Yes, the last question is from Vivian Tolliday. Can you please clarify the impending reported change of ownership of Perpetual in regard to its impact on the PIC team? What is the grand plan here that the board needs to share with shareholders? Thank you, Vivian. PIC is a separate company from Perpetual Limited, right? Perpetual Limited is talking about selling its wealth management business in the press. That's what Vivian's referring to. We deal with Perpetual Investment Management Limited, and that's what Vince and the guys here work for, and they are not selling that part of the business. They will have no impact whatsoever on us. Nothing will change. Sylvie, are there any further pre-registered questions? There are no further pre-registered questions. Thank you. We'll now address questions in the room, please. Chair, I'd like to introduce Mr. Brian Perkins. Good morning. At the 30th of June, you had $27 million in cash. That's about right. about right. Presumably, that's in the bank earning about 4% then. You'd be paying 30% tax, so that means you're getting 2.8% return, then there's a 1% management fee. It's effectively earning 1.8%. Other people have spoken about the issue of whether you should have cash or not, and some people say there's an opportunity cost in having cash. We put the money into the PIC so you'd invest in shares, right? I, and along I suppose most people, have got their own cash. By you having cash, it's not returning me anything, but if you've seen things that you're worth investing in, why not invest in them? Why have that amount of cash? We try to build, we think about risk-adjusted returns, and that means there will be points in a market cycle where we want to protect the capital occasionally. Building a portfolio, a well-balanced portfolio of companies where we think there's more upside than downside, we have the flexibility of cash as an outlet. It's not because we want to park cash because we want to time the market. That's got nothing to do with it. It's more, with the PIC in particular, if we feel things have met their, what we think is expensive and there's a chance to exit, we'll take that. More importantly, though, it's when you exit a position that you may have held for several years, it's what you put it into next. Sometimes during a market cycle, like I said now, the markets, I feel, are a bit frothy, and we've been running a pretty tight cash rate for a while, actually. It was below that number particularly. Things are starting to get to a point where we're a little bit nervous, and so we're exiting positions. As you know, I don't like paying tax at the best of times, but when you exit a position, we do pay tax, generate franking credits, of course, which benefits the company and benefits the profit reserve. Cash for us is, you'll see that's a balance date, cash. Yeah. Sorry. During the year, it does change. It moves up and down a bit as things are happening. It's a dynamic portfolio, yeah. We take your point that you don't pay us to sit in cash. Okay. Yeah. There was a lot of turnover in the portfolio in the last 12 months, I noticed. Stocks have gone out, new ones have come in. If you're actually selling profitable positions and you're paying tax, right? If you had like a portfolio of stocks that you really believed in and you held them, you wouldn't be paying tax. I know that's not going to generate the beloved franked credits, so there's a trade-off here. There's a cost, yeah. Yeah, there's a cost. I noticed that Cobram Estate has done really well, but if you sell it, you're going to be paying tax. What's the philosophy about selling winners? I'll answer a bit of it. There'll be a core couple of, the investment thesis we have for each company is very different to start with. Like a Cobram, we see years of what they're doing today, you're not being paid for yet. We're happy to sit on a Cobram for years, and we're happy to wear a bit of underperformance from Cobram because we think in the longer term, it's a materially larger company. There's a whole bunch of companies like that in our portfolio that we haven't touched, that we don't touch. We want to maintain flexibility in the sense that we're happy to put money into some investments that are a little bit more cyclical, potentially, and where we might see upside, 15%, 20%, 30% upside. It might, maybe it takes two, three years, but it might happen in six months, right? Once our investment thesis has been breached, as in it's hit our, what we think is, full value, as long as we've got another idea coming, we're happy to rotate the portfolio. I agree, I don't want to pay tax because you are giving part of the NTA away. Sean, did you want to say something extra to that? Yeah, no, I think that's spot on. It's that mix of different types of investments in terms of some, we're happy to hold for three, five, ten years if we think that it's a long-term investment. Others, we've got a very hard view on near-term