Well, good morning, everyone, and welcome virtually to our FY 2021 results presentation. As per usual, we'll hear from our CEO, Shemara Wikramanayake, and our CFO, Alex Harvey. We do have some of our group heads here today, and some more on the line. With that, I'll hand over to Shemara. Thank you. Thanks, Sam, welcome everyone to our FY 2021 results presentation. As usual, I'll begin by looking at our business footprint across Macquarie. As you know, our business now comprises four main operating groups, our global asset manager, Macquarie Asset Management, our Australian Banking and Financial Services business, BFS, our global Commodities and Global Markets business, and our global investment bank, Macquarie Capital. All of these represent excellent medium-term franchises. Importantly, across the four, they give us good diversification through the whole variety of market cycles and external environmental cycles we face. In this particular year, you'll see that our market-facing business has stepped up to contribute 46% of our income, given the external environment, and the annuity businesses contributed 54%. Those four operating businesses are supported by four very strong support areas, our Risk Management Group, our Legal and Governance, our Financial Management Group, and the Corporate Operations Group. Now, before turning to looking at the results for the financial year, I'll just quickly take you through the COVID response, as we've done each presentation for the last few ones, given the continuing impact of the COVID-19 environment. Starting first with our employees, you'll see that 90% of our locations now are able to return to office. Our team has done an incredible job supporting us through a year where at one stage we had 98% of our people working remotely, like many of our peers across this industry and many others. We were able to support them with technology, also HR support in terms of leadership training to manage in a remote working environment, and with the physical infrastructure they need to do their jobs. Pleasingly, that has been manifested in a 5% increase in staff engagement at the end of last calendar year. Also with our clients, at the peak, we had 13% of the BFS clients on payment pause and receiving hardship assistance. We're pleased to say now, as many of our markets come out of this situation, especially Australia, we're down to 0.2% in terms of the retail book and none in our business banking book. We've been focusing on supporting our portfolio companies and our asset manager through this, and that has meant for businesses like our transportation asset, where the volumes are less at airports, making the facilities available for other things, or in things like communications infrastructure, really having to step up to support the much greater online operation of economies across the world. We've been able to support the 100 million customers that use our assets every day and the 170,000 staff who work in those assets. Finally, in terms of our communities, we've stepped up and made an AUD 20 million extra contribution to our foundation to help with COVID response, and AUD 17.7 million of that has been allocated with another AUD 1 million in this financial year now committed to India, where the COVID situation is particularly challenging. Our thoughts are certainly with not just our colleagues there, who are dealing with incredible challenge at the moment, but also the communities in India. Turning then to the results for this financial year, you'll see we've combined looking at both the half-on-half and the year-on-year on this page. In terms of the half-on-half, you'll see that we delivered a result of AUD 2,030,000,000 which was up 160% on the first half, really reflecting the year that we had in terms of the first two quarters being very impacted by the lockdowns due to COVID, that starting to release quite a lot in the second two quarters, particularly with the monetary and fiscal stimulus around the world. The full year result of AUD 3,015,000,000 was up 10% on last financial year, as we've said, it's a record earnings result for Macquarie Group. That was driven by a 4% increase at the operating income level, which then drove a 13% increase in operating profit before tax and a 10% increase in our after-tax profit. Our earnings per share were up 7%, and ROE down slightly from 14.5%-14.3%, and that was mostly driven by the increase in our share base as a result of annualizing the raising that we did during not last financial year, the one before, and also the issuance we did for MEREP and the discount on the DRP over last year. Looking then at a half-on-half what happened with the operating groups, they were all up in the second half apart from Macquarie Asset Management, and the result from the operating groups was up in the second half 68% from the first half result. Now, in Macquarie Asset Management, the reason the result was not up is because we had the European rail realization in the first half and slightly lower performance fee and other income in the second half. In Banking and Financial Services, where we had a period of strong deposit growth, but lots of customer assistance needed in the first half, as we went in the second half, we had very good growth in the loan books and also in the funds on platform and in our deposits, and that drove a stronger second half. In Macquarie Capital, particularly where the first half, as I mentioned, was quite subdued in terms of activity levels there as well as the market for, or the environment for asset realizations, we had a much stronger second half in both of those areas. We also were able to deploy capital over the second half and grow our debt finance portfolio. In Commodities and Global Markets, we had a stronger second half, both in terms of our risk management services, but also in our inventory management and trading business, where we saw increased dislocation in the second half. In terms of the year-on-year result, the operating groups in aggregate were up 12% on FY 2020. I'll go through high-level group by group, and then in more detail how that result was comprised group by group. Apologies. We're on slide 10 here. In Macquarie Asset Management, the result for this financial year was down on last financial year, and that was mostly due to the fact that the Macquarie AirFinance portfolio faced a very challenging environment in terms of particularly international travel recovery. We also had lower performance fee and other income compared to a record year last year in Macquarie Asset Management. We did benefit, however, from the sale of the European rail assets in the first half of the year. In Banking and Financial Services, the result was broadly in line with the prior financial year despite the environment that we encountered. That was principally driven, as I said, by growth in the loan volumes in both the home loan and the business banking area, and growth in our funds on platform, as well as deposit growth. In the annuity style contributions out of Commodities and Global Markets, we did have reduced volumes in specific sectors in our specialized asset finance business. That was down slightly. Macquarie Capital was down on the prior year, and that was principally due to, as I said, lower fee and commission income due to the reduced activity. We did have much higher ECM income in Australia, given our market leading position, particularly in the first half of the financial year. Investment related income also down due to less realizations, albeit improved performance of the portfolio, and we had lower impairment and credit charges. We got the benefit as well from our cost base reducing, particularly as we focused our equities business into the Asia Pacific region. Lastly, in Commodities and Financial Markets, as you've seen, the result was up there year on year. The big drivers there were performance in the risk management area, as I said, across resources, North American gas and power, EMEA Gas and Power, and agriculture. Then in the inventory management and trading business, we had good results, not just from North American gas and power in the second half, but also from precious metals and from oil in the first half. Then in the financial markets area, we had stronger results from foreign exchange, interest rates, credit, and equity derivatives. Altogether in terms of the financial performance, as I said, 4% up in terms of operating income, 10% up in terms of net profit after tax. Earnings per share up 7%, and the dividend per share was up 9%. I will touch on the dividend at the end of my section, but for the full year, the dividend amounts to AUD 4.70 per share. Looking at our assets under management, as you can see here, we ended the year with AUD 563.5 billion of assets. That is a 6% decrease. The biggest driver there was foreign exchange with the strong Australian dollar during this year. We mentioned previously that we had a reduction in contractual lower fee insurance assets. The AUM decrease from those was partially offset by the market movements, which mostly impacted MIM and then in MIRA, the investments in the MIRA managed funds. Looking at the diversification of our income by region, Asia continued to contribute about 10%, so 11% this year of our income. The rest of the income has been spread across the Americas, EMEA, and Australia. You can see the percents there, Americas 34%, EMEA 23%, and Australia 32%. Interestingly, in this financial year, the Americas again was the largest contributor, but also larger than Australia, as happened in 2015. Turning to looking at the earnings in a bit more detail group by group and starting with Macquarie Asset Management. You see here Macquarie Asset Management delivered a result of AUD 2 billion and 74 million. That was down, as I said, slightly down 5% on FY 2020. It represented 34% of the contribution from our four operating groups. Some of the features of the Macquarie Asset Management year, we ended up with AUD 142 billion of equity under management, and that was down slightly down 5%. That, as I said, was mostly due to FX impacts and also equity return to investors. We had a record year of fundraising with AUD 21.8 billion raised, invested AUD 14.8 billion, and then returned proceeds of AUD 7.7 billion to investors. Macquarie Infrastructure and Real Assets has ended the year with a large equity to deploy of AUD 29.9 billion. We've also laid out some of the assets in which the funds were raised or the funds in which the money was raised over the year. I'd also note Macquarie Infrastructure Company had a good realization of the IMTT business. We had the sale of the Macquarie European Rail business during the year. Macquarie AirFinance, as I mentioned, which we manage now 50%, manage completely and own 50% of, faced headwinds given what's happening in the airline sector. Looking at Macquarie Investment Management, the MIM business, we ended up with assets under management of AUD 367.1 billion. That also was down 4% and also driven very much by FX impacts. Also, as I mentioned, the reduction in contractual insurance assets, but we had positive net inflows, and we had good market growth offsetting that to an extent. The assets there or the funds continue to perform well, with 60% of AUM outperforming three-year benchmarks. Importantly, in MIM, as we've announced, we made the acquisition, which completed just recently, of Waddell & Reed. That will step up the scale of the MIM business materially as we go through the integration over