just to add to that point, which we have revamped quite considerably over the last six months in terms of how do we see value to be generative through M&A. Clearly it is the readiness of the business, our ability to integrate the execution complexity that comes with it, but also the size of the opportunity, both in terms of current markets, new products, and adjacencies. That follows that priority list. Obviously the hurdle rates, as Andrew MacLachlan articulated, is based on that it needs to be better than a buyback. Next question is from James Cordukes. Your FY 2026 revenue and EBIT targets imply a 40%-50% increase in expenses over the next five years. How much of this is BAU and required investment rather than the variable expenses linked to revenue growth? And how do you manage the risk of a large step-up in expenses with potentially slower than expected revenue growth? I'll quickly answer that and then I can ask Andrew to talk a bit more about it. Most of that expense growth is actually revenue linked, and it is based on growth. If there are no growth coming, there's gonna be no additional expenses anywhere close to that amount, apart from standard inflation. I think that one of the key elements is that the reinvestment is more on the CapEx line, and we are very confident about where the opportunities are for also to get further efficiencies to trade off and offset some of the growth that we may require and some of the reinvestment, but also in the inflation, on the inflation side. I think just in terms of how would that play out. For example, you know, Dee mentioned that, you know, one of the key potential opportunities is to look at in-house administration functions that some large master trusts may currently have or some large pension funds may currently have. If we just like we did with Superpartners, you know, do a deal in terms of taking on that and then transforming that technology and making it more efficient in terms of the service delivery. When you look at those kind of opportunities, you know, the expense growth comes with the revenue stream, and that's gonna be kind of the way we look at things. Did you want me to add to that, Vivek? Please. I think, look, James, obviously, we expect operational leverage in the business going forward. With a quite large fixed cost base, we do expect to see that margin growth that we've articulated coming off the back of operational leverage. We also mentioned that we do see further opportunities for savings beyond the global transformation program and the AUD 75 million that finishes this financial year. To give you an example of some of those, I mean, we expect to see further consolidation of our premises footprint over the next three or four years, particularly off the back of COVID and the desire for people to have a blended working model going forward. That does provide us with some opportunities to shrink that amount of space we have globally. We also expect to continue to see, you know, operational efficiencies from, you know, driving straight through processing, automation, workflow throughout each of our business units. They'll be embedded in each of the business unit, EBIT and EBIT growth projections over the next five years. That very nicely, Andrew, answers the next question from Andy, which was, you know, can you give us some color on further savings beyond FY 2022? With the FY 2026 aspiration targets, is that what the hurdles for management remuneration are being linked to? I'll provide a brief answer, but it's probably better answered, you know, through an AGM, which is coming up in a couple of weeks. At the broadest level, the aspiration targets that we set will be used as guardrails to set budgets on a three-year rolling basis. On the basis of that, are the LTI targets very clearly linked. The budgets that are gonna be set in place to be able to meet these aspirations. Clearly the budgets will determine whether the hurdles for LTI get triggered or not. That's at the highest level. A question from Garrett to you, Andrew. Will amortization of acquired intangible assets still be below the line? Yeah. Look, I think that's the non-cash amortization. We think it's still appropriate to show that not as part of the operating results. We'll continue to split that out separately so that people can see that. Given that there's no cash component to that, I think that's still something we'll show separately. There's a question from Kieran, which is, do you intend to retain ownership of both the BCM and FS businesses over the medium term? Well, I'd answer that in a way, Kieran, as I said before, you know, we will continuously look at all components of our portfolio, whether they are businesses or whether they are discrete geographies, and make sure that we are disciplined in a way to ensure that if they don't meet our economic return targets, then we will either have a clear remediation plan or an exit plan. That is a continuous process. It is part of the strategic portfolio review discipline that we have put in place. It is something that as we review and as we come to decisions, we will come to the market with them. The next question by Ed is similar in terms of what are these hurdles, and currently do you see all businesses or core pillars of your franchise and meeting the return hurdles? Well, we know that all of our business are not meeting the hurdles, right? You know, that I don't think is a secret. I think what the key element is that do we have a clear remediation plan to be able to meet those hurdles? Until such time we have those, we will back those and clearly and closely monitor them, to ensure that we are tracking in the right direction. If at any point in time we believe that those plans do not enable the meeting of these targets and the hurdles, then very clearly we will take a different action. Another question from Kieran, can you please confirm guidance for flat operating EBIT on FY 2021 and how have conditions played out in the start of FY 2022? If that's okay, Kieran, I will reserve that answer for the AGM, where we will provide a trading update. A question from James, do your FY 2026 targets include any uplift in margin income from high interest rates? I think Paul said 70 basis points is factored in, and it says that there seems to be a movement away from payment of dividends with checks in the U.K. Can you talk about how this could impact your revenue and margin income? I'll pass then to Paul. Yeah. Look, obviously, even as we introduce our digital offerings in the market, we'll see more investors take up their dividends straight into their bank accounts as opposed to checks. It's a very small proportion of our margin income at the moment. Most of the custodians in the U.K. market already use CRESTPay in order to actually get their dividends. So, you know, I think last year we put about 43% of dividend payments through CRESTPay to the custodians and institutions in the market. So, that's already been factored in to our margin income balances that we're projecting out to FY 2026. I have a question from Andrei. How is the PEXA in-specie transfer sign off to Link holders from ATO coming along? My answer to that is the same as I said before. You know, we hold the asset on behalf of our shareholders, and the board over a period of time will look at various options on how to maximize value for the shareholders. Next question from Ed. Given your near-term guidance, the growth plans will not be linear. Can you touch on when you see peak rate of growth and how we should think about the journey over the next five years? Ed, my preference is not to look at these and provide any guidance over the next five years. You know, these are aspiration targets that the management team have put together for FY 2026. We... As time progresses, we will provide further guidance on near-term years. At this point in time, you know, my preference is not to provide any particular guidance over the journey and the trajectory of that. We seem to have run out of questions, which is not a bad thing, because it means that everybody may get 15 minutes back in their diary, which I know is usually valuable in today's Zoom on, Zoom off days. If there are any last questions, here's a call for them. If not, can I again say a huge thank you on behalf of the Link Group team to all of you for attending today's session? I know these are very difficult and more challenging in a virtual format. Thanks to my U.K. and Ireland-based colleagues who have stayed up till midnight to do these sessions. You know, we look forward to seeing you again at the AGM. Thank you. Take care and stay safe.