valuation, and we're always going to be disciplined that if it hits that valuation, we'll stop. Just a couple of quick questions on one company that's in the portfolio and one that no longer is. Two years ago, I asked about Select Harvests. You've still got some, I don't know if it's the same amount, but it still hasn't paid a dividend. I keep reading about what's happening in California and what's happening down in South Australia, but nothing seems to really change with that company. The benefit here is, Sean is the ex-analyst at Select Harvests, so I'm going to blame him in getting that. No, that's probably fair. Yeah, look, it is still in the portfolio, as you would have seen. It is a small position sizer, but it has been there for some time. The initial investment thesis in Select Harvests was, and sorry, for people who don't know, Select Harvests is an almond grower predominantly and marketer of almonds. They're based in Australia, but they basically just sell their almonds onto the commodity market. The two key variables are what's happening with the almond price globally and how much almonds the company's producing off their farms. Our original thesis has been that the almond price globally is going to be well supported over the next five, ten years because of what's happening in California, as you mentioned, where there's strict water regulations that are coming in, which will ultimately mean that supply out of California is going to fall and California dominates global supply. That was the thesis originally that we would say, high almond price. That is playing out at the moment where you're seeing the almond price have a very material rise. Unfortunately, and this is one of the, I guess, complexities and risks of investing in an agricultural company, the company's had a few hiccups themselves in terms of the production off their own farms with some of the wet weather that happened over the last couple of years. That's meant that the share price has not yet reflected the improved conditions out of California. When we look at it today, as frustrating as that may be, the earnings power of the business in more normal conditions off their farms with the almond price where it is suggests that it's very undervalued at the current levels, which is why we've still held the position because we feel that at some stage that's going to get reflected in the share price and we just don't think it's the right price to be exiting that investment at the moment. The second one is Ramsay Health Care, which I asked about last year. I did sort of criticize the makeup of the board, and since then, they appointed the ex-president of the Geelong Football Club to the board. He also ran Medibank Private for a while. I don't know. I know. I know. He doesn't have any medical knowledge that I'm aware of. You got out of that position, and I did ask last year how low could it go and people laughed, right? I think it's 25% lower. The interesting thing is the first time I've seen the word contrarian came up on the screen. I haven't seen that one before in the last ten years. Allan Gray's taken a position in Ramsay. I think they've said they paid too much, but they've taken a position. You obviously thought it was worthwhile when it was like $60. Now that it's $31, does that mean you will now be interested in it? All companies are interesting at all times to us, so you should assume we're always doing work on those. A company like that where there is definitely a valuation buffer there now at $31, particularly the Australian business where they own a majority of the land and the sites and the hospitals in Australia, where they operate. Also, if you look at just, if you look at industrial logic, Healthscope's basically insolvent. You've got one of their largest competitors exiting the market. Not completely exiting, that's probably too strong a term. It's going to be broken up into pieces to have different owners. Ramsay's quite dominant in its field. The thing is, Ramsay, though, still needs to be run more efficiently. A post-COVID world, we've got higher average inflation. I've mentioned that earlier. No other sector has been impacted more than the healthcare sector because healthcare inflation runs at 2X the standard, the basic economy inflation rate. That's a new facet for the healthcare sector to deal with. I think they've appointed the right CEO. Now he's doing a good job. It's a large job to do in a sense that there's a lot of things to fix, and it's all self-help. There are aspects that we like on the setup for Ramsay in that there's a new CEO, there's going to be a new CFO soon. Now he's brought in two new senior executives into the business who are from external. I think Craig Drummond is actually an exceptional director, the new director on the board. We used to own Medibank when he was CEO of Medibank, and he fundamentally changed that business for the better. I think he brings a, he doesn't need to be a doctor, but