Good morning, everyone, and thank you for joining us this morning. As you may have seen the announcement made to the ASX this morning, we have advised that the consortium comprising of Pacific Equity Partners, the Carlyle Group, and their affiliates, have withdrawn their proposal of a non-binding indicative offer made on the 12th of October 2020, and the various updates post that. Three core reasons, if I may add, to give some color to the release. Clearly, passage of time, as you can see, the 12th of October was six and a half months ago, though it does seem a lot more in today's time and age. Second is that during that period of time, the markets have moved quite significantly, circa 15%, and their interest was in the whole of the business. Now with the PEXA process getting steam for the trade sale as well as the IPO dual-track process, and the PEXA asset being unavailable and that option of a combined purchase being unavailable, they felt that it was not of interest for them. That was, in summary, the core reasons for the withdrawal, and hence the timing was to coincide with the submission of the non-binding indicative offers that were made earlier this week. A quick update on the Link Group's performance to date. We are, in April, a couple of months away from our financial year-end, and as of this time, the financial performance, as well as the achievement of the outcomes from the global transformation program, remain very much in line with expectations as flagged in February during our half-year results. A quick update on our interest in PEXA and the dual-track process that is ongoing. We announced in January about our intent to start a trade sale process for the 44.18% interest that we have in PEXA. In February, we also announced that alongside our two core shareholders, Morgan Stanley Infrastructure Partners and the Commonwealth Bank of Australia, we will also start to explore the viability of a potential IPO. I'm pleased to inform that both those processes are progressing positively. On the trade sale process, we have attracted good interest and received non-binding indications of interest, better reflecting what we believe is the underlying value of PEXA. Needless to say, that is significantly greater than the consortium proposals implied enterprise value of approximately AUD 1.95 billion for PEXA, which was AUD 1.60 per Link Group share, as you may remember, contained in the consortium's all-cash alternative. The binding offers on the trade sale process are expected during June 2021. I'd like to pause here and open up the line for any questions. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Andrei Stadnik from Morgan Stanley. Please go ahead. Good morning, Vivek. I'd like to ask a question around the retirement and super division performance. Can you make any comments around how that division's been progressing? Also, can you make any comments around competition in that business, noting that Vanguard recently selected a relative upstart with Grow Super to be its administrator. Can you comment a little bit about the evolving competitive dynamics for the RSS division? Thank you. Thanks, Andrei, for the question. In line with all the other parts of our business progressing well, and very much in line with expectations. As we said, 2021 is a base year for us, and as you could see in the half-year results that we are showing some positive momentum in the RSS business. The competitive landscape always remains strong and there are always existing and new competitors in the market. We respect them and they have their own roles to play. I don't wish to make any more comments on the competitors, please. Thank you. Your next question comes from Andy Chuk from Macquarie. Please go ahead. Good morning, Vivek. My first question is around the comment on FY 2021 financial performance being in line with expectations. Given there's no guidance that was provided previously, how should we interpret that comment? I think, as we said in our half year FY 2021 results, that our certain line of expectations are in line with what the market has put forward as consensus. We believe that it is in line with that. Fantastic. Just on the BCM division, how is our new business activity going? Are you still expecting a recovery in FY 2022? Yeah, look, it is slow. As you know, the Northern Hemisphere, especially Europe and the U.K., have been a lot more in strife with COVID and a lot more elongated timeframe as well. The new business activity is extremely slow. I think that the recovery in FY 2022 is probably backended at this point in time. Fantastic. That's all from me. Thank you. Thanks, Andy. Thank you. Your next question comes from Nigel Pittaway from Citi. Please go ahead. Good morning, Vivek. Just first of all, is there any update you can provide on whether or not PEXA has been able to firm up any of those plans to grow in the U.K. market? Morning, Nigel. Thank you for the question. Yes. Look, there's definitely more activity. You may have seen an announcement last week, about us signing up an implementation partner in Thoughtworks and commencing the build of the platform. We are also in advanced conversations with a few lenders in the U.K. around integration and looking at architecture options as well. We are happy with the progress that is being made in the U.K., and we continue to explore some of the other geographies, as we have said, which is predominantly New Zealand, but also Canada. Great. Thanks for that. Then just maybe on the Obviously, I note you saying the global transformation program's on track, but obviously a lot of that sort of is run through your Mumbai hub operations. Is there any risk from obviously what is currently a very difficult situation in India in terms of your ability to operate successfully via that hub? Thanks for the question, Nigel. Yes, absolutely. It is a time of great strife. We are focused around ensuring the well-being of our people. We are one of the large employers of people in India, being an Australian company. It is a core strategic region for us, especially in Mumbai. We are focused around ensuring that we are looking after well-being. Fortunately for us, some of the key activities