Well, good morning, everyone, and welcome virtually to Macquarie's 2021 Operational Briefing. Before I hand to Shemara, I'll just run through the agenda. As is customary, Shemara will do the third quarter update this morning. We'll then, as you know, hear from two of our operating groups, Macquarie Asset Management and Macquarie Capital, and then finish off with our Corporate Operations Group. With that, I'll hand over to Shemara. Thank you. Thanks very much, Sam. Hello and welcome, everyone, from me as well. As is usual with these updates that we do, we'll kick off with noting our business footprint. As you know, this is constantly evolving. Today, it's streamlined into four main operating groups, and each of them is positioned strongly to respond to structural growth themes that we see over the medium term. In addition to that, they've each built deep capability and expertise to position themselves well in responding to that. Now, as you can see along the bottom, they're backed by four support groups, which are also self-directed entrepreneurial teams that are delivering solutions to our external customers by empowering their internal customer, being the operating groups. When we do our results update, we don't really have time to give justice to the capability of these teams, so we have these operational briefings each year to let you get a deep dive from some of the businesses. This year, the deep dives will be from Macquarie Asset Management and Macquarie Capital and our Corporate Operations Group. These groups are more and more collaborating across the groups as well across some of those structural themes like decarbonization, urbanization, et cetera. The other thing they give us across the groups is very good diversification. In the financial year before last, which was not COVID pandemic impacted, at our peak earnings, we had 47% of our earnings contributed by the market-facing groups. Whereas in the first half year this year, as you saw, we had 30% contributed in a very different, more challenging environment for markets. 70% coming from the annuity style businesses. Speaking of those challenging COVID impacted markets, before talking about our results, I thought I would touch on how things have evolved for four of our key stakeholders in this COVID impacted environment. Starting with our staff, you may recall that at our peak, we had 98% of people working remotely over last year. We now have 82% of our locations approved to start returning to office, but in a very safe, managed, socially distanced way where we protect staff while they do that. Despite this remote working, our Corporate Operations Group, particularly who you'll hear from, have stepped up with technology solutions and equipping our leaders and communications such that at our global staff survey at the end of last year, the engagement results from our staff were actually up 5% on already high numbers in that year of working remotely for large part of it. Turning to our clients, the next stakeholder. At the peak, you may recall, we had 13% of our BFS clients seeking hardship assistance. That's now come down to 1% as things have improved in global economies and particularly in the Australian economy, and stimulus has helped as well. That 1% now is the really challenged part of the community, such as our airline customers, and we're continuing to help them with hardship assistance, raising capital, et cetera. Turning to our portfolio companies where we're serving 100 million people using these essential services every day, and we have 130,000 employees in these businesses. We've been focusing ongoing on the wellbeing of the people working in the businesses, as well as maintaining the resilience of delivering service and also responding to the new needs by things like investment in digital infrastructure. Lastly, looking at our communities. As I mentioned, we'd allocated an extra AUD 20 million to our Foundation over this year to help responding to COVID impacts, and we've now allocated AUD 17.7 million of that to community partners. Turning to another important stakeholder, being our investors and what we've been delivering over this period for investors, and the third quarter results. You will have seen from the reporting of our global peers that we all experienced much improved trading conditions across our businesses in the third quarter of this financial year. That included the environment for asset realizations, client activity, and trading activity. That the annuity style businesses over the third quarter combined were up on the prior comparable period, and also on the financial year to date, were now broadly in line across both BFS and MAM. In the case of MAM, both performance fees and base fees are broadly in line for the financial year to date compared to the prior comparable period. In the case of BFS, because of the COVID environment, we have experienced increased credit impairment charges and higher costs as we've had to support clients. That's been, also, we had margin pressure with the low interest rate environment, but offset by the volume growth that we continue to ensure in BFS. In the market-facing businesses, they were actually significantly up in the third quarter on the prior comparable period. Again, in the financial year to date, are broadly in line with the previous period. That included stronger activity across the majority of businesses in CGM. It also included income recognition timing associated with transportation and storage agreements in CGM. In Macquarie Capital, this was partially offset by lower fee revenue and principal income, albeit with a reduction in expenses. Looking in a little bit more detail at each of the groups and starting with the annuity businesses, first of all, Macquarie Asset Management. Our assets under management were down slightly, just 1%. That was principally due to foreign exchange movements. In the MIM business, we had both positive net flows and positive market movements, offset partially by FX, we were up 3% in assets under management. In the MIRA business, the equity under management was down 2%, despite having a good period of fundraising of AUD 6.6 billion of equity raised, which is above the typical quarterly run rate, and also being able to invest AUD 3.4 billion, offset by AUD 6.6 billion of realization of assets and also by FX. The equity under management was down 2%. In relation to those asset realizations, I mentioned it was a good period for asset realization. In the U.S., we realized InSite Wireless, WCA Waste, and IMTT, which is a bulk liquid storage business, and in Europe, the Viesgo business in Spain. In the MIRA business, the only slight negative, of course, is that in the AirFinance business, our customers continue to experience challenge. It's a sector to which we're very committed for the medium term, given our deep expertise, and we are positioning ourselves to respond through this more challenging cycle that we think will persist for a bit longer. In the MIM business, the big item to note is that the Waddell & Reed agreement was entered into over this last quarter, and that will materially lift the scale of the MIM business. Martin and the team will be talking in more depth in a little while about MAM and how it's positioned for growth, and that will include Shawn giving an update on the Waddell & Reed Financial, Inc. acquisItion. Turning to Banking and Financial Services. As I mentioned, we continue to enjoy good growth there. The home loan portfolio is up 9%, and is now at over AUD 60 billion, as we also continue to grow share based on our very consumer-focused tech-driven offering that we have. The business banking portfolio is also up 5%, and our deposits are up 3%, now at about just over AUD 76 billion. The funds on platform were up 9%, but the vehicle finance book was down 3%, as we look at slightly changing our risk appetite in terms of what we do in that sector. Turning to the market-facing businesses and starting with Commodities and Global Markets. You'll recall at the end of the first half, we were guiding that we expected the second half to be significantly down on our first half because we experienced very subdued market conditions in July, August, September. We did guide that volatility could create opportunities, and what we saw over the third quarter was increased volatility as well as market dislocation. That drove client activity and trading opportunity for our teams across just about all of CGM. In our commodities business, we had good results in base metals, precious metals, oil and gas and power. In our foreign exchange credit and interest rate business, we also saw good client activity in North America and in Asia. The vaccines and the election results in the U.S. particularly drove opportunities there. In our equity derivatives and trading business, again, good results across the board, particularly in Asia and Europe, but across all of equity finance, warrants, and trading. That was supported by consistent contribution, again, by the Specialized and Asset Finance business. Lastly, turning to Macquarie Capital. In Macquarie Capital, fee revenue and debt capital markets revenue was down on the prior comparable period, offset slightly by equity capital markets revenue. We saw a significant increase in investment-related income over that period, which included the realization of Nuix here in Australia and an offshore wind asset in our Infrastructure and Energy Group in Europe. Pleasingly, also in Macquarie Capital, we've been able to get money invested in these more buoyant markets, particularly in credit markets and in providing bespoke financing solutions to clients by bringing the Principal Finance team together with the Macquarie Capital team and being able to access those opportunities from our sector specialists in Macquarie Capital. AUD 3.4 billion invested year to date. The Macquarie Capital team will also, as I said, be presenting in more depth about how they position opportunities for their business, and the Corporate Operations Group led by Nicole Sorbara will also be giving you an update. Across the four groups we have a footprint in terms of our people of over 16,000 people now, with 56% of them being outside of Australia. Turning to our funding and capital position. Our funded balance sheet remains strong at the end of the quarter, with our term funding comfortably exceeding our term assets. In the period, we raised AUD 4.9 billion of long-term funding, and we're sitting now with deposits at AUD 79 billion, up 2%. In terms of our capital as well, still a strong position. At the end of the first half, we had a AUD 9.4 billion surplus above the APRA Basel III levels. That's come down now to AUD 8.1 billion. Still a strong surplus, the main impact there has been absorption of capital into our businesses. You can see there AUD 1.6 billion absorbed by the businesses over this quarter. That was quite a change from the first half, where you can see in this chart, businesses were principally releasing capital apart from BFS. In this last quarter, they also opportunity to put capital to work. In Macquarie Asset Management, that was the Waddell & Reed acquisition, offset slightly by the realizations I mentioned that happened. In Macquarie Capital, that was the principal financing investments that I mentioned, and also some debt capital markets underwriting offset a little by the asset realizations that I also mentioned. In Commodities and Global Markets, we saw capital being absorbed into loans and commitments as well as the derivative trading volumes. In BFS, ongoing growth in both our residential mortgage and our business banking books, partially offset by the run-off that I mentioned in vehicle financing. The last absorption of capital was in Corporate, where one of the material things that happened there is that we transferred our group services entity from the group to the bank and are holding more capital against it as part of our resolution discussions with our regulator. Speaking of regulator, our regulatory ratios still remain comfortably above the APRA Basel III minimum levels, I particularly note that our APRA CET1 ratio at the bank group is at 12.1% at the end of the quarter. Speaking of APRA, we have a number of things going on with our principal banking regulator there, as you can see on that slide. A few I'd note is at the top of the slide, on the 8th of December, APRA released their consultation paper aimed at embedding unquestionably strong capital levels in ADIs. We are responding to that consultation, as well as the many other items noted in the table there where the status is given. Our view is, based on current information available, that we expect that we will have sufficient capital to accommodate any additional Tier 1 capital requirements from these changes noted above, noting that they are still in consultation phase. The other item I'd note on that page is, as I mentioned, as part of our resolution and intragroup funding work with APRA, we moved the group services entity from the non-bank to the bank at November last year. Finally, at the bottom of the page, we've noted that in relation to dividend payments, APRA has provided an update on its capital management guidance and said that it will no longer require ADIs to retain a minimum level of earnings, although it would still like us to look at moderating dividend payout ratios and looking at dividend reinvestment plans. In terms of regulation outside of Australia, in Europe, there's no change here, really. The only thing to note is that we did get our MiFID investment firm license in France. Before I move to the outlook, I did want to update you on some management changes and Board changes that we've had. You may recall Gordon Cairns mentioned he would defer stepping down from the Board to support Board evolution. Pleasingly, we've had Rebecca McGrath and Mike Roche join our board last month in January 2021. Given that, Gordon has now indicated that he will step down from the board on the 7th of May when we announce our full-year results. At the management level, Mary Reemst, who has been with us 22 years and the CEO of Macquarie Bank Limited, has decided to retire in July. Stuart Green, who is currently the Treasurer of Macquarie Group and someone very familiar to investors, who's been with us 20 years, is going to be stepping up into Mary's role as of the 1st of July and will be joining the Executive Committee of Macquarie Group as well as Macquarie Bank Limited. I'd really like to thank Mary for her incredible contribution. It's been a delight to work with her as a partner, and also congratulate Stuart and wish him the best for his new role. Also Martin Stanley, who is the Group Head of Macquarie Asset Management and who has been with us 16 years and whom I've worked closely with for the last 10 years, has decided to step down as the Group Head of Macquarie Asset Management and take a Chairman role in Macquarie Asset Management, which will include staying on the investment committees of all our major fund groups, as well as Chairman of Macquarie Infrastructure Company, and that will take effect from the 1st of April. Ben Way, who has been with us for 14 years and led building businesses for us in Macquarie Asset Management for a very long time, will be stepping up into the Group Head role of Macquarie Asset Management. Macquarie Asset Management obviously has a very deep bench of leadership in all regions and across all sectors. You'll hear from them in a little while. Again, I would like to thank Martin. It's been a pleasure working with him for all of the time we've worked closely together, and I'd like to congratulate Ben as well and wish him the best. With that, I'll just finish on making some comments on outlook. As usual, we look at this in terms of factors impacting short-term outlook for each of our groups. Starting first with the annuity style businesses, Macquarie Asset Management, we expect base fees to be broadly in line with