this financial year, and it starts to contribute from next financial year onwards. Looking at Banking and Financial Services, as I mentioned, the result there at AUD 771 million was in line with last financial year's AUD 770 million. It contributed 13% of our result. The material things to note there is, as I said, the loan portfolio is up, home loans up 29% at AUD 67 billion now, and a good quality book being focused on there, and strong customer service focus across there. Also the business banking area up 13% at a book of AUD 10.2 billion. The funds on platform now have grown to be over AUD 100 billion, up 28%, and the deposits are up 26% at AUD 80.7 billion. The vehicle finance portfolio continues to run off of 16%, now at AUD 11.5 billion. Turning to Commodities and Global Markets in our market-facing businesses, the result there at AUD 2.601 billion was up 50% on the prior year. CGM contributing the largest contribution of our operating groups this year at 42%. As you know, it comprises both annuity style and market-facing businesses. In the annuity style businesses, the specialized and asset finance portfolio was down about 9%, but we had positive performance there from U.K. energy meters and also the technology media and telecoms areas. We also have mentioned that after the end of the financial year, early this financial year, we had the disposal of certain assets in our U.K. energy metering business, and that will be recognized in FY 2022. In the annuity style businesses, the lending and finance activity across resources, agriculture, oil and gas assets had mixed results. Certain sectors impacted by reduced volume and uncertainty linked to the macroeconomic environment. In the market-facing portion of CGM, we had both strong client activity across our platform. I mentioned resources, North American and EMEA gas and power, agriculture, partially offset by decreases in global oil. In the inventory management and trading area, we had dislocation across a range of sectors that, as I said, gave us good results in physical oil and precious metals in the first half and North American gas and power in the second half. As I mentioned, in the financial markets portion of that business, in FX, we had strong client activity across all our regions and trading activity in the U.K. and Australia, and also in the equity derivatives and trading business. We had a good contribution from trading activity there. Lastly, turning to Macquarie Capital, where the result of AUD 651 million was down 15% on last financial year, and the contribution was 11%. As I mentioned, this business, both in ACS and IEG, was impacted by the challenging external environment for both service-based work and also realizations in the first half. We continue to have a great global franchise being built in Advisory and Capital Solutions, and the Principal Finance business now integrating in there well with over AUD 4 billion committed in FY 2021, having the Principal Finance and Advisory and Capital Solutions work together, supporting clients there. Also, the equities business there, after we focused that business to the Asia Pacific region and made a strong commitment there, has stepped up its contribution materially. In infrastructure and energy, where we're the number one global infrastructure advisor, we maintained this position, had a good volume of advisory work in our PPP work. We're expanding into Latin America and emerging markets. We continued our principal investment in the green energy space with now over 250 projects with more than 30 gigawatts represented in them. That's the income portion by group. I'll turn to just looking at our balance sheet and capital numbers now. In terms of our funded balance sheet, we continue to have a strong balance sheet with our term funding exceeding our term assets. The deposits all up at AUD 84 billion, as I mentioned, about AUD 80 of that in BFS up 25%, and we raised term funding over this year of 21.6%. Turning to capital, the capital position are also strong. Our surplus over the APRA Basel III levels has reduced from AUD 9.4 billion to AUD 8.8 billion. In terms of the increase in capital, we had the second half earnings net of dividend contributing to that. In terms of absorption of capital, you'll see a material absorption there of AUD 2.3 billion, bringing us to that net AUD 8.8, which includes AUD 500 million of operational capital overlay, which will temporarily reduce our investment capacity. Looking at where that AUD 2 billion plus capital was absorbed in our businesses, as you can see in the first half, we were principally releasing capital out of the businesses, and absorbing it then into the second half as all of our businesses saw opportunity to invest. I would note that in the first half, AUD 1.4 billion of the step down was basically due to FX, which was offset by our foreign currency translation reserve. Over the year, if we net out the FX impacts, we've had an underlying growth in capital absorption of AUD 1.6 billion. Now, in Macquarie Asset Management, the Waddell & Reed acquisition has absorbed a lot of that step up of AUD 0.9 billion, and that will be a long-term investment. Equally, in BFS, where we've invested AUD 0.3 billion, that is an ongoing growth into long-term investment in the book. In Commodities and Global Markets, we invested in derivatives trading volume and adding loan commitments, which has increased our market risk capital. In Macquarie Capital, as I mentioned, the Principal Finance lending activity is stepping up now, particularly after coming together into the advisory and capital solutions team group. We're also making other investments into primarily green energy and infrastructure, offset by some realizations. In addition, the move of the group services entities from the non-bank group into the bank group has absorbed AUD 3.3 billion of capital long term. Our regulatory ratios remain comfortably above our Basel III minimums, and in particular, I'd note that our CET1 ratio is sitting at 12.6%. In terms of our dividend, the board, as you will have seen, has declared a final dividend of AUD 3.35, up from the AUD 1.80 in the second half last year, and that results in a full year total dividend of AUD 4.70, up from AUD 4.30 last year, 40% franking rate across all those dividends. The payout ratio then is 60% for the second half and represents 56% across the year, and the board continues to maintain its dividend policy of a 60%-80% annual payout ratio. The last thing I'd like to cover before handing over to Alex is some board and management changes. First of all, starting with the board. Our Chairman, Peter Warne, at the request of the boards of Macquarie Group and Macquarie Bank Limited, has agreed to stand for re-election as Chair of the 2021 AGM for one additional year, given his oversight of the ongoing process of board renewal as we have some step off and new directors come on, and as we face a period of global uncertainty which should abate into 2022. Over the course of 2022, the board will nominate a new chair and will advise shareholders in due course, and Mr. Warne intends to step down at the AGM in 2022. I would also note that Gordon Cairns, who has served on the board and made a massive contribution over the last six years, will retire as of today, as he previously advised in terms of his intention to retire. Turning to our management team. Following Ben Way's appointment as group head of Macquarie Asset Management, Verena Lim, who's an Executive Director, Senior Managing Director in the asset management business in Singapore, will succeed Ben as our Asia CEO effective the 1st of July 2021, and she'll join the Macquarie Management Committee together with Leigh Harrison, who's based in London and heads the Macquarie Infrastructure and Real Assets business globally. In Macquarie Capital, following the successful integration of the Principal Finance business into Macquarie Capital, Florian Herold has decided to step down from the Executive Committee also effective today. This coincides with his just having returned to London, where he's going to continue to lead the Principal Finance team, and he's very focused on consolidating the recent momentum in the very successful investing activity on that team, but with a lot more to be done to build on that. Macquarie Capital continue to be represented on the Macquarie Group Executive Committee by the current two co-group heads, who are Michael Silverton and Dan Wong. Dan has decided to relocate from London to Asia in the second half of 2021, where he'll continue his global role and be closer to the growing IEG team there in terms of investing activity and advisory activity in that region. Lastly, following Mary Reemst's decision, which we announced, to retire as Managing Director and Chief Executive Officer of MBL, she's kindly agreed to continue in her role as chair of the foundation for the remainder of 2021, particularly given the foundation head will be on maternity leave for a period and it'll give more stability to the foundation. Alex Harvey, our Chief Financial Officer, has kindly agreed to step up and succeed Mary from 2022, and they will be working through a transition. Speaking of Alex, with that, I will hand over to Alex to take you through the financial results in more detail and then return to discuss outlook. Thank you. Well, thanks very much, Shemara, and good morning, everyone. As is usually the case, I'll now take you through some more detail in relation to the results for March 2021 and some other matters associated with the financial management of Macquarie Group. Starting firstly with the income statement. I thought I'd start with the second half first. As Shemara Wikramanayake said, the second half benefited significantly from the improved economic climate around the world, the vaccine rollout, the opening up of economies, and obviously still the benefits of the fiscal and monetary stimulus coming through the economies. Operating income for the second half was up 31% on the first half of FY 2021. You can see the key drivers of that include an increase of AUD 637 million in interest and trading income, a significant reduction in credit impairment charges, down 93% from the first half, largely reflecting that improving outlook from a macroeconomic viewpoint. The other thing we did in the second half was release a centrally held provision that we were holding associated with a more difficult outlook. The other thing we saw in the second half was an increase in investment income up to nearly AUD 1.4 billion. Again, reflective of the fact that conditions for asset realizations across the year improved quite materially in the second half. Operating expenses for the half were up 8%, That largely reflects the increased profit share associated with the underlying performance of the group. Profit attributable to shareholders for the second half at AUD 2.03 billion, up 106% on the first half and a record result for the group. Turning now to the full year, you can see operating income for the full year up 4% from where we were this time last year. A key contributor for that was the interest in trading income up AUD 950 million. You can see fee and commission income down 11%, and that largely reflects lower performance fees coming through the group together with lower advisory fees in Macquarie Capital. You can also see a 46% reduction in credit impairment charges during the year. Couple of things there. Obviously, through the year, as I said, we saw an improving economic