that were milestones were completed before the lockdowns commenced. I think that for the purposes of FY 2021, we are well-placed and on track on those milestones. Notwithstanding that, I do think that it is safe to assume that the ramp-up will probably be a bit slower given the ability for us to recruit and onboard completely, remotely, especially in a situation where there is also a widespread health crisis. I think it would be wise to expect that that would be the case, and our expectations of our leaders on the ground, is to focus on the well-being of our people, in the first instance, and making sure that our clients are getting the uninterrupted level of service. Okay. Thank you very much. Thanks, Nigel. Thank you. Your next question comes from Siddharth Parameswaran from JP Morgan. Please go ahead. Good morning, Vivek. Just a couple of questions if I can. One is just on the evolution of interoperability rules relating to PEXA. I was hoping you could just give us your understanding of what the latest guidelines might mean for PEXA and how yourself and PEXA might be thinking about this. Thanks, Siddharth, for the question. Look, we are working closely with ARNECC and the state governments and other participants in the ecosystem, around ensuring that there is the right terms of reference around competition and interoperability. We are pleased to say that, as a collective, there has been some key principle decisions that have been arrived at. I think if I'm not mistaken, they are on the ARNECC website, around some models of how the interoperability may operate. We continue to make progress around that and at this point in time, are pleased to note that I think that the level of cooperation and collaboration across all parties working towards a mutual set of principles is progressing really well. Okay, it's not yet on fees or rights of access. Would that be right? Yes, that is correct. That is pretty early days on that one as yet. Okay. Thank you. Just a second question, just on Your Super then. Are there any expectations on your part? I'm not sure if you've seen any of the draft legislation or whatever. What implications, division from that? Obviously, some of the legislative changes in the past have had pretty sharp impacts. No, I think that's a valid question. We don't see much direct relevance, I guess, from that legislation. Clearly, there is the Stapling Concept. Given most of our clients are primary funds, I think that is a net positive and our clients should be net beneficiaries of the Stapling Concept. Apart from that, we don't see any major other consequence on that. I think, Sid, just to add, it's Andrew here. In terms of some of the pickout, I think the funds that we look after tend to be at the sort of top of the league table. Again, I don't think we see much of an impact from that on us either. Probably net beneficiary again. Probably net beneficiary. in terms of what that could do in terms of driving a consolidation of the market. Okay, thank you very much. Thanks, Siddharth. Thank you. Your next question comes from Ashley Dalziell from Goldman Sachs. Please go ahead. Morning, Vivek. Just picking up on one of the prior questions. It does appear there's a bit of building momentum here on the PEXA beyond Australia strategy. Just thinking that, I guess, the context of this dual-track process. Does that sort of tip the scales slightly in favor of a capital markets option, given there's likely to be a couple of requirements for capital injections along the way, particularly if you can pull off the U.K.? Thanks for the question, Ashley. I think, from our perspective, we're running a dual-track process. Whatever we believe would result in a better value crystallization for our shareholders in the most tax-effective way would be the way that we would lean towards. There are, as you know, pros and cons on both those tracks. The board keeps an open mind on which track delivers value. That will be the main determinant. Obviously, bids for the trade sale are due in June. Can you just update on the schedule of the IPO track? Can we assume that you'll be roughly ready to pull the trigger on that process in June as well, on conclusion of the trade sale process? I think that would be a correct assumption to make, Ashley. I think the point for a dual-track process would be to try and coincide the time frames so that you could make a decision on either option based on the alternates on hand. I think the assumption on a time frame of June for IPO would be safe. Okay. Thank you. Thanks, Ashley. Thank you. Your next question comes from Charlotte Grieve from The Age. Please go ahead. Hi, thanks for taking the question. I'm just wondering how many non-binding indications of interest you've received for the PEXA stake, and is the consortium participating in that trade sale process as well? Thanks for the question, Charlotte. I will probably refrain from answering specifically how many exactly NBIOs we have received. Suffice to say, there has been, as I said, a strong interest. We are working at the moment on taking a very small select few bidders into the second phase. The consortium did not participate in submitting an NBIO. I guess, hence the timing of the withdrawal of the overall offer with the non-binding indicative offer for PEXA date was coincidental. Hence, the decision was made by them last night to withdraw from the offer completely because they did not participate in the NBIO for PEXA. Okay. Just one more. You said the interest is looking significantly higher than the AUD 1.95 billion. Can you put a ballpark figure on what you're after for this asset? I will probably not do that, Charlotte. From our perspective, when we received the NBIO in October, I think the message that we gave back to the market was that at that enterprise value, we believed that it was very significantly under what we believed the underlying asset value to be of PEXA. I think in the last six months, that expectation and that value has probably moved north, just given the strong adoption that we have seen in the digital platforms worldwide, and definitely PEXA has been a key beneficiary of that. So, we do expect a significantly