the previous year. In relation to net other operating income, we expect it still to be significantly down on FY 2020, that's because we had very strong realizations in FY 2020, particularly in the fourth quarter, in investment related gains. You may recall we had the LOGOS realization. We also had the internal realization of APRR, the French toll road. We also expect a prolonged impact, as I mentioned, in Macquarie AirFinance and the implications for customers there. In Banking and Financial Services, we expect to have to do ongoing monitoring of provisioning to support clients in this COVID-19 environment. As I mentioned, we have higher both deposit and loan portfolio volumes across home loans as well as business banking. Our platform volumes, which are impacted also by market movements, are up. This is being offset partially by the competitive dynamics due to the margin pressure we're seeing in the market. Turning to the market-facing businesses, Macquarie Capital, we're seeing improving transaction activity, but we still have challenging market conditions continuing and impacting the completion rate of transactions. The strong ECM activity that we saw in Australia in the first half, so far, has not persisted in the second half to date. As a result, we expect FY 2021 still to be significantly down on FY 2020, which again, like the fourth quarter of Macquarie Asset Management, FY 2020 had a period of very strong realizations in Macquarie Capital. We do expect the second half of this FY 2021 to be significantly up on the second half of FY 2020. Lastly, with Commodities and Global Markets, we expect the second half 2021 market conditions to continue to be more favorable than we previously anticipated, given the increased level of volatility that we experienced in this third quarter that I've talked about. We're now expecting the second half of 2021 to be just slightly down on the first half of 2021, as opposed to significantly down, which was where we saw it at the end of the first half. We expect the ongoing consistent contribution from the Specialized and Asset Finance business. As we've said, the diversity we have across products and client sectors in that business, we think, positions it very well to keep delivering for the medium term. Lastly, on the compensation ratio and the effective tax rate, we expect those both to be at the range of historical levels, and particularly in relation to the tax rate, we expect it to be broadly in line with the FY 2020 rate. Putting all of that together, it is important to note that market conditions are likely to remain challenging, especially given this significant and unprecedented uncertainty caused by the COVID-19 environment that we're in, and the uncertain speed still of global economic recovery, that do make short-term forecasting extremely difficult. With that, we currently anticipate FY 2021 to be slightly down on FY 2020. Now, there's a range of factors that are going to impact this outlook, and they do of course include the duration and severity of the COVID-19 pandemic, the uncertain speed of global economic recovery, the global levels of government support for economies, and the completion of period-end reviews, which will include asset impairment and expected credit loss allowances. As with all years, the completion rate of transactions, the geographic composition of income, the impact of foreign exchange, potential regulatory changes and tax uncertainties, and market conditions and the impact of geopolitical events all have to be taken into account. Given all this, we continue to maintain our cautious stance with a conservative approach to all of capital funding and liquidity, which we think positions us well to respond to the current environment, both with downsides and as we've seen in this last quarter, being able to support the businesses with capital where they see opportunity. For the medium term, we continue to believe we're well-positioned. As I mentioned at the beginning, we have operating groups that are focused in niches that have very strong structural change opportunity over the medium term, as well as very good diversification across those capabilities. We support that with our ongoing efforts to identify cost savings and efficiency, and our strong and conservative balance sheet and our prudent approach to risk management. As you have seen over the medium term, that's allowed us to deliver in our annuity style businesses, a return on equity of 22% over the last 14 years and 24% in the first half. In the market-facing businesses, 16% over the last 14 years and 10% in the first half of that COVID impacted first half financial year this year. Net of our surplus capital, we delivered 9.5% return on equity in the first half of the year. With that, I'll hand back to Sam to take any questions you may have. Thank you. Great. Thanks, Shemara. Before we go to the Q&A line from the operator, I would just say we've got a little bit less than 10 minutes just to keep us on schedule. Over to the operator. Thank you. 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 are on a speaker phone please pick up the handset to ask your question. Your first question comes from Jonathan Mott from UBS. Please go ahead Thank you. A question on the commodities business. If you look through this year, we're seeing some extreme volatility. You go back and you had a really good April and May, then it got really weak through that sort of June to the full year result in early November. You're still guiding down, although you sort of gave yourself that out clause at the time. Now it looks like it's been an absolutely great end of November and December, and into January as well. Can you go through into this, are you comfortable with this extreme volatility that you're seeing almost on a month-to-month basis across all of the businesses that you called out? Secondly, what are the best indicators that we can look at for predicting where you're going to be on a near-term basis? I don't think there was anyone in the market that was expecting you to see such a great recovery coming through in the commodity trading businesses over the short period, short time frame. If you can help those two. Thank you. Thanks, Jonathan. Yes, you're right. We did see, as you said, increased volatility over this third quarter, and we saw quite a bit of market dislocation as well, and that played out across all of our sectors. Gold and precious metals, oil, gas, and power in North America and Europe. We had weather events in Japan that played into those sectors. We did have a particularly positive environment for us in the third quarter. That was contrasted with a particularly subdued environment in the second quarter. We have previously given guidance on the Commodities and Global Markets customer numbers and how they're growing across products and regions. That's probably a good indicator of how the underlying business growing. I'll let Alex comment because we are working on a plan to help guide investors on CGM earnings. Thanks, Shemara. Hey, Jonathan. Yeah, look, I think Shemara covered it pretty well. Obviously they're market-facing businesses, I think what we saw in the latter part of the third quarter was just an improvement in confidence and activity levels, generally speaking. As we've said before, the customer base that we have has been growing for some period of time, and obviously those customers got more active in the latter part of the quarter. Coupled with the volatility that we saw in precious metals, base metals, oil and gas, I guess consistent with what you've just observed, I think generated the result that we saw in the third quarter. Beyond the commodities business, we also saw improvements in the equity derivatives and trading business. If you look at the volume of trading, particularly in the Asian markets, we saw some benefit from that, and that obviously flows through into the warrants business. The other thing we saw is a pickup in volatility in FX. Again, the FICC business, which is much more, I guess, structured FX for clients, saw the benefit of that increased volatility in providing our clients with solutions to help manage those risks. I think if you're looking for the indicators, it's really that client base and the continuing growth in the client base. Then as you see the market recovering and confidence coming back in, we typically see a pickup in transaction activity, and we saw that through the third quarter. Okay. We're now partway through February. You've got a pretty clear view. Has that continued into January, and especially in the trading businesses where you have a pretty clear view on how the trading activity's continued so far in the fourth quarter? Yeah. Obviously, if you look at the short-term outlook, we obviously make the point, or Shemara made the point before that we continue to see those more favorable conditions versus the second quarter. We're obviously more optimistic about the second half. We've continued to see in the early part of January good activity levels. Obviously that's consistent with the point I made before that the world generally speaking feels like it's getting slightly better, albeit it's a bit uneven in terms of the recovery. The other thing that plays in, we've talked about this before in these forums, Jonathan, obviously, is the Northern Hemisphere winter. That obviously tends to be a stronger period of time for our gas and power and oil businesses in particular. We're getting toward the back end of that. March tends to be just as a shoulder month, tends to be a quieter time for the business. I think we think that the sort of underlying view of the business transaction activity is improved from where it was in a very subdued Q2. We obviously had a very strong Q3 with clients, I think, repositioning to get in front of or position themselves as a result of the pickup in confidence and volatility. We see some of that continuing in the early part of the fourth quarter. Obviously there's some other factors that play into the fourth quarter that I think mean that in terms of our overall guidance, obviously we're saying the second half we expect to be slightly down on where we were for the first half of FY 2021. Thank you. Thank you. Your next question comes from Andrew Lyons from Goldman Sachs. Please go ahead. Thanks and good morning. Shemara, just a question on the qualitative divisional outlook comments, which suggest a more prolonged impact on Macquarie AirFinance given COVID. Can you perhaps just talk about what that might mean for the P&L over the course of this year and going forward, and particularly what the magnitude of any write-downs of that stake might look like? Yeah. Well, you'll recall, Andrew, that we have now sold down 50% of the AirFinance portfolio. We own it together with two partners for whom we manage the portfolio. That's reduced our size of exposure. We account for our share of any losses in the underlying business. Our airline. Customers were starting to recover a lot towards the back end of last year, then things picked up a lot with the pandemic again, so travel levels came off, particularly in Europe. We do have a narrow body fleet and a younger fleet that's more exposed to domestic travel than international, so it's quite well-positioned. As I said, when presenting in terms of using that word of prolonged downturn, we think it's going to take a while for recovery, even in the domestic travel area. We're seeing the cash flows in that business stabilize rather than we'd hope they'd pick up even more. We may well have to take impairments in the short term in terms of the Macquarie AirFinance business and take our share of those impairments. We and both our partners are very committed to the sector. We have a good portfolio. We have a team with really deep expertise. We believe air travel will come back. We believe we're one of the players that's positioned to do better as it does come back. Our partners have strong balance sheets. To the extent there are opportunities, we're also standing ready to grow our portfolio through this period. You may recall, with the GFC, it was a couple of years after the GFC, we were able to make material investments and grow our footprint in that sector. I guess we'll just be watching carefully how things evolve and both protecting our existing portfolio and looking at any opportunities together with our partners to invest further in the sector if there is distress. Anything to add? No. That was it. It's helpful. Thank you. Okay. If there's no other questions on the line, we can come back towards the end, perhaps, if we've got time. We're now going to go to the Macquarie Asset Management business and hear from Martin Stanley and Ben Way team. Before we do, we'll have a short client video to show you, and then we'll start with Martin. Thank you. [Presentation] That was a terrific introductory film, which gave you some insights from some of our clients from around the world. That's captured here on this slide that I've got up, which is basically showing our business model with clients at the center of everything we do, because we're a fiduciary platform, and so we operate in order to provide great service to clients and provide products and experience to them that meets their needs across a range of product offerings. The product offerings that we offer are on the right-hand side of this chart. You can see that we're operating across both public markets and alternatives. The individual sub-products within those are set out on the right-hand side as well. We have something there called Global Solutions, which is something that we're seeking to promote over time, where we try to capture the best of the public markets platform and the alternatives platform as well. You can see at the bottom, we've got our vision statement, which is designed to capture the sense from the Macquarie purpose statement. What we're doing is we're saying, look, we're here to invest, to deliver positive impact for everyone, our clients, our stakeholders, and our staff, of course. This business is a business that has innovated over time and is a business that has at its heart innovation. You can see here on this slide the way that our platform has actively evolved over time. What we've captured here is not everything that we've done, of course, but the funds that have been launched and closed, and the acquisitions that have been made over this period, culminating, of course, in the Waddell & Reed Financial, Inc. acquisition that we'll talk about a little later when Shawn comes to talk to you. On the right-hand side of the chart, you can see some of the statistics about where we stand today. This is a business that manages assets under management of around AUD 550 billion. We're a top 50 global asset manager based upon size. You've got the MIRA metrics at the top, the alternatives business at the top, and you've got the investment management, the public markets business at the bottom. There's a couple of things here that I want to pull out. Of course, the first is that we operate in this space by the grace of our clients, and of course, they're really looking for us to make sure that we're delivering good performance to them. You can see here at the top, this is an infrastructure statistic, 14% realized asset IRR. This is based upon all of the assets that we've sold over the life of the existence of this business, which stretches back beyond 2010. You can see that's everything good or bad in that period. Similarly, down the bottom, our investment management business delivering an 86% performance. 