outlook. We saw a relatively low level of actual losses come through the group, and those two were partly offset by increased provisions associated with specific sectors, largely in CGM and Macquarie Capital, together with provisions that were taken for emerging risk, reflecting the fact that you've still got lots of government and monetary stimulus in the economy, and of course, an increase in the loan books that we saw coming through during the year. Investment income for the year was up 18% from where we were last year. As I said, operating income up 4% for the period. Operating expenses were basically flat, so we had an increase in employment expenses. You can see there on the P&L. That increase in employment expenses partly reflects profit share, partly reflects an increase in head count, particularly in the support areas, and also in BFS. Those increases were largely offset by favorable foreign exchange, together with lower travel and entertainment expenses generally across the group, consistent with the environment being, in fact, impacted by COVID-19. Income tax expense for the year, the effective tax rate was 23%, up from about 21% last year. Overall profit for the group at AUD 3.015 billion, up 10% from where we were this time last year. Turning to the first of the operating groups, Macquarie Asset Management. You can see a very strong performance given the challenging environment, down 5% from where we were in FY 2020. People will recall, I think FY 2020 was a record result for MAM. You can see the key drivers of the movement in result for the year. Base fees were down AUD 63 million. That largely reflects unfavorable foreign exchange movements, net of increased contribution from MIRA investing across the stable of funds as well as market movements that we saw in MIM. Performance fees were down 20% from FY 2020, which was quite a strong performance fee year for the group. You can see credit and other impairment charges up AUD 290 million, that largely reflects the partial reversal of the group's stake in MIC in the U.S. that we accrued in the second half of the year. Operating expenses down nearly AUD 60 million, benefiting from foreign exchange and that lower travel and entertainment expense I referred to before. On the right-hand side of that chart, you can see the transportation contribution to the overall MAM business. In terms of Macquarie AirFinance, down AUD 363 million. That reflects the full year effect of the joint venture that we've now got in place in relation to that business. That joint venture was established in our prior financial year. It also reflects the challenging environment that's continuing for aircraft leasing activity all over the world. We had lower shares of investment income coming through that joint venture. We also took some impairments associated with some of the assets in that portfolio. You can see that loss was partially offset by an increase in the Macquarie European Rail business, which reflects the disposal of that business in the early part of our financial year. In terms of the key drivers of the business, assets under management finished the year at AUD 562 billion. Obviously affected by the FX movements through the year. Also benefiting from market movements coming through the MIM stable of funds and in investing activity through MIRA. Pleasingly, we saw net inflow into the MIM stable of funds over the course of the year. Equity under management at AUD 142 billion at the end of the year. Pleasingly, we saw a strong period of raising across the MIRA stable of funds, nearly AUD 22 billion worth of new capital raised over the period of time, a record result for the group. Importantly, a diverse source of raising as well, both the fifth U.S. infrastructure fund, the third Asian fund, and we also saw inflow into our infrastructure debt product in that business. That was very pleasing to see the support continuing from clients all over the world. Turning to the second of our businesses, the Banking and Financial Services business, a really solid result in line with where we were last year. Obviously, a year of two halves, and I'll come to that in a moment. In terms of the overall result for the year, you can see personal banking up AUD 68 million. The key drivers of that were an increase in mortgage volumes during the year, average mortgage volumes up 27%, partially offset by further pressure on the deposit margins in that part of the business, and that decline in the motor vehicle leasing business that Shemara talked about before. You can see the business banking component of that business down AUD 60 million. Largely, that reflects the continuation of the deposit margin pressure coming through that part of the business, offset by a 14% growth in deposit volumes and a 10% growth in average business lending as the team has continued to support clients across Australia. You can see a growth in the wealth management business, which is largely reflecting the inflow of deposits that we've had over the course of the year. Pleasingly, we saw lower credit and other impairment charges, and that really was reflective of the improving macroeconomic outlook, particularly across the year, together with the lower support needed for our clients affected by COVID-19, particularly as the year progressed. Expenses and other were up AUD 55 million for the year. The team has been investing significantly in the platform, both in terms of the number of staff that are working to support the growth and the technology platform that underpins the personal banking, the business, and the wealth. There's been investment in those areas. We've also invested to support clients that were affected by the impact of COVID-19. Of course, the team continues to invest in the regulatory requirements of that business over the course of the year. We thought it might be useful, just given how significant the difference was between the first half and the second half of BFS this year, we thought it might be useful just to break down the movement between the two halves. In the first half, you can see, primarily, I guess down AUD 68 million from where we were in the second half of FY 2020. There was a couple of things happening there. You'll recall in the first half, we were carrying significant surplus funding, including drawdown of the TFF, the term funding Facility, in the first half. We're also providing significant support to our clients who are impacted by COVID-19. We saw that coming through in terms of the costs associated with the business. The other thing we were seeing is significant pressure on our deposit margins, particularly in the first half. If you then roll into the second half, it's quite a different result. Obviously up AUD 137 million from the contribution of the business in the first half. You can see the key drivers there being particularly the personal banking business, where average volumes are up 12% for the half. What the team were able to do is actually utilize that surplus funding that we built up in the first half. We saw slightly less pressure on our deposit margins. The other thing we saw in the second half, obviously, is lower credit and other impairment charges, particularly reflecting the improving macroeconomic outlook and that impacting our forward-looking indicators. The other thing we saw is less need to support clients that were affected from COVID-19 as they came out of that recovery, particularly here in Australia. A really strong result for the group in the second half of FY 2021, AUD 454 million. In terms of the underlying drivers, you can see, with the exception of motor vehicles that we've talked about previously, all the underlying drivers of the BFS business all heading in the right direction, which is incredibly pleasing to see. Turning to the first of our market-facing businesses, the Commodities and Global Markets business. As Shemara mentioned, a really strong year for the group, up 50% on where that group was last year. In terms of the movements, you can see a significant step-up in the commodities area, AUD 933 million step-up from the contribution from our commodities activities. Pleasingly, we saw a 13% increase in the income coming from risk management products. There was obviously a range of dislocation across the commodities markets throughout the year. Particularly, the team saw opportunities to support clients in managing risk in the resources sector, in North American gas and power business, in the European gas and power business, and also in the agricultural sector. The other part of that business, obviously, is the inventory management and trading, and that was an AUD 800 million step-up from where we were last year. I think people will recall last year was quite a subdued result for inventory management and trading. We delivered AUD 178 million last year in that component of the business. This year, it was a strong year, obviously reflective of the dislocations that we're seeing in markets in a range of places around the world. A couple of things I was going to point out about the growth there. Firstly, it was quite diverse in terms of where that increased contribution came from across CGM. Secondly, it happened across the year. In the first part of the year, we saw opportunities, particularly in the oil storage space, as the contango in oil actually unwound. We saw opportunities in the precious metals market, particularly with the dislocation in financial and physical markets in areas like gold. We continued into the second half. We saw further opportunities, particularly in the oil markets as supply was constrained. More recently, the dislocations in the U.S. gas and power market in the middle of February. Quite diverse in terms of where the contribution came from and the time period over which that business generated return. The other thing in that block there is AUD 232 million associated with the timing of income recognition on oil storage contracts and gas and power transportation contracts, and we saw that come into this year. Partly, that reflects an unwinding of some income that wasn't in prior years because of the need to accrue that income over the term of the contract. Partly, that was unwinding of that coming through the P&L this year. You can see the fee and commission income down AUD 145 million. We saw less opportunities in some parts of the business, particularly in the futures business and the equity derivatives and trading part of the business. We also saw a lower contribution coming through the commodity investor products part of that business. Overall, obviously, a very strong result for the year for CGM. We thought it might be useful just in terms of the underlying drivers of the CGM business, just to provide a couple of additional slides to help understand what's actually going on in that business, and hopefully you'll find these useful. Some of this will be information that hopefully that you've seen before. Just on this first slide, you can see client numbers on the right-hand side of the slide. A compound growth over the last few years of about 6%, and that's a slide that I've talked about previously. We've also added onto this slide the operating income of the group broken down into the underlying client businesses, and then obviously the inventory management and trading activity on the top. You can see those underlying client businesses delivering 11% per annum growth in client-related income over the same period. You can see more clients and more income from that client activity coming