higher value than, you know, what was put forward in the consortium bid. Okay. Just one more, if I can. You mentioned before you've got to weigh up the pros and cons of an IPO or sale. I'm just wondering if you're leaning towards one of those outcomes in particular of the options you've got on the table right now? No, at this stage, we're keeping a really open mind, Charlotte, in terms of what will deliver better shareholder value. As I said, there are multiple things to consider, the tax efficacy, what is going to be in the best interest of PEXA in the longer term. As I said, number one is how do I crystallize value for the shareholders? Because clearly one of the key things in the past has been is that what we believed has been underlying value of PEXA has not reflected in the Link Group share price in the past. We'd want to make sure that there is some complete clarity around that. Our focus will be around that. We, at this stage, don't have a preference of one versus the other. Okay. Thanks for that. Thanks, Charlotte. Thank you. Your next question comes from Ed Henning from CLSA. Please go ahead. Thanks for taking my questions. I've just got two. Can you just touch on the U.K. RSS business and just talk about how that's progressing? Secondly, you mentioned the financial performance is in line with expectations. Just within that, are there any divisions doing better or worse than expected from the half, please? Thanks, Ed, for the question. I think on the RSS U.K. side, there has been good progress made in terms of a couple of conversations that we are having with prospective clients. We also continue to work closely with Smart Pension, where, as you know, we have an economic interest, also, we have a strong strategic partnership on a joint value proposition that we take to the pension funds locally there. There is good momentum at this point in time. Because we are in a couple of competitive processes, I would refrain to mention any specific names or update on that. At this stage, I think we have already progressed to around 800,000 members in the U.K., through the master trust that we serve. There is good progress that is being made, and we are cautiously optimistic about some further positive news and momentum over the next few months. In terms of the various divisions, I'd probably refrain to answer that. I think as I said, BCM is in a cycle that is tough, so I don't think that would come as any surprise to you. That's what we did say in February, and I don't think that has changed. We do think that, as I flagged earlier today, that the recovery on FY 2022 is more back-ended than front-ended, and that is just because of the elongated impact of the COVID cycle of the economy there that we're not seeing any new loan books come to the market. Okay. Just going back to the U.K. RSS business. Those competitive processes you're in, when do you expect them to come to a head? Is it the next month or so, or is it a longer process? Second half of the year. Second half of the calendar year or first half of the FY 2022 financial year. All right. That's great. Thank you very much. Thank you. Thank you. Your next question comes from Simon Evans from The Australian Financial Review. Please go ahead. Well, hello, Vivek. Just a simple one. How many people work for Link in India? About 1,000, Simon. We have, as you know, the Link Intime business, which is our corporate markets business. We have our Mumbai hub. As you know, the Mumbai hub has got plans to move up to about 1,200 people by the end of the calendar year. Between those two centers, which are housed in the same building, predominantly in Mumbai, there are circa 1,000 people at this point in time. Okay. Under your previous plans, you were hoping to add a further 200 to that Mumbai hub? We still have plans to add another 500 to the Mumbai hub by the end of this calendar year. As I said earlier that the ramp-up to that will probably be slightly slower, as you can imagine, given just the confluence of the lockdowns and the health crisis, which is prevalent at the moment. Okay. Thank you. Thanks, Simon. Thank you. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question comes from Gareth James from Morningstar. Please go ahead. Oh, hi, guys. Just a small point of clarification. With regards to the IPO, is that still likely to be an in-specie distribution? Thanks, Gareth, for the question. We are looking at all potential options, but yes, that is definitely one of the primary options in consideration. All right. That's not the only option on the table then? No, it isn't. Okay. Thanks. Thank you. You now have a follow-up question from Charlotte Grieve from The Age. Please go ahead. Hi. Thanks for taking the follow-up question. Just wanted to ask on the India front, what measures are you taking? You mentioned you're putting the welfare of your staff at the forefront of your operations. How are you doing that? It's a great question, Charlotte. As you know, it is quite challenging at this point in time for our people and families. We are making sure that there is a constant touch and monitoring of our people, their ability to work from home, operate from home, but more importantly, look after their health. We have a reach-out service. We also have our employee assistance plans in place. The HR team and the local leadership is ensuring that we are helping ad hoc with whatever can be done with individuals and with teams. It is predominantly around making sure that we are being in constant touch with people. We're monitoring any help that they may need that we can offer, but also on a wider corporate basis, making sure that we have the assistance lines and the help lines to assist people through what, as we know, is a pretty challenging time. Okay. Thanks for that. Thanks, Charlotte. Thank you. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. We will now pause a moment for any further questions to come through. Thank you. There are no further questions at this time. I'll now hand back to Mr Bhatia for closing remarks. Thank you. I'd like to say thank you on behalf of Link Group to everyone for taking the time and joining us on this call. Have a lovely day. Thank you.