86% of funds exceeding the 10-year benchmark across all strategies. You can see that it's performance that drives investor support. In the middle there, we've picked out some statistics from the MIRA business, which is showing how that is culminating. Over the last five years, around AUD 93 billion of new capital raised for our funds, AUD 75 billion of which being invested, and then AUD 42 billion being returned. If we look now at the breadth of the business, this is a business that we refer to as being a global platform with a local presence, whether you're operating in the public market side of our business or in the alternative side, of course. You can see the stats here of the number of people that we've got around the place, the number of assets that we manage, the types of assets that we're looking at are all set out on this map on the left-hand side. On the right-hand side, we operate as a business that has a lot of specialist expertise, a lot of professionals that are really deep sector expertise in the areas in which they operate. What we're trying to do is we're trying to bring local knowledge to local solutions to provide a global solution for our clients around the world. You can see that from the range and diverse nature of the people that we have in our business. The other thing that we're doing is we are leading or seeking to lead in the sustainable value chain. What we're doing here is, as you saw recently, we made this very bold commitment to move MAM to a net zero position by 2040 when it comes to carbon. That's a leading position in terms of the way the industry is operating. We didn't do this lightly. We thought about it very deeply. We've got good processes and procedures to support that. We think it's really important as we go forward, as this becomes increasingly important from a client and community perspective. You can see lots of other things on this slide here, including the fact that we have over 100 million people, the services that we provide through our assets every day. Of course, that makes this commitment even more important and makes the commitment to community support vital in the sense of making sure that our business operates going forward in a resilient and sustainable basis. As far as asset resilience is concerned, we're also showing this on the right-hand side. As climate does change, it's not enough just to adapt to that. It's also really important to make sure that the investments that you're making are resilient to those climatic changes as well. You can see some of the examples of the way our businesses are adapting and operating on the right-hand side. While we're on the subject of resilience, I think it would be remiss not to talk about how this business has performed through the current period, the pandemic. This, as we all know, has been a very significant shock to the system as we've come through the last few months. What has been extremely pleasing from the whole portfolio perspective has been that this platform has performed extremely well. It's proven itself to be extremely resilient, and that is down to the way in which those portfolios were set up as we came into this period. Not in anticipation of a pandemic, of course, but certainly in anticipation that we were a long way into an expansionary economic cycle, and making sure that we were prepared for that. The platform has performed very well, and that is reflected in the results that Alex has talked about earlier. If we think about our alternatives portfolio, which is captured in the middle, you can see some of the metrics there about how that platform is set up. You can see that less than 5% of our portfolio is captured by aviation. The reason that it's at that level is because of the divestitures that we've made during the course of the last several years, but also because of the mix that we've constructed over time. You can see that whilst aviation has suffered as a result of this downturn, the bulk of our portfolio has been extremely resilient. You can see the mix of the portfolio on the right-hand side of the chart. The other thing that this business does extremely well is that it manages actively through the life cycle of the investment horizon. It does this both in public investment side, but also on the alternative side. The example in the middle is talking about the alternatives business, where we look at creating value right the way through the life cycle of the investment, through from acquisition, transition, optimizing the assets through the ownership period, then looking very carefully to the exit and making sure we plan that very carefully. That's also the case on a different level in the public investment side of the business, where we're thinking very carefully about how we can drive real value for our clients through the things that we're investing in and the approach that we're taking. What I'd like to now show you is a case study, which Verena is going to present, which is about the way in which our business has adapted during the present downturn, when we haven't actually been able to do the usual things that we'd like to do in terms of managing a divestiture for one of our assets. Handing over to you now, Verena. Thanks, Martin. In 2014, MIRA, through its Philippine fund, acquired 100% stake in Philippine Coastal Storage & Pipeline Corporation, which is the largest independent oil storage terminal in the Philippines. It was one of our first investments made in the Philippines, in a sector that was very familiar to MIRA. As is our approach post-acquisition, we set about trying to enhance the value of the business, firstly by setting the strategic vision and HSE focus on day one. Some of the strategic initiatives included optimizing the utilization level, attracting international customers, expanding our capacity, and really elevating our HSE practices to international standards. Secondly, we were really wanting to align the management structure to the incentive scheme, effectively a lot of that was linked to the strategic KPIs. Thirdly, we were very proactive in trying to expand the facility to accommodate the growth and the customer demand for oil storage in the Philippines. In parallel, we optimized the capital structure to support that expansion. Finally, we basically restructured some of our customer contracts from shorter-term contracts to longer-term contracts to really build the resilience in the cash flows. All of these initiatives basically meant that the investment was able to outperform investment case year on year, and the EBITDA basically grew from AUD 18 million to AUD 30 million in the ownership period. Early last year, as the fund is now nearing the end of its life, we actually launched the divestment process for Philippine Coastal Storage just as COVID was emerging. Normally, we would run management meetings physically, site visits physically, and obviously conduct SPA negotiations face-to-face. Obviously in the circumstances, we really needed to adapt and be a bit more creative in our approach. Quickly, we became very used to holding virtual management meetings as well as for some buyers, site visits virtually. Despite these challenges, pleasingly, we were able to complete the divestment within the planned time period, delivering an IRR of 28% and money multiple of 4x back to our investors. Certainly, COVID did not slow down our process or the result. Back to you, Martin. Okay. Thanks very much for that, Verena. That's a terrific story, as you can hear. Of course, Verena has been on the journey with that particular asset since we acquired it right the way through to the divestiture. Now, turning to this next slide, I'm now moving on to talk about the earnings history, so the net profit contribution of MAM. Again, we go back over a 10-year period just to look at this. What you can see here is a really nice progression of earnings over a long period. It's a story of sustainable growth. You can see simplistically the growth driver of that at the top. Equity under management shown in blue, which is the MIRA business coming through there. Then you've got assets under management at the top. A nice steady left to right chart on both of those. The AUM includes the MIRA assets under management, which obviously includes the proportional net debt of the MIRA businesses as well. As you know, we like to show the equity under management as well. If we turn to the next slide that I've got up here now, you can see the composition of income. I talked about this a little bit before, but I wanted to elaborate a little bit on this, for you to get a better feeling for how the business actually makes money on a sustainable basis. We've got three components of income, and this is consistent across the whole group, whether you're on the public market side or the alternatives side. We've got three components. Asset Management net income, which is base fees minus operating expense. This is the underlying sustainable income of the business that grows as base management fees rise over time. We've got the performance-related income, which is performance fees and net investment income. The bulk of that, of course, is coming from the MIRA business. The net investment income coming from our proportionate investment income on the co-investment that we're putting into our funds and co-investment platforms. Net other operating income is the final component, which is predominantly operating lease income from our aviation assets, but also some other income that comes through from time to time, and that comprises the overall picture. I'll talk a little bit more about that later when I get to the next slide. Sticking with this for a moment, the other thing I wanted to bring out was how our equity under management has changed over time. You can see this by the two pie charts on the left-hand side, which are basically showing that back in March 2016, when we showed these numbers, about 88% of our equity under management in the MIRA business was coming from infrastructure and about 12% from other alternatives. You can see that despite the fact that our infrastructure business has grown materially over this period, around 27% of our equity under management now comes from alternatives that are outside the infrastructure asset class. This is really important when we come on to hear from Ben later today, given our aspirations to grow in the other alternatives asset classes. When you look at the right-hand side, the other thing that's important is to understand how sustainable our performance fees are going forward. This gives an indication of that as well. On the left-hand side, you can see that this is based upon all assets in our portfolio, in MIRA portfolio, that have a performance fee component attached to them, and that's just over AUD 100 billion of equity under management that falls into that category. Here we're saying that 82% of our portfolio have a maturity that is longer than five years. Longer than five years to run, which is a great thing, a strong annuity business. On the right-hand side, we're saying that despite only having 18% of our assets that have less than five years to run, effectively in the zone in which you'd expect to see performance fee, 35% of our overall portfolio is in performance fee territory. Essentially what we're saying here is, not only do we have longevity in our portfolio, but we also have a portfolio that is in rude health and is in performance fee territory on a number of funds. This slide now goes into a little bit more detail and I'd remind you that I showed something similar to this around five years ago. What we've got here is the earnings track record here and the equity under management that's in the yellow line. The dip at the back end, of course, is caused by foreign exchange movements. That's the predominant movement there. What we've got here is we were showing that our base fees accounted for around 100 basis points on average when we stretch right the way back to 1997. We also showed that performance fees on average over that same period amounted to around 50 basis points. Our other income amounted to about 25 basis points on average. What's happened over time over the last sort of five years is, as we've added things like private credit to the platform, you've started to see a decline in average base fees. Over the five-year period, our average base fees were about 90 basis points, but our performance fees and other income has gone up, and you've seen that in the results that we've reported over the course of the last several years. Today, our average performance fee over the last five years has been around 55 basis points, and our average other income has been around 40 basis points. Slightly up on previous. By the way, these are not forecasts of what the future might hold. They're basically a report on what's happened over the course of the last five years. Now, of course, we're a fiduciary platform, and as a fiduciary platform, as I said right at the very beginning, we need to make sure that we're focused on the needs of our clients and making sure that we're keeping them with a great client experience and giving them what they want. But we also have to operate within this really strong risk management framework. And actually, this is an important selling point for our clients, that there's an institutional risk management framework that supports them and supports their needs and gives them comfort that what we're doing is always in their best interest. We have a disciplined approach, we have a resilient culture, and we have a framework that's consistent with the overall Group. Look, with that, I'd like to now hand over to Ben, who's going to pick up on the future of the business. Before doing that, I just wanted to make a few comments about Ben. It's been a great privilege for me to run this business over the course of the last several years. In combination with both MIRA and MIM, it's been a period of around 12 years, and I've been with the Group now for 16 years. Handing over to somebody is not an easy thing for me to have done, but making sure that I'm handing over to someone with the quality and the competence and the humanity of Ben has just been fantastic. He's a great leader of this business. He embodies the values and the culture of the wider Group, and I've got every confidence in him as a leader going forward, as I have in the rest of the management team. Handing over to Ben to take us on to the next stage of this journey. Thank you. Thanks, Martin. Good morning, everyone. I'd like to start by obviously recognizing Martin and the extraordinary contribution he's made over the last 16 years. He's led with enormous warmth and empathy over that period. Martin is a very understated leader. He never takes credit. It's only right today that we acknowledge his very prominent role he's played in our success. Thank you, Martin. Importantly, we're really excited that he'll be continuing on as our chairman. If we now start with the market environment, the industry continues to see good net inflows. That's expected to continue. This is driven really by two things, a rise in savings rates. Also low interest rates. What that means is investors are searching for returns. That drives capital into our industry. The alternate sector is a really good example of this. We expect that sector to be about AUD 17 trillion by 2025, and we're also seeing good growth in other areas, particularly things like active traditional assets. As we've discussed before, the industry is seeing some fee compression, but this is largely being offset by the growth in assets. From our perspective, we don't try to compete on price. We don't try to be all things to all people. We are a global specialist, so what we really focus on doing is building enduring relationships based on the best client experience. Lastly, there is certainly a growth and an increased focus on ESG, and as Martin discussed, that's creating opportunities for managers, and it's an area where we're really seeking to lead. If we turn to then our outlook, we're really excited to build on our strong heritage of growth and innovation, especially given our track record and our footprint. Now, we've got three key areas of growth. The first one is building on and extending our leading infrastructure position. The second one is growing our other alternate businesses in adjacent areas to