over the last few years. Client activity on average over this period of time has been about 75% of CGM's overall operating income. On this slide, we've attached the regulatory capital utilization for CGM. We've normalized it for FX movements and the introduction of SA-CCR several years ago. You can see a growth in that capital usage of 5% per annum. That's consistent with the growing franchise that we're seeing in CGM. I particularly want to point out the dark gray at the bottom of this slide, which actually represents the credit capital that CGM is using. That credit capital obviously is aligned with that client activity that I just spent time talking about. Finally, on the right-hand side of the page, you can see the daily P&L for CGM. I guess two observations about this. Firstly, you can see the clustering of daily P&Ls between, say, zero and AUD 10 million per annum. It's very clustered around those sort of daily P&L outcomes and has been for many years. The second thing you'll see on the chart is a skewing of that distribution just to the positive, just to the right of the y -axis. Again, that reflects the inclusion of that client margin income really driving much of the daily P&L within CGM. We hope those slides are useful for you as you think about the underlying drivers of CGM going forward. Turning to the last of the operating businesses, Macquarie Capital, down 15% from where we were last year. Again, a story of two halves. People will recall, I think the first half, about AUD 189 million loss in the Macquarie Capital business. In the second half, the business produced a net profit contribution of AUD 840 million. That's not surprising. As the market normalized, we saw more opportunities to work with clients on M&A transactions. We saw more opportunities for realizing of investments across the group. Not an unusual result, but nonetheless quite a difference between the first half and the second half. Just in terms of the full year, as I said, down 15%. You can see the drivers there. Net income on investment's down AUD 291 million. We did expect a period of lower realization, and that's come through during the year. You can see the fee and commission income down about 13% for the year, and that largely reflects a reduction in the advisory income and in the income coming from our debt capital markets business, particularly in the U.S., consistent with the client activity level, particularly in the first half of the year, partly offset by a strong period of contribution from our equity capital markets business here in Australia. You can see a step up in the other investment-related income. That really results from improved underlying performance from the joint venture interest that Macquarie Capital has across its portfolio, together with an increased contribution from the debt investing that Shemara referred to in her slides earlier. Partly offset by a step up in the development and platform expenses that Macquarie Capital is incurring around their green energy development business around the world. Pleasingly, we saw lower credit and other impairment charges, really reflecting the improved economic outlook, the macroeconomic outlook that we're seeing across the portfolio. Pleasingly, that portfolio has performed very well, both on the debt and the equity side over the course of the last 12 months. Where we are seeing selected impairments, it really is in sector-specific exposures like exposure to the travel industry, for instance, that are very exposed to the impact of COVID-19. Finally, you see operating expenses down AUD 151 million for the year, reflecting the work the team's done to refocus the equities business on the Asian and Australian footprint, but also the work they've done across their advisory businesses in the U.S., Europe, and Asia coming through in terms of lower expenses. In terms of the outlook going forward, obviously capital invested alongside Macquarie Capital's clients, a very important part of the drive of the business going forward. We have about AUD 4 billion of capital invested alongside Macquarie Capital's clients. You can see the difference between the opening and closing is largely the foreign exchange movements that occurred during the year. Pleasingly, as I've said before, the investments, which is utilizing capital and the realizations basically balance each other this year. We've got a continuous amount of capital out there working for shareholders. The other thing on the investment side, you can see the increased investments in the green energy space. You can also see the increase in the debt investments as the team grows that principal debt business all around the world. Turning now to some of the other aspects of the group. Firstly, compliance, the cost of compliance. This is a slide that we've talked about now for some years. You can see on the right-hand side of the slide, you can see an increasing contribution or expense associated with compliance over the course of the last few years. 2021 was no different, with costs of compliance up 19% from where we were in 2020. Notably, we've talked about this before, you can see the project investments in the up-the-top part of that slide, up 33%, 34% from where we were in FY20. There is a lot going on in terms of regulatory projects across the world. Business as usual activity spend up 13%. That's a feature of the result, and we continue to invest heavily in making sure that we meet the standards associated with our business all around the world. In terms of the balance sheet, it remains solid and conservative. We raised about just a little under AUD 22 billion worth of term funding this year across both the bank and the group. We're active in T 2 markets, supporting the T 2 issuances for MBL. We're also active in the hybrid markets, both in terms of an issue for MGL as well as an issue for MBL, and we very much appreciate the support we get from investors all over the world in terms of buying our debt products and hybrid products. The balance sheet remains very diverse and at a weighted average maturity of 4.8 years, really quite long-dated as well, which is very pleasing. As Shemara mentioned before, customer growth this year up 25%, and it was really pleasing to see the continuation of the deposit growth story that we've seen over the last few years. In terms of the loan, the lease portfolio, you can see up to just under, I guess, AUD 98 billion for the year. You can see the significant contribution there coming from BFS as we saw growth both in the home loan portfolio together with growth in the business banking portfolio, partly offset by that reduction in vehicle finance. In terms of the equity investments, and this slide obviously represents equity investments that are fair valued through P&L or equity investments that we hold as a significant influence and equity accounted interest. It doesn't include our consolidated equity investments which appear in different line items on the group's balance sheet. You can see equity investments down from AUD 7.5 down to AUD 5.9 billion this year, and largely about two-thirds of that movement is represented by the appreciating Australian dollar between March of 2020 and March of 2021. In terms of the regulatory update, this is a slide that we've had now for some time. There's obviously a significant amount of change that's continuing across the regulatory landscape here in Australia. As we've said before, we are working with APRA around resolution planning. We have also provided submissions on a range of consultation papers that APRA has released over the course of the year. I guess I would note more generally that based on what we understand today, albeit some of the reform is still in the early stage, we expect the group to have sufficient T 1 capital to accommodate any additional capital requirements coming out of that regulatory change agenda. I would note APRA's most recent announcement re Macquarie Bank Limited's risk management practices and prudential reporting. The matters, as we note on this slide, relate to specific intragroup funding arrangements as well as breaches of liquidity reporting that occurred between 2018 and 2020. Notwithstanding that these are historical matters that have now been addressed, we take these matters very seriously and acknowledge the continued work is required to address these issues. We have an ongoing program of work that you can see over the course of the years, and we're working with APRA to address these issues to make sure the matters can be resolved. In terms of the bank's common equity Tier 1 ratio, you can see it 12.6%, so very strong again. Liquidity position for the group is very strong, including the AUD 55.5 billion of unencumbered liquid assets and cash. Finally from me, in relation to the capital management, just two things to note on this slide. Firstly, the board has today resolved to issue shares to satisfy the FY 2021 MEREP requirements, and that'll be in the amount of approximately AUD 619 million. The second thing, the board has resolved to issue shares to satisfy the dividend reinvestment plan for the second half of FY 2021 dividend at a discount to the prevailing market price of 1.5%. Those two decisions obviously were taken in the context of the significant capital use we're seeing across the group that Shemara talked about in her slides. With that, I'll hand you back to Shemara. Thank you. Thanks very much, Alex. I'll take you through the short-term outlook now through looking at the factors that are impacting that outlook by each of our operating groups. Starting with Macquarie Asset Management. As we've mentioned, we've just completed the large investment in Waddell & Reed in the MIM business there, and we're expecting that acquisition to slightly reduce the net profit contribution of MIM in FY 2022 because we will be going through integration and one-off costs in that business. Apart from that business, we're expecting fees to be broadly in line with last financial year, and we're expecting performance fees and other operating income to be slightly down given the significant one-off items we had in FY 2021. In the Banking and Financial Services group, you can see the franchise continuing to grow there, and we see ongoing momentum in our loan portfolios and also on funds on platform, which will drive the result. That'll be offset to an extent by the competitive dynamics that we continue to see in terms of margin pressure, driving margin pressure, and also an increase in costs as we invest to support the volume growth, also investing in technology investment and in increased regulatory investment. We'll also need to monitor the ongoing provisioning as the COVID-19 pandemic support payments start to unwind. In Macquarie Capital, as Alex and I both mentioned, we saw increased client activity and investment realization opportunity through the second half of FY 2021, and we're expecting that to continue through FY 2022, which will also mean an improved outlook for asset realizations. We expect to see increased balance sheet deployment in that business, as we are seeing in Banking and Financial Services, and also in Commodities and Global Markets. In Commodities and Global Markets, the last of our four operating groups, given the strong result that we had in FY 2021 in terms of the commodities business, and that was due to broad dislocation across the commodities markets, we're expecting the commodities income to be significantly down on FY 2021, although that will remain subject to