I think he understands capital allocation and the sector pretty well. I think that's something that they needed. I think the Chairman, David Thurley, has done a great job in bringing Craig Drummond onto the board as well. If you think about some of the things you're looking for that will pique our interest, they're some of the things. We're definitely doing work on it. It's a matter of timing, I suspect, and trying to understand, does it fit in the PIC in particular? What other opportunities do we have? It's got to fight for a position in the fund with other ideas we may have as well. It sort of looks quite interesting. Thank you. Do we have any other questions? Payout ratios. We hold several listed investment companies, and they tend to have a payout ratio of 90% to 100% of profit. Now, I've been flicking through the accounts here, and I can't see what percentage, but I'm sure earlier on I saw it was about 70% of earnings. That's question one. The second, when I flick through the accounts, I see brokerage. Now, it's been 60-odd years since I did accounting, but in my mind, brokerage should be capitalized, not expensed. Thank you. I'll go to your first question, okay? Maybe I'll ask Karen to talk about the brokerage question. When we look at the dividend, when you compare us to other LICs, right? Profit? I'm talking about, you're talking about dividend. What are we paying out now, Curt? My dividends, our dividends. Your dividends, that's right. When we pay out, we're trying to get a consistent dividend that's 100% fully franked, and we've managed to do that, okay? If you look at those other LICs, and I'm not going to criticize anybody in particular, the bulk of them are not 100% fully franked anymore, and it's not consistent, right? They move like this. All right, we can talk afterwards. I'm not going to point a finger at anybody, but that's not our thesis. Our thesis is consistent. We've paid out the highest dividend for the last two years that we've paid in 10. We've always paid 100% fully franked dividends. When we did have excess capital, we had a special dividend. You might remember in 2021, I believe, or 2022, something. I wasn't a shareholder then. Oh, you missed the boat. No, I'm kidding. That's what we're trying to do, right? We're trying to make it consistent because that's what we told our shareholders when they bought their shares. Our investment thesis is consistent, 100% fully franked. We look at what we have in our profit reserve and what we have in the franking credit reserve, and we manage that. You really can't look at what the percentage of profit is, because we're trying to smooth that to give retirees consistent 100% fully franked dividends. That's where we're different, perhaps, from some of the other LICs that you invest in, but I don't know. Karen, did you want to talk about the brokerage question? Sure, happy to. Please. Can you hear me? The question was around the accounting for brokerage fees. When we do our audit of the PIC's financial statements, we look at the accounting policies adopted, and as part of that process, we check that they're in accordance with the accounting standards. Brokerage costs would be expensed in accordance with the accounting standards. We're comfortable with the presentation and the accounting. In my mind, I disagree there in the sense that if you've got something that you hold for less than 12 months, spot on. We've been talking about buying shares five, ten, and longer. It looks like that, though. I think this company works at opening stock and closing stock. Even if they purchase, it's not capitalized. It's like a business who sells something, like Coles and Woolworths. They're selling a product, but a branded product. Yeah. They’re buying a share at a certain price. Yes. That price includes the brokerage for. That's how I see it. They don't get a 50% capital gains tax exemption either, do they? Who is? If you hold a brokerage for more than a year. Not in the company. Not in the company, but they don't get that either. It's not like they run it like a, I could turn up like a business, like a Coles or Woolworths. If I could, instead of buying milk and flour and all these bits and pieces then. Which they are doing as they're buying shares. Yeah. As I see it, if you put in the cost of the brokerage in addition to what you've paid for the share, that's what it's cost you. That's your cost base. If you flog them off in six months, that brokerage is realized. That is expense then. If you hold them for ten years, you're really, yeah, it in my mind is not, it's got to be taken into account when you sell it. Instead of making, I know it's only a small amount, a million dollars, but yeah, there's a principle here. Yeah, but as a listed investment company, you're going to get a job if you're not careful explaining this at KPMG. Anyway, do you want to explain that? Yeah. That's how. Just to also highlight that all the assets you acquire are held at