infrastructure, such as real estate and private credit, especially given the scale and the growth of these sectors. Thirdly, it's about advancing our public investments platform, particularly our scale and capabilities. Sure we'll talk about that in a moment. As always, to achieve these focus areas, there are a few key enablers that we really need to get right to make sure we can deliver on this plan. They are continuing to foster our strong culture, particularly around our experience teams. It's having a client-centric approach, which is really focused on delivering a great client experience. It's leading on sustainability. It's a strong risk approach, and it's also a continued investment in technology. Turning to our infrastructure business. Importantly here, the market continues to experience good growth. We expect about AUD 1.2 trillion of net inflows over the next five years. Importantly, there continues to be good deployment opportunities, which are driven by mega trends such as urbanization, digitalization, and energy transition. We are very well placed to extend our leadership position given our long track record, our 300+ specialists, and our global presence. Importantly, we think there is very good scope for us to continue to grow our product suite, both up and down the risk curve, but also launch new types of products, such as open-ended infrastructure funds. A really good example of the investment opportunities we're seeing from the mega trends, but also a great example of our approach to active asset management is our investment in AirTrunk, and Ani will now speak to this case study. Thanks, Ben. We've been evolving our portfolio to respond to the rapid pace of digitization for some time. Demand for digital infrastructure has been further accelerated by the events of the past year. The world's communication needs have never been greater. We expect to be connected all the time on multiple devices with low levels of latency. From remote working and learning to online shopping and streaming services, these experiences have become an everyday part of our lives. Developments such as the advent of 5G and move to the cloud mean this unprecedented data growth shows no signs of slowing. MIRA is investing in infrastructure underpinning innovation in this rapidly evolving digital economy, supporting the development and operation of assets such as towers, fiber, wireless networks, and data centers. Each year, businesses in which we manage investments reach more than 110 million people through digital infrastructure. In Australia, we manage interests in five digital infrastructure assets, three of which have been acquired in the last three years. One of these, which we acquired in April 2020, is AirTrunk, a leading Asia-Pacific hyperscale data center provider. AirTrunk is capable of delivering a total planned capacity of 750 MW across six data centers in five tier one markets. Since acquisition, we have deployed material amounts of growth CapEx, and our asset management teams in multiple locations across the region have been working with management to support the ongoing growth of the business, enabling AirTrunk to serve new and existing global hyperscale customers in even more locations. Thanks very much, Ben, and back to you. Thanks, Ani. Moving to the next slide, real estate. This is a very large sector with good growth where we feel we can expand our presence. Today, we've got AUD 19 billion of AUM and some 500 properties. Significantly, we've got more than 210 specialists in 28 locations after the integration of GLL. As with infrastructure, we focus on identifying opportunities aligned with tailwinds or trends. This means for us a focus on beds, sheds, bytes, and desks. The way we execute is really via two strategies. The first one is Core and Core- plus. This is where we invest via funds and manage properties such as office and logistics. The second is opportunistic. This is where we partner with a specialist platform or a management team leveraging our principal track record. The LPC case study, our U.S. logistics platform, is a good example of our opportunistic approach. This is where we find an opportunity that aligns with a really good thematic and then partner with an excellent management team to build a platform from development to core, which enables us to create assets to sell down to our clients. Moving to the next slide. Private credit and asset finance, our third areas of focus, are further examples of how we're looking to expand our alternatives business. In terms of private credit, we've got AUD 12 billion of assets under management, which is primarily infrastructure debt. We've built a really high-quality portfolio of some 120 investments with zero losses or impairments. Given our scale and our track record, we're very well-placed to move into other infrastructure and non-infrastructure areas such as secure income real estate. The case study that we've got here on our sub-investment grade fund highlights how the team has built really well-diversified portfolios with strong client support. We believe we can replicate these funds but also replicate them in new areas. In terms of transportation finance, we've got a 15-year track record of investing in many types of movable assets. Today, we've got about 300 aviation assets. As we know, this sector is currently challenged by COVID. From our perspective, we're well-placed to get through this period, given our team's depth and experience, the quality of our portfolio, the strength of our balance sheet, and our long-term partners. If you look at our aircraft portfolio today, we have primarily narrow-bodied planes used on domestic routes with a diverse customer base. In the near term, given our experience and track record, we expect to secure opportunities arising from dislocation, from transition to lower emissions, or through new technologies. Let me now pass to Shawn to talk about public investments. Thank you, Ben. Our public investments business is a strong investment manager that provides active specialist strategies to institutions and retail clients. The business is well diversified across equities, fixed income, and multi-asset capabilities. We manage over AUD 360 billion for clients in multiple regions with a strong presence in both the U.S. and Australia, two of the largest pension retirement markets in the world. In the U.S., our Delaware Funds will be ranked in the top 25 of active mutual fund managers upon completion of the Waddell & Reed acquisition. We are one of the top 10 managers of global insurance assets. These are two very important areas of growth for us and the industry going forward. Most importantly, our top priority is investment excellence. 86% of our investment capabilities are outperforming markets over the long term. Our goal is to have two-thirds of our strategies outperforming, even through very volatile times like we have seen the past year with this pandemic. Our goal is to outperform over rolling one, three, five, and 10-year periods. This is a leading indicator of the growth of our business going forward. Over the past few years, we've continued to globalize the firm and have implemented Aladdin now in all regions, which makes our business both more scalable and efficient. The platform is benefiting from greater collaboration and cross-selling in our MAM Client Solutions Group, which has its client people for all of the various pillars of the MAM business. We're also focused on growth for the future. We have several flagship strategies that are gaining assets, and there are also several new capabilities that we've acquired over the past few years, such as small cap growth, global value, and emerging markets debt that are seeing success and will be future flagships. We're also focused on bringing alternative capabilities that Ben talked about to the wholesale channels globally. We've already launched products in both the U.S. and Australia and have plans for others in the future. Another key driver of our growth in the future is the acquisition of Waddell & Reed. The combination of Macquarie and Waddell & Reed is very compelling and will strengthen our position in the largest market globally, which is U.S. wholesale. The acquisition increases the scale of our U.S. business and provides us with several strong new investment capabilities that complement our existing flagships. The acquisition is also building a very strong partnership with LPL, the largest and fastest-growing independent broker-dealer in the U.S., which will increase our repositioning in the important wealth management segment. When you look at Waddell & Reed, the business is actually two different firms within one. There is an asset manager with AUD 75 billion of assets under management, and then also a wealth manager with almost AUD 70 billion in assets. Upon completion of the acquisition in the second quarter of this year, we plan to simultaneously split the business and sell the wealth management portion to LPL. The remaining business on the asset management side complements the rest of our MAM business very well, where our business will become a third equities, a third fixed income, and a third alternatives when you look broadly across Macquarie Asset Management. In addition to selling the business to LPL, by optimizing the balance sheet post-close, we believe that we will be able to achieve a six times EBITDA margin on the return on the overall business. With that, let me turn it back to Ben for the close. Thanks, Shawn. We're really excited for the future. We think we're very well positioned for growth given our track record and the areas we've identified to continue to focus on. We really believe we've positioned the business in areas where we can continue to realize opportunities and allows us to build not only on our long track record, but really to harness the experience of our teams around the world. Importantly, we're going to continue to position ourselves as a global specialist doing the things that we're good at, that we think we can add value to clients. That really means that clients are at the center of everything we do, and we're focused on providing them with a great experience. Just as importantly, we're committed to continuing to invest where we can deliver a positive impact for all. Really, what underpins all of that is our culture and our track record. We're going to continue to foster that and grow that so we stay relevant and competitive. With that, I'm going to pass back to Sam. Thanks very much, everyone, for listening today, and I look forward to interacting with all of you in the future. Great. Thanks, Ben. Again, before we go to the Q&A, we've probably got about 10 minutes with Martin, Ben, and Shawn on the line, obviously Shemara and Alex here as well. I'll pass over to the operator. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Your first question is from Andrew Triggs from JP Morgan. Please go ahead. Thank you very much. Interested, Martin, in this, I guess this question could be asked of any of the divisions, given the deployment in capital during the quarter. How quickly do you think the window for capital deployment is closing, given you're really seeing unprecedented support from both governments and central banks? Sticking with that theme, is Europe throwing up more opportunities, given the more difficult macro environment there? Look, I think at the moment, capital deployment is very strong. The deal flow looks extremely strong across all sectors of the alternatives platform. No, I think one of the things that we've got to watch out for is that, which I think is what you're alluding to, is that as risk-free rates continue to fall and money becomes more plentiful, that asset pricing will start to elevate somewhat. That's something that we're going to have to watch out for. Certainly at the moment, it's a favorable market to be selling into. We're having to work hard in terms of finding opportunities and constructing those that fit the mandates of the funds. At the moment, right the way around the world, we're doing that. I would say that deal flow today is as strong as it has ever been. Thank you. Thank you. Your next question comes from Ed Henning from CLSA. Please go ahead. Thanks for taking my questions. I've just got a couple. Your ability to raise capital has been well noted, going back over time. Can you just talk about going forward, do you see that coming more from existing customers or new customers? Then just a second question. You've talked a lot about the opportunities today, which look compelling. Can you just touch on the risks or concerns you see for the business impacting the growth, both in the short and the medium term? Thank you. Capital raising has been strong. That's also being helped by what I described earlier in terms of the quantum of money that is in the system at the moment. We've been favorably surprised, very pleased with the way that capital raising has gone through this year. From the moment that we ended up hitting the pandemic, people have still committed to funds. People have still been interested in committing to transactions, and that's been very positive. That's not only been the case on the alternative side of the business. We've also seen a lot of activity, of course, in the public investment side of the business too. That's good. I think we can continue to see that going. As Ben referenced in his presentation, there's more and more money flowing into the asset management sector. As part of that, there's more and more money flowing into both active strategies in the public investment side, but also alternatives. I think we're in a favorable period going forward. In terms of the risks that we're looking at, I think one of the things that we are a little bit concerned about, a little focused on, I suppose, in the alternative side of the business, is that the world has got used to governments intervening in everybody's lives. In terms of the amount of people that we have on furlough around the world, particularly in the Northern Hemisphere, the amount of engagement that the government has in terms of supporting people. There is a risk, of course, that that continues going forward, and that creates a competition between the public sector and the private sector, which I think would be unwelcome, but at the moment feels less likely than it did, perhaps at the peak of the crisis. I think continually the things to watch out for are regulation, the role of government going forward, and the importance of making sure that we continue to serve the needs of communities, because that's going to increasingly be a pressure point for all people that are operating in all the sectors that we operate in. Thanks. Just going back to my first question, do you see more new customers coming in and raising the funds or more going to existing customers going forward? We're doing very well from existing customers. There's a lot of capital that we raise from what we call re-ups. Yeah. Also we're seeing new people coming into with greater allocations to the alternative space in particular. Increasingly, every day you're seeing pension funds and sovereign funds making revised allocations to the alternative space. I think we'll see new customers coming through, but I think the success of the business is also going to depend very heavily on keeping the confidence of our existing investors to keep supporting us going forward. Okay. Thank you. Thank you. Your next question comes from Brian Johnson from Jefferies. Please go ahead. First off, I just feel compelled to say congratulations to Martin. What an outstanding job. I actually had four questions, if I may. I'll make them pretty quick. Can we get an update on the relationship between MIRA and Green Investment Group and this perceived probity issue between MIRA buying assets off Green Investment Group? The second one, if I could. You're saying that basically you've got this aspiration to be green by 2040, you still own 50% of the aircraft