opportunities that may be created by volatility during this financial year. We also expect the positive impact from the timing of income recognition, which Alex referred to on our storage and transportation contracts in FY 2021, which is AUD 232 million, not to recur in FY 2022. In the financial markets area, we expect a consistent contribution based on our client contribution, and in the specialized asset finance area, we also expect a consistent contribution linked to the business activity there. We would note that in the first half of 2022, we will also get the impact of the disposal of the U.K. metering businesses that has just completed. The compensation ratio we expect to be in line with the range of historical numbers, and our tax rate we also expect to be broadly in line with the FY 2021 result. Those are the factors driving short-term outlook by each of the groups and the compensation ratio and tax rate. In terms of the factors that will affect this outlook, it remains subject to the factors we usually note, and in addition to that, the duration and speed of our recovery from this COVID-19 pandemic across various markets in which we operate, and the extent of government support for those economies. In addition to that, market conditions, including significant volatility events and the impact of geopolitical events, also potential tax and regulatory changes and tax uncertainties, completion of period-end reviews, and completion rate of transactions, and the geographic composition of income, and the impact of foreign exchange. Given all of that, we continue to maintain our cautious stance and our conservative approach to capital funding and liquidity, which we think positions us well in the current environment we're in. Over the medium term as well, we continue to take that approach, but we see ourselves being well-positioned as ever due to our deep expertise across a broad range of capabilities across our four franchises, and the complementarity of those, and diversification in terms of responding to a variety of market environments. That, together with our ongoing program for identifying cost savings and efficiency initiatives, and our strong and conservative balance sheet, and our proven risk management framework, gives us confidence in terms of our results over the medium term. You can see that evidenced in my last slide in terms of the ROE that we've delivered. Annuity style businesses, 22% average return on ordinary equity over the last 15 years, with 23% this year. In the market-facing businesses, 16% over the last 15 years, with 17% this year. After taking into account the AUD 8.8 billion of surplus capital we hold, that results in a 14.3% ROE for this financial year. With that, I will hand you to Sam to take questions. Thank you. Okay. Thank you, Shemara. Thanks, Alex. We will have a period of Q&A, and I'll hand over to the operator to facilitate that. 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 speakerphone, please pick up the handset to ask your questions. Your first question comes from Andrew Lyons from Goldman Sachs. Please go ahead. Thanks, good morning. Just two questions, if I may. Firstly, slide 21 of the pack shows demand for capital from the business units went up pretty significantly in the half, and you also have the APRA imposition of the AUD 500 million of operational capital overlay that was announced in April. Recognize your surplus capital position is very strong, can you talk about how much comfort you have that the group has sufficient capital resources to fund what looks like pretty attractive growth opportunities in the business units? The second question is in relation to your CGM FY 2022 outlook. You talked to disposals of certain assets within the SAF business. Can you maybe talk to the potential magnitude of those in first half 2022, please? Sure. Shall I kick off, Alex, and then you can comment? Look, in terms of the capital absorption by the businesses, you're right that if you look at the second half of FY 2021, we're seeing all businesses start to see good opportunity to invest capital. Banking and Financial Services, that's been a trend that we've been seeing for some time, both in our loan business, in home loans, and also business banking, and also in terms of the investment we're doing in our wealth business. In CGM, it's the growth of the franchise, as Alex talked about, that capital investment principally in credit capital in line with the client growth. In Macquarie Capital, again, the growth of the franchise. We're seeing step up in capital there. Macquarie Asset Management, we had a big one-off, but it'll be a permanent capital investment in Waddell & Reed. Basically, at the moment, we are comfortable that we have the surplus capital to support the businesses, including allowing for that AUD 500 million overlay that we have in terms of the capital penalty requirement from APRA, which will reduce our investment capacity in the short term. We're comfortable we have capital capacity. We are issuing for the MEREP but have a small discount on the DRP. Having said that, if the businesses continue to see opportunity that is attractive and delivers good return to grow their franchises, we will at that point go out to the market to look at capital. At this point, we're comfortable that we're able to support the businesses in terms of the opportunities that they're bringing to us, including the large one-off Waddell & Reed. Yep. Anything you'd like to. You want me to do the second one, just in relation to CGM? Yeah, sure. Yeah in the accounts. Yeah, exactly. It's a large part of the number that's disclosed, yeah. Andrew. Just picking up the second point. As Shemara mentioned, obviously CGM has entered into a transaction to dispose of a small portion of industrial and commercial meters in the U.K. If you look at note 11 to the group accounts, you'll see the contribution that we expect to come through in the first half of FY 2022. Just roughly about AUD 450 million worth of profit in that first half, and you can see that set out in the accounts. Perfect. Thanks so much. Appreciate it. Thank you. Your next question comes from Ed Henning from CLSA. Please go ahead. Thanks for taking my questions. A couple from me. In the medium-term outlook, you talk about acquisitions in CGM. Can you just touch on what areas you'd like to grow the business there? Are they just bolt-ons, or could we see something substantial, an opportunity there to start with, please? The CGM business has principally grown organically. Historically, we've seen opportunities, going back to Nick O'Kane, the Cook Inlet investment, the team that we brought on in 2003, the team from Duke, the first investment in Cargill and more recently the second one, the Corona and Constellation investment. There have been various acquisitions we've done, basically all targeted that bring on teams that have expertise in a market or a commodity or a geography or a sector that complements the broader franchise that we're building. That's where we'd look at inorganic acquisition. Currently, as Alex showed in his slide, the vast majority of the capital going in has been into credit risk as we've grown our balance sheet there and into market risk, and less so in equity risk. It's really driven by Nick and his teams on the ground in terms of adjacent opportunities they see to bring people on, just as is the case with all of our businesses. Nick, was there any comment you would like to add to that? No, you go. Is there any teams or anything in that that you think you're lacking or you want to grow, or areas that you're not in currently? It's just adding to the ones you've got? Nick's at the microphone, so we'll let him speak to that. Okay. Thanks. Thanks for the question. I think Shemara did a pretty good job of explaining our strategy as it relates to acquisitions. We do look to move into adjacent spaces where we see good cultural fits and good opportunities to grow, more often than not existing businesses or businesses that are very close to the ones that we're currently involved in. We're not really identifying any big gaps across the commodities or financial markets offering at the moment where we see substantial opportunity. We continue to remain open to opportunities as they present themselves. Yeah. Sorry, we did say that the opportunities we see are both organically and through acquisition. I think, Nick, the vast majority has been organic growth and the acquisitions are ones that happen from time to time to complement that. Yeah, I think that's right. We look to grow in spaces where our customers are asking us to expand our services. As a result, that generally happens real-time as the opportunities present themselves and as the dialogue with our customers evolves. More often than not, the growth comes from organic efforts rather than acquisition. Thanks. Cheers. Just a second question on base fees in the MAM business. You've called out broadly in line, and you have for the last couple of years. This year you've got AUD 29.9 billion to deploy in MIRA. You've got markets reopening and FUM likely going up in the MIM business. Why are you not more positive on the outlook here? Look, broadly in line covers a range there, and as you can see, the underlying franchise is growing. The base fees have been stepping up in line with that. I think we're saying it's not a material increase that we see in base fees, but they will continue their broadly in line trajectory. Yep. Hope you are- Okay. Thank you. Yeah. Thanks. Thank you. Your next question comes from Matthew Wilson from E&P. Please go ahead. Yeah, good morning, team. I have two questions, if I may. Firstly, with respect to the equity investments. The equity that you've devoted to green energy has actually trended down since about 2018 from AUD 1.4 billion to AUD 0.7 billion. Perhaps there's some FX impact in there. That does seem contrary to a sector that has experienced rapid growth. Can you add some color to your perspective on the investment opportunity in that space? You want me to take that, Sham? Yeah, why don't you go for it? Thanks, Matt. Thanks for the question. Firstly just make sure that equity investment slide obviously is a combination of equity investments that are fair valued through P&L, so relatively small investments, and then investments that are effectively equity accounted. Joint ventures that we have in the green energy space. As you say, in that component, there is some FX that's coming through the numbers over the course of the last 12 months, and that's part of the exposure, probably two-thirds of that. The other thing that we have seen is more consolidated investments, Matt. I think we mentioned before the growth in the platform activity that Macquarie Capital is undertaking. That's not represented on this slide. These are obviously equity investments, whereas those consolidated activities are spread across the balance sheet. You've seen the team establishing, for instance, solar platforms. On Shemara's slide today, we're talking about the Cero platform, which is a solar development platform in Europe. We've also seen other opportunities to actually do that type of activity fully on the balance sheet in a consolidated fashion. Probably, the equity investment slide's trending down slightly, but a better indication of the amount of investment across the group in green energy is the increase in utilization of capital in the green energy space, which is on the slide that I talked about later. I guess it's up there