leasing book. I'd just like to understand how we can reconcile that. Does that mean ultimately you divest it or do you buy carbon credits to offset it? The next one is just on Waddell & Reed. When you actually have a look at it, the style of funds on slide 44 that Waddell & Reed does is all the pretty groovy stuff. It just doesn't seem to reconcile with the performance. Could we get an update on what's just basically happened in the last few months on the assets under management in Waddell & Reed? The final one is under the real estate section. You talk about bed, sheds, bytes, and desks. Can we just get a kind of explanation of what you're targeting in that space? MAM and MIRA. MIRA and GIG was the first one. Well, thanks, Brian, and thanks for your comment. Much appreciated. I'll take the first two and then I'll get Shawn to answer the Waddell & Reed question and then get Ben to pick up the Real Estate one, if that's okay. The first one on GIG, it's very simple, really. When we acquired the Green Investment Bank, as it was called at the time, we split the various components of it between the asset management business and Daniel Wong's area, which he'll talk more about when he comes to it. The fiduciary side came over to us and the principal investing side, and the development side, if you like, went over to Dan. We obviously work together and share experience, but we don't buy assets that are developed by Green Investment Group on Dan's side to sell down into our funds. We avoid all those related party issues, and that's a policy that we've followed for many years now. Not buying assets off the balance sheet from Dan's development area. I don't think there is an issue that you're referring to, Brian. As far as the net zero commitment, the way that we've approached that is consistent with the Paris Agreement. If you are familiar with the Paris Agreement, what that's basically saying is, look, you have to be on a glide path to get to net zero by 2040, and each different asset class has a different glide path to get to that net zero commitment. Just because you have an asset that is carbon heavy or relatively carbon heavy today doesn't mean that you can't continue to own it. You need to make sure that you're on a glide path to deliver that to its net zero position, which is net zero position consistent with the Paris Agreement. That's what we're talking about. Each part of our portfolio will have a plan that will get us to that position by 2040, and that includes our aviation position as well. No, it doesn't mean that we'll have to divest those assets immediately, Brian, no. Maybe, Shawn, if you could pick up the Waddell & Reed point. Sure, Martin. Yeah, Brian, when you look at Waddell & Reed, the underlying investment capabilities that they have, there are a number that we think are very attractive and are very good complements to what we offer within the public investments business and specifically within the Delaware Funds, which are our U.S. mutual fund platform. In keeping with our stated goal to have strategies that help perform over rolling one, three, and five and even 10 years, there are a number of strategies and teams within the Waddell & Reed team and the Ivy Funds, fund family that are very attractive and we think are going to complement the rest of our Delaware Funds line up very well. From an AUM standpoint, we're very pleased to see that assets have been up since we started negotiating this transaction and are up since the announcement of the transaction back in early December. Waddell & Reed just recently posted their most recent quarterly and monthly flows. Very pleased with the progress that the transaction's making and do believe that post-close, we will be able to offer an even broader lineup of some very compelling and high-performing strategies to clients in the U.S. Brian, it's Ben here. In terms of your question around beds, sheds, bytes, and desks, what that really relates to is just, I suppose, an easy way for us to identify the sorts of areas that we're focused on. Really what they relate to are the areas where we think there are good thematics or trends, and that's where we're spending the vast majority of our time looking for opportunities, either as a core asset, core property asset manager or as an opportunistic developer of assets. If you think about beds, that's where you're identifying a particular market where there may be a real shortage of, say, rental properties for a certain demographic. What we'll do then is go away and develop, often with a management team, a platform there that allows us to build, to rent accommodation facilities for certain demographics in a market. That's really what they represent, and they're the areas where we think at the moment there are good thematics and where we have the right expertise and also, most importantly, the right partnerships to keep finding opportunities and drive growth. Sorry, can you just elaborate on the desks bit? Is that just office buildings? What is desks? The other three are kind of obvious, but what's desks? Yeah, sure. Desks is not so much office buildings per se, but it will be where we can do, say, a mixed use building where there may be a component of office space, and/or desk space that's suitable to that particular city or market and suitable to the demographics of the people, and the companies that we think are occupying that area. Thank you. Great. We have gone over. We've probably got time for one last quick question. Thank you. Your final question comes from Brendan Sproules from Citi. Please go ahead. Hi, good morning. I just have a question on the fee income trends within the MIRA business. My first question is on page 35, you show the base fees have been a little bit lower, averaging 90 basis points since FY 2017. I wonder if you could talk around the outlook for that. My second question is just on performance fees. You show on slide 34 that the equity under management up to maturity over the next five years is only 18%. I'm wondering how we weigh that up against, obviously, the good performance as you show in the chart next to it, where you've got almost a third of your equity under management already in performance fee territory. Dealing with the first question. What we're showing here is the average fees across the whole of the equity under management. Obviously that equity under management in the MIRA business includes private credit assets, and it includes real estate assets, and it also includes co-investment. What you have on those type of products is generally a lower fee load than you would get on the traditional infrastructure funds. When we take the blended average across the whole of that equity under management, you end up with a slightly lower average fee rate over the last five years than you've had over this prior period that I was showing here over longer periods. The point that's worth bringing out here, which I think is what you're getting at, is what does that mean with respect to the headline fees on our core products, so on our main infrastructure funds? What we've been seeing over time is that those base fees have been very robust and if we were to go back over a period of 10 years, you'd have seen the average fee level on those funds actually rising over that period. As I say, this is a blended rate for the whole of the equity under management. As far as the question you're asking on the performance fees is concerned, I think you were referring to the slide with the little pie charts on it. Worth explaining this a little bit more. The graph on the left-hand side is all of the equity under management that we have. The graph on the right is relating to the equity under management that has a performance fee attached to it. What we're seeing here is we've got, 35% of the equity under management that has a performance fee attached to it, which is just over AUD 100 billion in performance fee territory. This changes over time as we start to get close to the end period and start to monetize assets. As I was saying in the presentation, this is basically demonstrating that the portfolio as a whole is in very good health, and that we should feel reasonably confident, subject to what else happens, of course, as we move through time, of the performance fees into the future. Great. Thank you. Thanks, Martin. Thanks, Brendan. Thanks for the questions. Thanks, Martin, Ben, and Shawn. We're now going to move to Macquarie Capital. We'll hear from Daniel Wong and Michael Silverton. Before we do, as per MAM, we'll show a short client video. [Presentation] You've just heard some stories from our clients and our staff giving you their perspective on Macquarie Capital. Today, Dan and I, along with some of our senior management team, will give you an overview of Macquarie Capital and our strategic focus. MacCap is a unique combination of specialist advice and access to capital, with clients at the core of our business. We provide ideas and solutions to clients across the full suite of markets facing services, including advisory, capital markets, and equities sales and trading. We also invest the balance sheet to create opportunities. This investment in and alongside clients is across the capital structure and lifecycle from debt to development capital and equity. Through this combination of ideas and capital, we empower our people, clients, and partners to innovate and invest for a better future. Our business today is a product of decades of evolution. Many businesses incubated in MacCap have become substantial businesses in their own right and moved into other parts of the group. We continue to be a creativity engine within MacCap and for the group. Our business will continue to develop in response to market opportunity and where our clients and partners need us to go. Starting from the integrated business in Australia with its strong heritage and market position, we've moved into more focused offerings offshore. We've evolved by progressively moving from positions of strength into new adjacencies and geographies through both organic growth and acquisitions. Today, we are a global business structured into three distinct divisions, each with a specialized focus. Infrastructure and Energy focuses on infrastructure, renewables, and the energy transition. Advisory and Capital Solutions provides advisory, capital markets, and principal investing solutions to targeted client segments and sectors. Equities, with its focus and strong position throughout the Asia Pacific region, came back into MacCap last year. The combination of that business working together with our market leading business is incredibly powerful, as demonstrated by how we raised AUD 0.50 out of every dollar for ASX 100 companies in 2020. A core part of our agility in delivering solutions is our people and our culture. Over to you, Dan, to cover what makes the team so unique. Thanks, Silverton. Macquarie Capital is a large global team of over 1,800 people spread across 28 countries, spread across all regions reasonably evenly, as you can see there. This is a diverse team of almost 50 nationalities speaking over 45 languages. We also have a diverse range of professional backgrounds to drive our business activity. We have people on the team with operational experience within our key sectors of focus, such as in renewables or infrastructure or technology. We have development and construction experts, and these are engineers and geologists and project managers. We also have principal investment specialists and advisory and equity specialists, too. It is this combination of financial and transaction expertise with deep technical and industry expertise that I think makes Macquarie Capital unique. It enables us to deliver for our clients and partners and also superior returns on our investments. Critically, there is also our culture. This is the entrepreneurial spirit of MacCap and our team that helps us to identify opportunities and be accountable for driving them forward with urgency. We've also been doing this for a long time. Our leadership team has been working together on average for over 15 years. Macquarie Capital is in the principal investing business. We currently have over AUD 13 billion of balance sheet deployed. Risk management and risk culture are absolutely central to the way that we do business. Fundamentally, in Macquarie Capital, our team owns the risks that we enter into because we consider it a privilege and a responsibility to invest the balance sheet, and we're really conscious of that. Our transaction team, together with independent oversight from the Risk Management Group, undertake fundamental analysis to understand each project or each business or counterparty we enter into business with. We try to mitigate all of these risks to the extent possible. We try to understand worst case scenarios so that we can manage our risk exposures all the way through the life cycle of the investment. Then we look at the overall portfolio, and we apply a macro stress test to it to ensure that the risk profile of our overall investment doesn't change beyond our expectations during the period of ownership. This gives us confidence in the investments that we've entered into and that the overall portfolio is in good shape. Of course, we invest in real businesses and real assets, and in many cases with the development and construction projects, we have hundreds if not thousands of people on site. As a result, we manage our non-financial risks really carefully as well because this is the responsibility that comes with running real life companies and projects. WHS&E is an absolute priority to the way we do business, along with anti-bribery and corruption, operational risk and compliance, and other non-financial risks as well. These are all essential for us to have an enduring and successful business for the long run. Turning our attention now to the Infrastructure and Energy Group. I'll shortly be joined by Mark Dooley and Kate Vidgen, but let me start by explaining where we're positioning the business. At the beginning of 2020, we were confident that we had built a business around three global mega trends that provided a long runway of opportunity where we can add real value to our clients and communities. These key themes were decarbonization, digitalization, and urbanization. Here we are now at the beginning of 2021, and this feels even more true now. Governments are accelerating their ambition, and they're investing in their countries to build back better. They're backing their words with enormous stimulus plans. Infrastructure sits at the very heart of these plans because infrastructure is an enabler of growth and productivity and is a way to strengthen communities and also level up communities. As we know now more than ever, the importance of digital connectivity, because in the past year, both people and industry have relied intensively on the digital infrastructure to connect themselves and to transact on. Then there's the global energy transition, which already was accelerating, but now has been supercharged with initiatives like China's commitment to reach net zero by 2060, as well as President Biden's plans to decarbonize the U.S. In all of these areas, there is a big role for private capital because governments cannot possibly fund it all themselves. Where we position the IEG business is right at the front end of all of this. That is building the new infrastructure that the world needs. We meet this opportunity and challenge in IEG with a team of technical and industry experts who specialize in the development and construction of these real assets and real projects. Whether it be the offshore wind farm that we are constructing in Taiwan at the moment, or the fiber network we're rolling out in rural Spain, or say, the Silvertown Tunnel that we're digging under the Thames River in London. We really believe that our activity in these areas is contributing to building a lower carbon and more connected world, and we're building