now, slide 37. You can see that light green represents the capital that's going into green energy investments, and obviously, that includes the activity that's been consolidated on the balance sheet. The other thing I'd mention is that we also are moving more to the development phase as well compared to construction, as more and more capital comes to this space and the returns become lower in the construction phase. The funding required there is typically less. The human capital required is more, the complexity to deliver the returns. Things like East Anglia One, which was a late-stage construction project, we were fortunate to be brought in to co-invest in that. The checks are larger there when you're late-stage construction, but we are tending to do even more in the development area now. Yep. That's exactly right, Sham. Part of that, Matt, is obviously expense through the P&L, particularly when it's early-stage development, as we've talked about previously. Yep. No, thanks for that. That's very clear. Perhaps one more just on vehicle leasing. Obviously emphasized in the presentation that it's in runoff. You seem happy to shrink the book, but the sector has turned sharply positive in recent months, and the landscape of players in the space is also evolving. Can you perhaps just add to your perspective on that space? Yeah, you've obviously seen the trend over the last couple of years. I think we continue to think it's a good business. Obviously, a bit of the trend is affected by new car sales volumes, as you've seen, actually being able to get new cars in the market. The other thing is the runoff of an old legacy book that we acquired, and we've also reduced our exposure to dealer finance, the wholesale component. I think we still think it's an attractive return on equity. The team has been, since we moved it from CAF into BFS, it's been integrated into the broader platform of BFS, and I think the team still think there's good opportunities there. Obviously, there's some bigger macro trends that are influencing the movement. I don't know, we've got Greg on the line as well. I'm not sure. Do we? Yeah. I agree with all those comments, Alex. As I say, we like the sector. We've just been focused on some higher returning relative to capital parts of that business, and there are some runoff portfolios as well. I agree with all your other comments. Yeah. Can I just squeeze in one more, given that Greg's on the line? Obviously, a key peer yesterday painted a pretty rosy outlook on business banking. It'd be good to hear Greg Ward's perspective on that as well. Yes, certainly, Matthew. We've had a record year, actually, in terms of growth in business loans and business deposits. Obviously, it's a very small business that we have and focused on professional segments, primarily. We're very optimistic about ongoing growth in that space. We're making a lot of investments in terms of our capabilities for onboarding clients and growing both the deposit franchise there and the lending book as well. Yeah. I completely endorse that. At a AUD 10 billion book, we're a very small portion of the market. Growth for us is not as challenging as some of the much larger players. As you say, Greg, this niche strategy that Greg pursues, he's growing into these sub-sector, typically professional services niches. Thanks, team. That's great. Thank you. Your next question comes from Andrew Triggs from JP Morgan. Please go ahead. Thanks, good morning. Two questions, please. Firstly, on MIRA. The equity deploy number is now running, I think, above 20% of EUM, which looks like at least a recent record to me. How confident are you that you can maintain the pace of fundraising even as the business gets larger and larger? Just a second question, perhaps if you could sort of help with some of the modeling on the Waddell & Reed acquisition around the share of revenue and expenses that you expect for the part that you retain versus the part that's on sold to LPL. Sure. Let me start first with the MIRA business. It was a record year for fundraising, as I mentioned, at the AUD 21.8 billion. Partly our franchise growing, so we're offering to our investors much larger opportunities to invest. We're raising money not just in infrastructure now, but real estate is starting to become a bigger business for us. Private credit's becoming bigger, particularly the infrastructure debt. Transport sits there as well. We're raising in agriculture. Across the MIRA business, we're raising across a bigger base and across a much broader range of areas. The environment as well externally is one in which investors are really looking for investments in these sort of alternative assets where they can get superior return for risk in a very low base fee environment. We are finding that the flows to these sort of alternative assets is picking up, and where we have good track record franchise teams, we're able to raise money in those areas. I think the raising environment for the next while should be a conducive one for the MIRA business, given the positions it's grown across so many things. It's probably going to be a more challenging investing environment because there's a lot of liquidity out there with monetary stimulus, fiscal stimulus as well now added to that. There we really rely on the expertise of our teams to be able to go out and source very good investment opportunities. The pleasing thing is we're managing to get our funds invested well. We've just raised the fifth U.S. fund and the sixth European fund, and we're still managing to find good opportunity. The same in real estate, same in agriculture, same in the infrastructure debt area. I think we should continue to see that organic franchise growth, and we have a well-positioned business there. In terms of the Waddell & Reed acquisition, it's different obviously to the large last investment we made in Delaware Investments where we were buying a platform already and didn't have to do much integration or change. Here what we're doing is that LPL Financial is taking over the wealth part of the business, and that transition of the wealth to LPL Financial has been closed now or completed, and they've taken over the wealth management part of the business. They have had higher adviser retention pleasingly than we had modeled between us. We've taken over the asset management part of the business, we've now got the mutual fund approvals and the shareholder approval for the whole transaction, and we now need to work on integrating the asset management part of that business. That's a challenging task over this coming year. Our teams and the Waddell & Reed teams are working together very well but need to bring funds across investors, across merge the teams in terms of managing those assets. We have a period of keeping our heads down over this year and the integration costs this year will result in a slightly negative contribution from Waddell & Reed. At this stage, there was a portion of assets which was in the high 70s that were asset management assets. The wealth management assets have gone to Waddell & Reed or the wealth responsibility and the advisers, and it's playing out as expected at this stage. Anything else, Alex, you'd add? No. I think, Andrew, you could look at the announcement we made obviously at the time of the transaction back in November. I think at that time, if you look at what we said, we basically said after divesting the surplus assets and the adviser platform to LPL, we expected to pay about six times earnings pre-synergy. That might give you a sense of what we think on a more medium-term basis the group might or the acquisition might deliver, obviously pre the integration costs and synergies that Shemara just detailed. Thanks, Alex. It was more sort of just the split of revenue between the wealth management business and the part that you're keeping, but perhaps could take that offline. Thank you. Thank you. Your next question comes from Brendan Sproules from Citi. Please go ahead. Good morning, team. Look, I just have a couple of questions on your commodities outlook for the next 12 months. Just looking at the three components of revenue that you give us, the inventory management trading obviously was close to AUD 1 billion this year. Is there anything you're seeing in FY 2022 that suggests that that won't revert back to what has been the sort of longer-term average at around sort of that AUD 200 million revenue? My second question relates just to the risk management product revenue line. Obviously you've called out today there's quite a bit of volatility in different markets, and primarily I imagine that's COVID-19 related. Do you expect that that also will soften a little bit in what you're seeing at the moment into FY 2022, just given that these economies are starting to recover? I'll take that or do you want me to, Shemara? Yeah. Okay. I can just give some initial comments. In terms of the inventory management and trading, as you've mentioned, I think it was on Alex's slide 34, that has had a very good year last year. This year it will really depend, as we say, on what sort of volatility we see across the various markets CGM operates in. What we try to do is set up our teams from the client business they do to be able to respond when we see that sort of dislocation. As we said this year, it happened in physical oil, it happened in precious metals, particularly in gold at stage 1. It also happened across North American gas and power. At this stage, we have to wait and see what happens there. In terms of the risk management, I think it's like all the other parts of the CGM business, things like the lending and financing, the storage and transportation, where we've got an underlying franchise that's growing partly with our client numbers, partly with cross-selling to our clients. We'd expect that one to continue to grow at the sort of rates we've been seeing. Yeah, Brendan, I'll just add a couple of things. Obviously, on the outlook statement, we've pointed to the things that we think are relevant there. In particular, in relation to inventory management and trading, we're not expecting the income that we saw coming through from the timing of income recognition across storage contracts and gas and power transport contracts to recur in FY22. Obviously, that somewhat depends on spreads. One of the things that we saw in FY 2021 was actually some contracts that had matured, so effectively, we were unwinding the accrued income that had been taken out of the P&L in prior years because of the way the accounting works. Some of that came through in FY 2021. The other thing we saw, particularly at the early part of the year, was oil in quite steep contango, which obviously put a lot of value into our storage contracts. Again, we saw that unwind into the early part of the year. We're reasonably neutral from an accounting versus economic P&L through into 22. At this stage, we don't expect it to recur. Obviously, it's a reasonably hard line to predict because to some extent, I guess it depends on the value of that storage or the value of the gas and power transport, and that's largely a reflection of volatility, dislocation, and spreads, reasonably hard to predict. At this stage, we're not expecting that to recur into 22. More generally, obviously, we're saying commodities will be significantly down, and I guess that's a reflection of the fact that we did see broad dislocation across the commodities platform through FY21. As we're sitting here today, obviously markets are starting to