this better future one project at a time. Let me take a moment now to talk about where and how we work in these markets, and to explain a little bit more specifically what our role is. We position the IEG business at the development and construction end of the asset creation journey. What this means is that we take projects from the first dollar of investment towards construction, and then through construction into operations and the first dollar of income. What this means is leading a project through the higher risk and higher return development phase, and then eventually delivering a de-risk operational project into the hands of longer term investors, who want to hold these investments for long-term yield. This is a model that we apply across all different types of projects, whether it be a bridge or a solar project or a commercial scale battery. It's a similar concept across these different industry sectors. There are many examples of this, but as you can see on the screen here, we've got a few pictures of our Murra Warra Wind Farm, which is located in Horsham, in Western Victoria. This is a project that we developed from 2017 with our partner, RES. We acquired this wind farm during the development phase. Through this phase, we measured the wind, and we assembled the debt and the equity required to fund what was ultimately the construction. We also pulled together the long-term power purchase agreement, which we signed with the utility company, Snowy Hydro. We also arranged the EPC and the wind turbines to ultimately construct a 429 MW project. This project will generate enough clean energy to power the equivalent of 420,000 homes in Victoria. With that introduction and example of how we create assets, I'll now turn to some other examples of how we are working with clients and partners. These clients and partners can range from governments and cities who set the direction and create the investment frameworks and specify the needs of their communities. It also includes investors. These are the infrastructure funds, the pension funds, insurance companies who are looking to invest their dry powder, which is well over $200 billion at the moment. These are long-term investors looking for long-dated assets yielding stable returns. There are the project partners ranging from EPC firms or developers, utilities or large industrial companies who we partner with to develop projects. We organize the Infrastructure and Energy group into three main businesses. Firstly, there's our infrastructure advisory team. This team advises our clients on buying and selling Infrastructure and Energy companies and projects. It's M&A. This business is a market leading business. It's a world leading business. We're ranked number one in the league tables in global infrastructure as well as in renewables advisory. This team was recognized last year as the world's best investment bank in infrastructure by Global Finance Awards. Secondly, we have our infrastructure projects and principal team. This is the team that works with a combination of government and construction companies to deliver PPPs as well as private infrastructure. This includes things like transportation infrastructure, social infrastructure, and importantly, now digital infrastructure as well. At the moment, this team has over 15 projects under construction around the world, with a total of over AUD 10 billion worth of contract value. This team's growing not only in terms of projects that it's doing, but also moving into new regions such as in Latin America. Thirdly, and very importantly, there is also our renewables investment platform, the Green Investment Group. Now I'll hand over to Mark Dooley, who'll talk more about the GIG. Thanks, Dan. Macquarie acquired Green Investment Group in 2017. Three years later, GIG and its mission to accelerate the green transition are going from strength to strength. We're now a global business with investments and operations in over 25 markets and a team of more than 450 green energy experts. These people bring a rich diversity of niche skill sets, and we are having great success in mobilizing those skills out of established markets and into newer markets. I want to highlight two themes that show what our business is about. First, we are one of the largest renewable energy developers and principal investors on the planet. In the last three years, we've invested or arranged a total of around AUD 12.5 billion to support green energy projects across the world. We currently have more than 250 projects in development and construction, and a global development pipeline of more than 30 GW. That's the equivalent of more than half the total generation capacity in Australia's national energy market. We're developing those projects with some of the world's leading industrial firms in the energy space. We're also very excited about our own specialist development platforms, the latest of which, Cero Generation, was launched last week as our European solar development business. Through these specialist vehicles, we bring technical expertise in areas like solar and the local presence that successful development is all about. Our second theme is supplying green energy products to our corporate clients. The last couple of years have seen a virtuous wave of community expectation that businesses should operate in a sustainable way. Businesses have heard this message, they've made commitments, and they are looking for the green power that will enable them to deliver. GIG has positioned itself to meet this demand. We have now secured long-term corporate power sales for over 3 GW of renewable energy projects currently in construction or operating. You can see on the slide the kind of household names we are already providing green energy products to. We're also continually moving into new technologies to advance this energy transition. I'll now hand over to Kate Vidgen to cover some of those. Kate? Thanks, Dooley. GIG has come a long way, and it continues to accelerate. We're evolving our business model because established renewables alone are not enough to facilitate the world reaching net zero by 2050. We see real opportunity in the energy transition space. That's why we're pioneering the energy transition beyond renewables and are focused on technologies like renewable hydrogen, CCUS, and distributed energy, all of which are available today, but have not yet been rolled out at scale and are critical for deep decarbonization. What we're doing is about reaching net zero and turning the brown green. As we move into this decisive decade, these technologies are not only investment opportunities in themselves, but increasingly, they're embedded in large industrial and energy companies alike. As well as investing in battery storage platforms like esVolta and companies like Enphase Encharge, we're proactively looking at driving decarbonization from within these companies and assets. Our work to find decarbonization solutions for the Port of Southampton in the U.K., where we're exploring a hydrogen super hub, is a good example of the way we're working with partners and clients to accelerate the energy transition. One area we're particularly focused on is green hydrogen. Green hydrogen is made by combining renewable energy and water in an electrolyzer. 2020 was a watershed year for green hydrogen, and its prospects were boosted by COVID stimulus packages. For example, the EU announced a target of 40 GW of electrolyzers to support green hydrogen production by 2030. This is more than 160x the current 250 MW installed globally in the sector. Not only does this accelerate the sector's development and the potential for a new business for us, it also supports our current GIG platform, given the EU target would require more than 100 GW of additional renewables alone. If you consider Macquarie's existing strengths, we're uniquely positioned to invest across the value chain in green hydrogen by leveraging our asset development and management expertise with our commodities, finance, and trading capabilities. This means hydrogen is going to be a big part of Macquarie's energy transition story. With that, I'll hand back to Michael Silverton. Thanks, Kate. Now moving to our Advisory and Capital Solutions business, which is about bringing together ideas and capital to support our clients' growth ambitions. Our business is one of focus. We focus on areas of differentiation and niches where we form market leading positions over many years. Whether it's our broad and deep business in Australia, our global focus on financial sponsors as clients, or increasingly, in specific industry niches. One of those sectors is education, and you'll hear more from Sam Shah on that shortly. Like MAM and IEG, we've actively positioned the ACS business around structural long-term trends. One such trend is the growth of private capital, where assets under management have tripled in the last decade, presenting an opportunity for us to match that capital with the deal flow we see on a global basis, accessing the world's best investors. Technology is reaching across all sectors, and we collaborate across our teams to identify trends and changes in business models that will drive the next evolution of our economies. Lastly, our principal investment capabilities are flexible and unlock a range of solutions for our clients. Our deep expertise allows us to invest across the capital structure and asset classes. In the first three quarters of this fiscal year, we've committed AUD 3.4 billion of investment. Shortly, Florian Herold will put some more context around the ACS principal finance business. Macquarie Capital is not a reactive business. We bring opportunities to our clients and then help to realize them. Our capabilities in ACS align well with the needs of corporate clients, financial sponsors, investors, and entrepreneurs. We operate as a trusted advisor to corporate management teams and boards of some of the world's largest companies at key inflection points in their corporate life cycle, such as advising on TPG's merger with Vodafone Hutchison Australia, or working with thyssenkrupp, the supervisory board of thyssenkrupp in Germany, on the sale of its elevator technology business. We provide institutions with access to deal flow and ideas, whether it be public or private markets. In this vein, private equity is a core constituent of our client base, particularly in the Americas and Europe. We're active in supporting sponsors with debt underwrites or lending and partnering with them through principal capital. To underline the opportunities we're showing to clients, we're currently working on more than 80 sell side transactions globally across ACS. We also connect sponsors and all our clients with the capabilities of the broader Macquarie Group. For example, working with our colleagues in CGM around hedging. We also have a long heritage in supporting growing companies and their founders. It's particularly rewarding to work with companies from the earliest days to help them craft their story, build their business, and see them succeed over time, allowing both of us to grow together as they achieve their ambitions. This is no more evident than when we're working with entrepreneurs to grow businesses from scratch, connecting the dots to help them grow their customer base and engage with peers globally. Nuix is a successful recent example of that in action. I mentioned technology-enabled innovation, it's really a key theme for us across all client groups I just referred to. As the environment has changed, it's no longer as simple as having a technology and software coverage team. Deep expertise is really essential. We see vertical software and technology emerging within sectors. Increasingly, we also see a blurring of the lines between sectors as technology redefines traditional boundaries and business models. We've been engaging clients across all sectors and advising on technology-related activity. In fact, looking at our advisory revenue for the first three quarters of this year, over half our fees have come from working with technology and technology-enabled businesses, reaching across all industry sectors. Nearly half of our direct lending commitments in the Americas has been to technology-enabled companies. We work across all teams to identify trends to bring our perspective to help clients stay ahead of disruption and be innovators themselves. We're working with many of our clients embracing technology to create a positive impact. Whether it's a new financial technology, such as working with investors on MoMo Vietnam's number one e-wallet company, or facilitating better delivery of services to governments via next gen technology solutions provided by our clients, such as advising CSRA on its combination with General Dynamics. We see ourselves playing an important role connecting our clients across industries in the globe as they look to help communities keep working, communicating, playing, and learning. In June this year, we're planning our first global Macquarie Technology Summit for investors and entrepreneurs and our people. Overall, we are proud of our ability to innovate and work with clients looking to do the same. We seek to provide some of that innovation back to the broader Macquarie Group and work with all of the other operating divisions and teams to deliver new ideas. Technology is another dimension to the purposeful investment that is taking place right across Macquarie. As an example of that in action, Sam is now gonna talk about the education sector, where we've built out from a small advisory team covering a fragmented sector to financing and cross-border advisory, to being a principal investor in some of the most dynamic growth businesses in the sector. Thank you, Michael. Technology is driving a paradigm shift in education. Both demographic drivers and the rising middle class globally are driving insatiable demand for best-in-class education solutions throughout the educational life cycle. Recent social distancing requirements have only accelerated that trend. Macquarie, with its leading education sector expertise, has been incredibly active globally as part of this trend. As both advisor and investor, having invested over AUD 0.5 billion In balance sheet capital while also serving as M&A advisor on over AUD 20 billion of transactions and leading capital raisings in excess of AUD 15 billion. Our point of differentiation is simple. It's the ability to work with companies across their own life cycles, working with startups all the way to multi-billion dollar platforms across multiple disciplines. Whether it's K-12 education, healthcare training, or worker upskilling. One particular example of this is our work with Penn Foster, a leading online education platform focused on skill-based training. Penn Foster's mission is to enhance students' lives through the acquisition of skills and credentials that can help them advance in their chosen career field, start a new career, or pursue lifelong learning. Macquarie invested in the company back in 2018 through a preferred equity instrument, helping it fulfill its mission of closing America's skill and socioeconomic equity gaps. In 2020, Macquarie served as sell-side advisor to the company, helping it navigate the COVID landscape, all while identifying a new investor to help accelerate the company's future growth. Penn Foster follows other successful education realizations for Macquarie in the education sector, including Trilogy Education and Laureate Education. All are great examples where we've been able to add value to clients and partners by helping them identify growth opportunities and connecting into our deep network of global relationships. I will now hand over to Florian, who will cover our Principal Finance business in more detail. Thanks, Sam. With our principal focus alongside the advisory and capital markets capabilities, we create tailor-made solutions for our clients and counterparties using our own balance sheet. Macquarie, of course, has a very long history as a principal investor for many decades, and within this legacy, our dedicated team has been operating for more than 12 years now. Solutions across the capital structure, debt and equity, to corporate clients, to real estate counterparties, and we bring an investor mindset to judging risk and return on a long-term basis. We also bring the expertise and the insights that sit within Macquarie Capital to all the transactions we're involved in. We operate globally with a dedicated team, and our portfolio currently stands at AUD 8.7 billion, as you can now see on the next slide. The portfolio reflects the breadth of our approach. It's more heavily weighted towards corporate exposures at the moment, but with a meaningful portion in real estate as well across all regions globally. The solutions we provide are very wide-ranging, but there is a high degree of alignment with the focus areas within Macquarie Capital. Technology and services, for example, were already mentioned earlier. Our main area of activity is private credit. It's the largest portion of our portfolio, as you can see here. This is where we provide senior debt, unitranches, junior debt, or structured credit solutions to clients. When the market opportunity exists, we buy existing debt in the secondary market. We're also a private equity investor in sectors and areas where we have specialized expertise, sometimes as the sole buyer of a company or a building, and sometimes in conjunction with other investors. Nuix was already mentioned. The opportunity for us to back interesting technology companies with growth equity is substantial for us around the world. In aggregate, we continue to see significant opportunities across all these areas, and we can adjust to changing market conditions as needed. With this, I'll hand back over to Michael and Dan to close the presentation. Thanks, Florian. In closing, we feel we're well positioned in MacCap to continue the story of innovation and adjacent expansion that has defined our business for more than 50 years. Our franchise is closely aligned to transformative trends that will define economic activity over the next decade and beyond. Energy transition, technology and digitization, and the infrastructure imperative that comes from population growth, all underpinned by growth in capital-seeking returns. Our approach is defined by working with clients at every stage of their journey, matching their entrepreneurialism and delivering flexible solutions as their needs evolve. All of this continues to be underpinned by our ability to deploy Macquarie's balance sheet to accelerate opportunities for clients. Daniel, over to you. As you can see, Michael and I, and the whole Macquarie Capital leadership team are really optimistic about the future for Macquarie Capital and our future business. With that, I'll hand back over to Sam for some Q&A. Thank you everyone for your time. Great. Thanks, Michael and Dan, team. We've got Michael, Dan excuse me, and Florian on the line. We've got about a little bit less than 10 minutes for some questions. I'll hand over to the operator. Thank you. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Your first question is from Richard Wiles from Morgan Stanley. Please go ahead. Good morning. I actually had a question in the previous section on asset management. I don't have one at the moment. Okay. Thanks, Richard. We'll go to the next question, please. Thank you. Your next question is from Brian Johnson from Jefferies. Please go ahead. Just while we've got the opportunity. I was just wondering, the AUD 3.4 billion of allocated capital in MacCap, could we get a split on that between the Principal Investments business and the other businesses? Sorry, Florian or Silverton, do you want to answer that? Sure. The AUD 3.4 billion that's referenced, Brian, that's in relation to the Principal Finance business. Within ACS. That's across our debt, our growth equity business, and all the strategies that Florian mentioned before. It's correct to think that the ECM, the M&A, and the DCM is kind of very small. It's principally the principal investment-type businesses. Well, with the M&A and ECM, that is covered separately, so it's purely the principal capital that we've deployed from the balance sheet in that AUD 3.4 billion. It's not the transaction sizing. Thank you very much. Thank you. Thanks. Maybe, just checking if there are any other questions on the line. Richard, we don't have Martin or Ben on the line, but Shemara and Alex could probably answer your question if you like. Just wait a moment. Thank you. Your next question is from Richard Wiles from Morgan Stanley. Please go ahead. Okay, thanks Sam. I'll go ahead and ask a question that I've wanted to ask. Thanks in relation to asset management. Perhaps Shemara can answer. I was really just interested in the comment about the objective for the group is to advance our public investments platform. You've obviously recently made the acquisition of Waddell & Reed Financial, Inc.. To see integration of that business prevent further wealth management acquisitions or asset management acquisitions in the near term. Shemara, in the past, you've made some comments about it being interested in growing new business in Europe. Does that still stand today? Yeah, Richard. The short answer is yes, because as you've seen, we still have good surplus capital and good funding position, and that's available to back all our businesses in where there's the opportunity. In the public markets business, now that we have the operating platform in place, particularly in North America with the ops, the legal, the compliance, the distribution teams. If we bring on new assets, we get great scale benefits there. You've seen we made the Foresters acquisition before the Waddell & Reed Financial, Inc. one. We're certainly open to, if we can find accretive acquisitions on good terms, doing that again. In Europe, we brought the ValueInvest team on board, so we can support new boutique teams as well. In terms of a platform in Europe, yes, we would like to acquire a platform, we probably have been looking since we did the Delaware investment, and we haven't found an opportunity that fits nicely and is available on accretive terms. We certainly, as a house, are open to supporting them in business in looking to grow in any of those areas. Okay. The Waddell & Reed integration in the near term doesn't prevent you or reduce your appetite for other types of acquisitions or other acquisitions in asset management? Probably for the next year, particularly, Shawn and the team will be very focused on bringing the Waddell & Reed teams, but also the assets and the clients together, including with LPL. Probably in the short term, but we don't see anything in our sights at the moment on the scale of a Waddell & Reed, to follow on with. Smaller things in terms of bringing on little teams or smaller acquisitions the size of Foresters, we have the capacity to do. Larger ones, even if we were ready, we're not seeing anything imminent. Over the medium term, we'll continue to be there to support the business if they see opportunities like that. Yeah. Thanks, Shemara. Thanks. Thanks. We've probably got time for one more question on the line. Thank you. Your next question is from Andrew Triggs from JP Morgan. Please go ahead. Thank you. Just a question on the Green Investment Group. We saw press last night, I think on the auction results for the U.K. offshore wind farm leases, which reported record highs. In a practical sense, what impact does this have on the business? Does it make developing new projects more challenging, or is it, in a way reflective of ever higher prices for the eventual sell-down phase of the development project? One second. Yeah. Thanks, Andrew. It's Daniel Wong here. Yeah. Overnight, we announced, or rather, The Crown Estate announced, a number of successful bidders for seabed lease off the coast of the U.K. We, with our partner, Total, were successful in securing some of that. Now, specifically in terms of the process, we bid for the right to access the lease. That's the beginning of the development journey, which is expected to take a number of years. In terms of the competitive dynamics of development, I think it's probably important to take a few steps back. The first step, as you probably see in the chart that I put up before, the first step is actually in securing the land, or in this case, the seabed. There's a multi-year journey to secure other things such as wind studies as well as, in this case, bird studies, to make sure that the construction of the project is actually suitable for the natural environment there. There's the whole securing of interconnection agreements and then offtake, as well as the important construction and EPC contracts as well. We see that as a multi-year journey. It's not just about the deployment of capital, it's actually about doing the development well. The last thing I'd say is we are seeing a lot of interest in renewables, both in terms of de-risked operational projects, but also through construction. What that means for us is that as we move through the development journey, as we deliver these projects, we're optimistic that the value that we create through doing that well is actually going to be good for the Macquarie Capital and GIG business. Thank you. Just to follow up, the new Biden administration, thoughts on what that might mean for renewable investment in the U.S.? Yeah, the big picture there is plainly, it's come out with some big announcements and some big appointments, not least the commitment to rejoin Paris. I think the big picture there is the general climate for decarbonization in the U.S. is much improved and we're optimistic about what that might mean for the medium term. I think it's fair to say in the U.S., the opportunity in terms of renewables and renewables development is very much driven at the state level and across a number of the U.S. states. There have been favorable regulatory and government environments driving forward renewables development. Importantly also, it's the corporates that are wanting to decarbonize their own supply chains and through their demand for clean energy, that's actually driving the development of solar and wind there as well. I think in combination of the Biden administration as well as a number of good policies already in place and demand from corporates, we feel quite optimistic about the U.S. It's for that reason we have a large solar development business there that is known by the name of Savion. We've also just recently invested into a U.S. battery storage developer as well, and we're really excited about moving into battery storage, too. Thank you. Great. Thanks for that. Thanks for the questions. Thanks, Dan, and thanks, Michael. We'll now hear from our Corporate Operations Group led by Nicole Sorbara. Before Nicole gets up to talk about COG, we'll hear a short video listening to the client's perspective of COG as well. Thank you. [Presentation] Thank you, Sam. I'm pleased to be here today to update you on the Corporate Operations Group or COG. We are the largest group at Macquarie with almost 4,500 people. We provide all of the technology and operational infrastructure and support across the entire group to ensure Macquarie is always open for business. In today's presentation, we are going to do a deep dive into two divisions within COG, Digital Transformation & Data and Technology. As you can see from this slide, there's a breadth of services that we offer. Our operations team provide critical trade support for the CGM business and other enterprise-wide operations functions. Our human resources team partner with all of the groups across Macquarie to ensure that we can attract, develop, reward, and retain the best talent. Our business services team look after all of our global workplaces, including the Sydney Metro Martin Place development, procurement, and business resilience. We also have a strategy team and the Macquarie Group Foundation. We are a global team, as I mentioned, with almost 4,500 people, and our largest presence is here in Australia, and we have a large team supporting BFS. We also have a large presence in Asia with two big offices, one in the Philippines and one in India. 75% of our people are aligned to the businesses that they support. You can see from this slide, we have deep specialist expertise, but the largest population within COG is within technology. COG was formed eight years ago in 2013, and over the last eight years, there's been a huge amount of investment, and we've fundamentally changed and improved the services that we've delivered. We've been able to do this by continuing to invest in our people, in building capabilities in all of our people, and you'll hear more about that today. We also go to market to hire the best talent when we need to. For example, in 2016, we hired a new CIO, who you will hear from shortly. We've had a huge investment in the workplace, and this includes our buildings and also workplace technologies. Over the last years, a significant investment in technology. Now, we have been an early adopter of cloud with our Cloud First program in 2014. When you hear from our CIO, you'll hear about the benefits that that is bringing to our business. Now, the same time, we have been partnering with all of the groups across Macquarie to deliver a significant program of work, which you can see on this slide. That has ensured that each of the groups can capture the opportunities and deliver better outcomes for their customers. This transformation of COG has been self-funded, and in the period five years between FY 2015 and FY 2020, we have generated AUD 132 million of efficiencies. What we have done each year is we've decided to reinvest those efficiencies back into the Corporate Operations Group to improve our services, reduce risk, and also move our people up the value curve and deliver different services as well. When I was last here presenting three years ago, I mentioned that our total technology investment was AUD 1 billion. That is a combination of people, the technology, the infrastructure, the applications, and market data. In FY 2020, that has now grown to AUD 1.3 billion. About 90% of that amount is invested in change activity. This is really important to ensure that Macquarie is capitalizing on digital acceleration. We see this level of investment continuing in the medium term. Now, we are responsible for managing a material portion of operational risk across the group. It is also pleasing to see this investment has reduced the number of high-rated incidents as well. Now, COG has been and continues to lead Macquarie's response to COVID-19. It's the investment that I just spoke about, plus a long-standing culture of flexible working and the resilience that we have built in our people, in our technology, and in our operations, which has ensured that we were able to rapidly transition 98% of our people to work from home without any interruption at all to business. We have a deep specialist global security team who provide us with proactive risk assessments. Our operations team have certainly not missed a beat, particularly during the periods of high volatility and high volumes, with risk measures also improving. Critical to our response has been the health and safety and wellbeing of our people, and our human resources team have been instrumental to our response. They have adapted all of our learning offerings for our leaders and people managers and staff across the group, and they've been very agile. We were the first to move to online virtual recruitment within a matter of days. We've continued hiring throughout all of 2020. We've onboarded over 2,500 people virtually over the last year. Our Macquarie Group Foundation team has also been very busy with the AUD 20 million COVID Relief Fund. Finally, as Shemara mentioned, 82% of our offices are already approved