normalize a little bit from where they were. Looking out here, from here, we're expecting commodities to be significantly down. As Shemara said, I think the things to note about CGM, and hopefully this is coming through in the way we talk about it's a very diverse business. I think over 200 products, a growing client franchise, and a recurring income from that client franchise. We think that the franchise value of the platform itself is growing. You can see on the slides here that are in front of you today. That underlying story is a good one. Obviously, the extent to which dislocation happens or volatility happens is obviously a little harder to predict sitting here at this time of the year. Yeah. To your question, this was a particularly strong year for us in inventory management and trading. Thank you. Thank you. Your next question comes from Andrei Stadnik from MS. Please go ahead. Good morning. I wanted to ask two questions. My first question is just around the change in opportunity in the U.S. market. In particular, it seems that MIRA and Macquarie Capital, the infrastructure businesses, are relatively larger in Europe than in the U.S. What kind of opportunities do you see in the U.S., given the new direction on renewables and infrastructure from the new U.S. administration? Yeah, I'll have a go at that first. I don't think we have any of our Macquarie Capital colleagues on today because of time zones. In terms of infrastructure, the Biden administration is talking about a very large infrastructure package, and that would be a positive for creating opportunity for investment if it were to come through. When you compare it to Europe got going a little earlier, which is why we're on Fund Six in Europe and Fund Five in the U.S. The U.S. funds are of a comparable size to the European ones and are getting invested as quickly. The U.S. is a much, much bigger, deeper, homogenous market. As we've said a few times, ultimately, the opportunity for investment comes at the state and the local council level, or even out of the private sector in terms of the assets we're investing in. At the moment, even without the Biden stimulus package and infrastructure, we're finding ample opportunity to get our funds, which are sort of $5 billion size funds, invested. You've seen we're investing a lot more now in communications infrastructure, so in data centers, in towers, in wireless businesses, fiber networks, et cetera. We also are seeing lots of opportunities in transportation infrastructure, so we've invested in port assets, and then some waste assets, et cetera, sectors where we've had niche capability. We are not seeing that the lack of the federal stimulus is impacting our ability to get invested well. If it does come, it potentially could create even bigger opportunity. In terms of the renewable energy side, the European markets there are much more advanced in terms of investment opportunity, we do have a much bigger footprint there. That's partly reflected in Daniel Wong deciding now to move to Asia to try and focus on growth there. We've had other people from the infrastructure and energy group move to the U.S. to try and look at opportunity there. Solar has been the main opportunity in the U.S. We're not sure yet, again, what the Biden administration will do. The main incentive mechanism there has been the tax equity mechanism for getting the private sector to invest in renewable energy. Potentially, the Biden administration is talking about working through using regulation. We'll have to wait and see how that plays out. I would say the U.S. is a more nascent market for us. We have got a good platform in solar through the Savion network. We've been investing in battery opportunities there. It is not as evolved as not just the U.K., but the European markets, where we've been able to do a lot of investing, particularly in wind, but onshore and offshore and also solar. At this stage, we'll see how it plays out. We're not factoring any massive impact from either the infrastructure or the renewable initiatives because they're not passed yet and we don't know the detail. If they do get passed, change always gives us opportunity to respond. We'll wait and see. Thank you. My second question, more around the financials and really the capital efficiency of the group. This FY21 is a new record profit and exceeded FY 2019. The ROE in FY 2019 was 18%, and that's dropped to 14.3% in FY 2021. What do you think Macquarie needs to do to improve the capital efficiency? Did you want to go first or do you want me? Yeah, as Shemara said, we feel like the 14.3% is obviously a strong result for the year. Partly, obviously, you're seeing the impact of interest rates coming through, Andrei, during the time. I guess more generally to the medium term, we think the businesses have really strong franchises and we think the businesses are, generally speaking, seeing good opportunities to put capital to work in sectors that generate really attractive return for shareholders. That's been a story over a long period of time. Obviously, if you look at Shemara's slide, on average, the annuity style businesses have done a 23% return from a ROE viewpoint, and the market-facing businesses have done a 16% return. 22% and 16% return. We think over time, they've generated good opportunities to deploy capital. I guess the point we make on the surplus capital, if you look at what they've done over the course of the last six months, we've seen good opportunities to deploy capital. Based on the outlook statements and what the team is seeing around the world over the medium term, I think they see good opportunities to continue to generate good return for shareholders. We think that the underlying story really is a continuation of a long-term story. People close to opportunities on the ground, seeing opportunities, and us from a center viewpoint, setting up the organization to be able to support those initiatives where they arise. We definitely look at the ROE targets business by business. The result at the Macquarie Group level is a blend. To the extent we're putting more capital into lower ROE businesses, it'll bring the overall return down. We set our hurdles depending on, so the hurdle is very different for a Commodities and Global Markets investment compared to a BFS home loan investment, compared to what we're doing in Asset Management, which is typically a very capital light high ROE business where the balance sheet is being used now and then for acquisitions, but mostly to co-invest in funds where we leverage our capital multiple times or to seed temporarily acquisitions for those funds. We look at it business by business and then taking into account, as Alex says, as the base rates come down and the risk-free rates come down, we look at what risk premium we need for each business in that environment. Thank you. Thank you. Your next question comes from Brian Johnson from Jefferies. Please go ahead. Good morning, Shemara. Good morning, Alex, and congratulations on a great result. I had three questions, if I may. The first one, just when we go to the slide which shows the movement in the Macquarie Capital, the movement in the regulatory capital. We can see the gray bit, which I'm assuming is the capital for ECM, DCM, M&A, and everything else is basically, I would imagine is the principal investments business, which is quite substantial. Alex, could we just get some comment on the duration of how long you hold those assets for? What is the target internal rate of return that you would like to get from an equity perspective on that capital? Yep. In terms of your first question, yeah, the other piece obviously is largely supporting the more advisory type businesses as you talked about. More generally, Brian, I think if you looked over time, the average duration of the Macquarie Capital portfolio more generally is somewhere between two and three years. If you break that down, if you look at the more private equity style investments, they've tended to be longer duration. We tended to stay in those investments for a longer period of time, realize the business case, and then find the right time to exit those investments. The development activity tends to be, and the construction activity tends to be a little bit shorter, where we're actually in the construction sector, for instance, using the balance sheet to underwrite an exposure and then selling that down to people who want to be long-term owners as the project gets de-risked as construction proceeds. It varies in terms of the duration of hold across the portfolio. More generally, somewhere between two and three years. On the question of returns, Brian, obviously there's not one answer to that question. It depends on the type of investment that we're making, obviously, and looking at the risk profile of that investment, looking at the liquidity profile of that investment. There's no hard and fast answer in terms of the returns that we're trying to seek. Obviously we look at everything on a case-by-case basis and say, are we getting the right return for the risk that we're taking? Obviously more generally, if you look at the markets facing businesses as Shemara put up on her slide, over time, the return on equity across those businesses has been 16%. There's obviously differences between Macquarie Capital and CGM. Nonetheless, over time, those market-facing businesses have generated a 16% return on equity. Alex, could you give us a feeling then just on the historical performance of the principal investments book, the ROE? Well, again, Brian, we obviously don't detail this, but to the extent that and sort of break it down because there's no one answer. We can talk about some investments that have been low teens type return on equity that have been great investments because the risk profile has been consistent with that sort of return. There's obviously debt investments that the team are making, which have been in that category. Then there's other transactions where we've been in for a long period of time. We've built a business, and we've made multiples of our money that'll have very significant returns on equity. There's no hard and fast rule. I suppose generally speaking, what I would say is that we have the opportunity, working with the team, to actually analyze every investment and say, does it meet its hurdle? The extent to which we're continuing to invest in the business and continue to support that activity with capital means that we feel like we're getting a good return for the risk we're taking. We have done historically, and we continue to see opportunities to do that going forward. Great. Alex, the second one is, I'm just looking at slide 23. Yep. When we have a look at dividend payout ratio for this period, 56%, so it's below the target. We can actually see the transfer of the services business into the bank, which consumes capital. Yep. We've had the earnings inflated by effectively the weather event in North America. We can see the dividend reinvestment plan and the MEREP share issuance that I don't think people had thought about... ...had expected. We've also got the APRA AUD 500 million impost. We've got the commentary that you've got this buffer of surplus capital, which you already have. It looks to me, is the move to issue the DRP shares in the MEREP, is that and the lower dividend payout ratio, is this telling us something about the confidence on the forward dividend servicing capacity or something on your capital position, or is it just the temporary impact of