to return to office. Our corporate real estate teams and our business resilience teams have been very busy ensuring that our offices are safe to return to and our staff are also prepared for the return. As I mentioned, despite the disruption caused by COVID-19, it's the investment that we have been making for many, many years to build the resilience in our people operations and our technology, which has been really instrumental to the business results that you have heard about this morning. It has also allowed us to stay deeply connected with our customers. As Shemara mentioned earlier, we had a global staff survey at the end of last year, and our staff tell us they have felt well supported, but also remain as productive and as innovative as they were pre-pandemic. Looking ahead, all the divisions across COG are focused on these three areas, and that is ensuring that we have the right leaders, we have deep strategic and cultural alignment throughout our entire group. We continue upskilling everyone, and also supported by a continual investment in technology. Essentially, we have almost 4,500 people operating this way, and it's the summation of what they do day in and day out, what we call the two percenters. They are empowered to go out there and find the opportunities. It's these two percenters that together add up to make a big impact, which is transformation over a period of time. We adopted this approach back in 2018 when I created a new division in COG called Digital Transformation & Data. This division helps the rest of COG build capabilities and also helps the rest of COG be able to identify the opportunities for digital acceleration. This division is also now helping other parts of Macquarie. I'm now going to hand over to Adam Prettejohn, who heads up this division, and then he will shortly hand over to Justin Moffitt, our CIO, who will update us on technology. Thanks, Nicole. Our Digital Transformation & Data division is focused on enabling on-demand digital services within COG and across the broader groups. At the core of this is providing our people with the skills to transform how each of us operates every day. From using design thinking that puts the client at the center of everything we do, to analytics to enable data-informed action, and continuously improving our operational processes through the elimination of failure demand, all to ensure we are focused on getting it right for the client the first time. Over the past year, thousands of our COG team members have been learning these skills and embedding them every day into our transformation programs. These programs are delivering on the 2- percenters that Nicole mentioned earlier. Two examples of these are our HR Hub and our operations data program. The HR Hub is one of a number of new digital solutions we are building within COG. It is being built in partnership with our technology and HR teams, and since its launch in July last year, almost 10,000 employees have performed over 48,000 actions on the platform, from managing their leave through to requesting feedback from internal stakeholders and clients, right through to completing our year-end review appraisal process. By enabling on-demand digital solutions such as these, HR are not only providing a great experience for their clients, in this case, our staff, but are also increasing their own operational efficiency at the same time. The second example is how we are using data science to transform our market operations. As part of our institutional client process, we regularly review which clients are active and which ones are potentially becoming dormant. Traditionally, this has been quite a resource-intensive process, requiring input from numerous groups, access to numerous systems and datasets, and compiling a list of recommendations for review and actioning. Using a combination of machine learning and eliminating failure demand techniques, we are reinventing this process, Reducing the number of data inputs required from 15 down to five, and further strengthening our regulatory processes at the same time. Turning to the coming year, we're continuing to focus on extending our future skilling programs for our staff, growing our digital platforms, and partnering with the operating and central services groups as we execute on our broader data and digitalization enterprise strategy, all with the purpose of delivering front to back data outcomes that enable us to better serve our clients while continuously adapting to changes in markets and regulation. I'm now going to hand across to Justin Moffitt, our Chief Information Officer, who will take us through how we're using technology to accelerate these outcomes. Thank you, Adam. Since the formation of the Corporate Operations Group, we've transformed Macquarie's technology risk profile by investing to modernize our systems, our networks, and our infrastructure, and increasing availability for our core systems to 99.9%. We haven't just been investing in technology. We've also been investing to upskill our people and make sure they've got the skills and capabilities that they need to be successful in the future. We've now had more than 750 of the technology team undertake industry recognized technology certifications. As Nicole mentioned, we are leaders in public cloud, and we were early adopters. We've now re-engineered more than 775 of our applications to run on public cloud in production, and that's increasing our agility in delivering new functionality, responding to market changes, new and evolving regulation, and changing client needs. All of this is delivered as a series of small incremental changes. The two percenters that Adam and Nicole talked about, the culmination of which is much larger scale transformational change. Let me bring this alive with a couple of examples. We partner closely with all of our operating groups, and we've been working with the Commodities and Global Markets Group to leverage big data technologies and deliver a new data and analytics platform. That platform is known as Quasar, and it's built on top of both open source technology and public cloud, and it's enabling our CGM business to analyze large amounts of data and to build machine learning models. Quasar analyzes billions of rows of international trade data, supporting decisions for our metals desk, whilst our index business have developed machine learning models that utilize more than 500 billion rows of trades and quotes. It's not just the depth of data, it's also the breadth. Things like traffic congestion, energy usage, international shipping and flight information, and even transcripts from investor meetings like this one are all available for analysis and model development on the platform. That means that CGM are able to deliver risk management products to meet the needs of clients. As many of you will know, our Banking and Financial Services group is a technology business, and we've been partnering to deliver substantial core banking upgrade and industry leading digital banking. Since 2019, we've been accelerating their data and analytics transformation. BFS is one of the first banks to have an integrated data harbor, which is running on public cloud. That data harbor brings together both the data storage and the analytics capability, offering flexible data aggregation, consolidated and sophisticated views of client data, improving risk management, and making it easier to deliver customized client experiences. It's all setting us up to deliver the next generation of banking. For example, we're using machine learning to protect our customers by detecting and preventing fraud across our home loans and asset finance businesses. As we've heard a couple of times today, digitalization is gaining pace across almost every market sector and workplace, and COVID-19 has only accelerated that pace. We've been investing for many years in web-based applications, virtualization, and remote working technology, and that allows our people and our clients flexibility in choosing how and where they work. Of course, as financial services and banking increasingly becomes digital, online, self-service, and automated, cybersecurity and protecting data has never been more important. We recognize that's one of our core responsibilities. We're responding by building capabilities within our own technology team, by deploying tools to detect and prevent advanced cyber threats, and by educating our people and our clients on what they can do to remain cyber safe. We've been using automation and eliminating failure demand to improve our own technology operations for many years now. We've been working really closely with Adam to bring exactly the same techniques into our businesses. Let's talk about a few examples. We've been partnering with Macquarie Capital and using new software as a service solutions which deliver business process digitalization and front to back automation. We've already digitalized many aspects of the deal life cycle, including hundreds of manual processes, improving risk management and efficiency. This is enabling MacCap to have a consolidated view of the deal pipeline. We've also been working to streamline the production of key financial and operational performance data. For example, we've been working with the Green Investment Group to improve the production of their green energy reports. We've also been collaborating with Macquarie Asset Management to automate their front-to-back processes and create a unified global platform to manage their public market investments. This new platform is the cornerstone of integrating new investments and simplifying the onboarding by bringing all of the investment data together into a single place. With smaller acquisitions, for example, ValueInvest in Luxembourg, it offers an established operational platform. With larger acquisitions, for example, Waddell & Reed that you heard about earlier, it gives MAM a competitive advantage by being able to onboard those new investments more simply and more quickly than they could have done previously. What's next for the Corporate Operations Group and Macquarie in terms of technology? Well, you've heard today that data is the foundation of how we deliver digital outcomes and digital experiences. We've been collaborating with each of the groups to drive a common framework and a standard approach to how we manage data across the organization. That's encapsulated in our Enterprise Data and Digitalization Strategy. This multi-year strategy builds on the foundations and investment that we've made to date in things like data culture, building capabilities, and data tooling. We're also accelerating, moving both our technology systems and business processes towards our target state data architecture, and that's really tightly underpinned by our enterprise data principles. What is it we ultimately want to do? Well, we want to make it simpler to be able to source, manage, and share corporate data assets across the organization and increase our agility in responding to market changes, new regulation, and evolving customer needs, and ultimately increasing the efficiency and reducing the operational risk of our front-to-back processes. I'm now going to hand back to Nicole, who's going to conclude. Thank you, Justin, and thank you, Adam. It's this investment that we've been making over many years and building the capabilities in our people, in our technology, in our operations, has meant that we have the resilience and also the adaptability that is required. This was certainly, and continues to be demonstrated through us leading Macquarie through COVID-19, and is instrumental to the business results and the updates from each of the groups that you've heard about today. While we are well-positioned, our work is certainly not done given the amount of change that continues to occur in the world. What we are doing is we are doubling down on this investment-led strategy so we can capitalize on all the digitalization opportunities out there for our customers, our people, our shareholders, and our communities. I'm now going to hand back to Sam, and we will be available for Q&A. Great. Thanks, Nicole. We'll go to the line for questions. We've probably got about five minutes for Q&A. We'll hand over to the operator. Thank you. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Your first question is from Brian Johnson from Jefferies. Please go ahead. Thank you very much for the presentation. A few questions, if I may. The first one is that when we have a look at the corporate center, there are 7,400 staff last time around, versus COG has got 4,400. I'd just like to get a feel about where those other 3,000 staff are. Second question, when we look at the numbers, we see the divisions as basically being profit centers and the corporate center as being a net cost center. I'm just wondering how we should think of COG. Is it basically a net profitable business that you get in the management accounts? I just want to understand how we should think about basically the profitability of it. Just the final one, today you're flagging an increase in the investment. Can we get a feeling on the policies with regard to capitalizing these investment programs? Thank you. Thank you, Brian. Let me kick off answering those questions. The first question, the 7,400 support staff. COG is the largest portion of that, as you mentioned. We have FMG, so the finance group, also the risk group and the group legal group. They make up the remaining portion there. The second question is, all of the results that you see, which Shemara and Alex talk about, is net of the allocation of the corporate costs. Alex, I don't know if you wanted to add anything more to that? I think that's a good description. Obviously, we allocate the cost from the center into the divisions in proportion to the way they use those services, Brian. I think Nicole covered it. The third thing. Oh, sorry, Shemara. I was going to add, Nicole, is Brian, you were asking whether we view it as a cost center or a profit center, and we view it very much as an important part of making profit. Whether it's investing technology solutions into BFS for what we deliver to customers, or it's our premises footprint, where COG really owns looking at that, particularly with COVID and how we manage all of that, or whether it's in other areas like HR and we invest in leadership. Which is very important as the business becomes much more distributed and dispersed around the world, COG is leading on that as well. We very much have each business viewing it as part of the investment they make to drive profit. That does lead into the third question in terms of the level of investment and spend and as our costs are all fully recovered from each of the groups across Macquarie that we support. There is a deep partnership between COG, myself, and all of the other group heads to ensure that there is a robust consideration of the level of investment. Some of that investment is on our recommendation in terms of, so for example, Justin gave an update on cyber. It is an area where there's increase in spend. Some of the investment is driven by the operating groups, and it's where they choose to make some of that discretionary spend, which we support them on. Nicole, maybe just to Brian's point about the capitalization policy, that the v ast majority of it is expensed on an annual basis. There's a little bit of capitalized software on the balance sheet, but in the order of sort of AUD 80 million-AUD 85 million, Brian, a very small amount that we've accrued over time. Most of that is expensed during the year. Thank you. Great. Thanks, Brian. Look, we have no further calls, no further questions on the line. With that, I'd just like to say thank you everyone for joining us today. Thanks for your interest. Thanks to all our presenters, particularly those in other parts of the world where it's very late. We look forward to catching up with you over the next couple of weeks. Thank you very much