the APRA AUD 500 million uplift? Yeah. Obviously, maybe Brian, to take the buffer point firstly. We do have a surplus capital of AUD 8.8 billion above the regulatory minimum. Firstly, in that buffer I'd make the point that there are thresholds the board set that are obviously above the regulatory minimum. We don't show them publicly. Obviously there's a threshold above those board minimums, which are being met by the surplus capital. We obviously have a range of, as we've said before, there's a range of regulatory initiatives that are going on across the market, including things like unquestionably strong. We're making sure as we think about management of the capital, that we're in a position, as I've said, to make sure we have sufficient capital to meet any additional regulatory requirements that are coming through from the regulatory change agenda. The other thing obviously we're doing is we're using that surplus to support the growth of the business over time and the opportunities we're seeing. I think in terms of the current, whether it's the dividend payout ratio or the issuance for MEREP or the DRP, I think what I'd point you to is the slide that Shemara Wikramanayake went through in terms of the capital usage over the years. The group's basically used a net AUD 1.6 billion of additional capital. They're obviously seeing good opportunities to invest. Part of that, Brian Johnson, includes a more permanent type of step up. If you think about Waddell & Reed, obviously we're excited by the acquisition, but it's a permanent usage of additional capital in Macquarie Asset Management. Obviously you're seeing that the ongoing growth in BFS, obviously things like CGM and Macquarie Capital can be a bit more transient in terms of their use of capital just based on the divesting and the investing path. There's obviously a big step up in overall use of capital that we're seeing and more permanent use of capital in MAM and BFS. I think with all that in mind, the board took a view that for the second half of this year, that the payout ratio should be 60%. Obviously the 56% for the year is to a large extent an implication of the reduced dividend in the first half. I think the board looked at the capital utilization and the outlook for capital utilization and felt it was appropriate also to issue for MEREP and to include a DRP with a 1.5% discount. More generally, I suppose I'd reinforce the point that Shemara made as far as dividends concerned. The policy of the board remains a dividend payout ratio between 60% and 80%. That probably, Shemara, anything you want to add there? No, I think that covers it. Well, I think capital management has been the whole market. Just a final one, if I may. Something I don't understand. is that when we have a look at BFS in the second half versus the first half, I think we're seeing the home loan portfolio growing far faster than the deposits, which I would've thought would've meant that the margin should have actually expanded. It didn't. Alex, can we get some kind of explanation on why we didn't see the deployment of excess deposits drive the margin up, and what's happening with deposit pricing in that business? Well, Greg's probably online, he might want to take this in a moment or add to this in a moment. We certainly saw in the second half, as you say, we saw a significant step up in home loan volumes. I think on an average basis, up 12%. We did make our way through some of the surplus funding that we were carrying in the first half. There was a continued drag, obviously, as you move into the second half, which partly affects margins in the second half. The other thing you're seeing, obviously, is further support for clients. We're obviously seeing clients come off COVID-19 support throughout the year. As we sit here today, a relatively low portion of the portfolio actually requiring support. That obviously happened aggressively over the second half, that remained a partial drag on the margin. The other thing you're seeing is those rate cuts coming through that are affecting margin over the course of the year based on the timing when those rate cuts actually emerged. I think we are seeing, now that we've got those rate cuts through, we're seeing the surplus funding that's been utilized. We expect hopefully a continued growth in both volumes and a more stable environment in terms of margins. Maybe Greg, do you want to add anything to that? Yeah, no, that's all spot on, Alex. The only other thing I could note to add to that would be the mix of businesses. Some of the home loans, of course, have been fixed rate home loans. That's at lower margin than effectively the variable rate. There's been a shift. Obviously, a lot of people moving to fixed, so that's at a lower margin. Then in the business bank, of course, passing through some of the TFF to clients in the form of lower rates, whereas that's been in effect pre-funded and we haven't drawn down our TFF entitlements in full yet. Greg, the deposit pricing, is there a plan, is there an initiative in place to improve that, or you're happy with where it is right now? I think as Alex said, I think where things are at the moment, I think hopefully we'll get some more stable levels there. As he said, we will start growing into the excess funding that we've had in the first half and into the second half. We'll keep growing into that. That should have an effect in the full year. Fantastic. Thank you. Well done. Thank you. Your next question comes from Brett Le Mesurier from Velocity Trade. Please go ahead. Thanks very much. Going back to green energy. I gather from what you were saying before with the regulatory capital requirements going up and your carrying value going down, and you've got more debt investments, that you would have a debt for equity swap in relation to that carrying value to take it down roughly AUD 300 million. Is that the correct interpretation of what you were talking about? I'm not sure, Brett. I can follow [well. I guess the point I was making before was that equity slide that the question was asked about really is only equity investments at a fair value through P&L and joint venture interests, if you like, that we equity account. It doesn't include green investing that we're doing on a consolidated basis on the balance sheet. Those balance sheet exposures are coming through in various line items on the balance sheet. I don't think there's any debt for equity swap piece. I mean, sometimes we put debt into these investments, sometimes we put equity, sometimes we put equity and shareholder loans in. They're structured in a range of different ways. I guess the point I was making is a better indication of the exposure, if you like, we have to the green energy industry is the utilization of capital rather than just looking at the equity investment slide, which is only part of our exposure. The other point, I suppose, that Shemara made, which is a really good point, is that a lot of the activity is earlier stage development and much of that is being expensed through the P&L. You're obviously not seeing that in terms of either equity investments or in terms of capital utilization, which is just going through the P&L in terms of early stage development and expenses. What was the reason for the reduction in the carrying value from March 2020 to March 2021 of about AUD 300 million? Did you sell some projects? Sorry, Brett, I might have missed your question. Part of that is just FX. Of that move, across the board, about two-thirds of the move is foreign exchange movement. It's just rebasing the equity investments for the appreciation of the Aussie dollar between March 2020 and March 2021. Then, yes, there was some disposals of green energy investments during the year, including things like East Anglia One. Equally, there was also some investing that was done through joint ventures during the year. That's the net result of the divestment and investing during the period of time. The vast majority of that move, obviously, is a change in the Aussie dollar exchange rate. Lastly, when I look through your MD&A and your presentation for references to revenue from green energy, all I can find is references to expenses with no reference to revenue. I would be correct in concluding that because you're still in the early stages of these investments, that the ROE in any particular year still is quite low and the concept is the ROE will expand when the development is complete and construction is completed. Would that be correct? Certainly, obviously, there's a few things there. Firstly, there is plainly revenue from the green energy activity. I mean, if you look at the investment line, obviously we don't break out things like East Anglia One, which is a construction stage offshore wind asset in the U.K. that's now moved to operations. We obviously, prior years, didn't break out things like the offshore wind development and construction activity that we've done in Taiwan in actual dollar terms. Through the investment income in the P&L, you're seeing the benefit of the work the team is doing in actually deploying capital into the green energy space. We don't specifically call it out, there certainly is revenue there. I think what the team are doing is building a really strong franchise of development pipeline that over time should bear results in terms of realization. As we take assets from that development phase through into construction and then into operation, what the team have been doing over time is actually selling down and generating P&L along the way. Over the course of the last few years, they've expanded their footprint in development activities, and as Shemara said, we've now got 250 odd projects under development or construction and more than 30 gigawatts in the pipeline. Not all of those things, Brett, will come off, but over time, you'd hope that those things, as they get through and they start to mature, will generate opportunity for the team to realize profit through the disposal of those assets. You'll see that come through in the years to come. Just to finish off then, the ROE is currently on the low side and you expect it to expand in the next few years. Is that the correct interpretation? I mean, if I could just have a go. We've been investing obviously in renewable energy projects for a couple of decades now. We look at it project by project. The revenue may not be isolated in our investment income. We've been making large amounts of revenue from exiting projects for a long time now. We've been doing several hundred million AUD a year in terms of renewable projects that we've exited for several years. Project by project, the ROEs have been very strong double-digit ROEs. Initially, we were investing in operating assets. We moved to construction projects, now to development projects. Our required returns go up as we move up the risk curve in terms of the complexity of these investments. Certainly, the investments we've been making have been delivering material revenue and very high ROEs. Yeah. What we're doing is constantly expanding the portfolio. We're investing a lot. As we said, we're typically investing now in earlier stage, smaller checks, and also into development platforms. Yeah. Thank you. They're all the questions I have. Thank you. There are no further questions at this time. I'll now hand back for closing remarks. Great. Well, thank you for your questions, thank you for your interest, and we look forward to catching up with our shareholders over the next three weeks. Thank you very much.