fair value on the balance sheet. If they go up in value, then that is recognized on the balance sheet. They're not held at cost in the balance sheet. That's considered. There are going to be two profits here. One, an unrealized profit. That's exactly right. Which is the difference between. The original cost and the. The original cost, which in my mind should include brokerage, but anyway, you know, okay, BHP, you know, six months ago was $35. Now it's $45. That's right. That's what's included in the profit reserve as well. Yeah, yeah. You can't pay dividends out of this unrealized profit, can you? You are able to pay dividends out of your profit reserve. We transfer to our profit reserve, and then we can pay dividends. You haven't realized it, so how can you? You have already made those profits in the past because that's. No, no, no. When you sell them is when you realize the gain. If you're just sort of saying, oh, okay, the value today is, oh, if I sold them today, I'd make. Part of it is the accounting standard that forces you to put the realized and unrealized gains through the income statement. That's right. Yeah. With due respect, can I suggest that we talk about this over coffee? Not everybody's got your expertise either, sir. I'm sure Karen and Danny can go through with the standards that we. Things have changed in the last 60 years. I'm sorry to say so, perhaps. Sorry, sir. Thank you. Chair, I'd like to introduce Mr. Brian Allison. I think people are getting the impression from the discussion here that you have to be a little bit masochistic to try and run an LIC, especially these days with arbitrage circling and being constantly bashed by the ETFs. It's really a very difficult gig these days. In your presentation, you expressed an ambition to reach NTA or exceed it. I think those days are well behind us now because so much is made of the NTA that nobody is going to buy at the NTA or higher. Everyone wants a discount. I mean, you don't go into Woolworths hoping that what you want to buy is full price. You wait for it to be on special. I guess recently Canada has put out an ad expressing Ronald Reagan's attitude towards tariffs. I guess most economists are predicting that they're going to cause a recession in America. I just wonder if you are able to comment on that or whether that's something that's outside of your ambit. There's an easy answer there. You left that open for me. No. I don't know if that caused a recession. Inflation's usually a tax, though. It's a tax on the system, on everybody, because it's very regressive. Everyone pays it effectively. As I said to you earlier, governments are running pretty big fiscal deficits. They're supercharging the economy by putting money into the economy. It's a lot of liquidity, and that's one of the reasons for part of the inflation. The tariff impact, it's like when, I hate to say it, the introduction of GST was a one-off step up, and then we normalized from that point. The biggest cost is that you're rewiring trade, right? It was a very efficient system before. I'm not going to discuss why the trade war started. That's for everyone else to make up their own minds. Your companies now are going to have to work out how to not manufacture part of their, whatever gets sold in the U.S. can't be manufactured in China. They're going to have to reestablish new manufacturing hubs. That's already happening. You'll be surprised. I think in about 18 months' time, you'll be surprised at how quickly companies can actually move to. The The companies are very adaptable and very efficient most of the time. I think it'll be less of an issue then. They'll start getting, the companies will be a lot more efficient. They'll start to get a lot, their costs will get normalized a bit more, lower, as they get that efficiency. Whether it creates a recession, I think actually markets usually, economies are usually running in balance anyway. Recession's a pretty difficult word to say when you've got so much liquidity in the economy. It's usually more an accident that happens, that we get really, like inflation really gets out of control. That's the problem. The other problem is that, you know, the tariffs are 10% today. They're 150% tomorrow, and next week they'll be 25%. Imagine running a company with that. Yeah, exactly. In terms of investments, you were very keen a couple of years ago on A2 Milk, and that seems to have worked out well. I'd just like to know how you see it now, and if you exit it, how you manage that. Fortunately, I put Sean in at the last time. He was actually the analyst responsible for the position in the first place. Oh, I know he was. You're on it. Good on you for remembering. Sean can answer on my behalf. Yeah, no. I'll put you the answer. Yeah, you touched on it. It has been a good investment over the past, I guess, few years. When we initially bought in, we thought the brand, the A2 brand itself, was very, very powerful. There had just been some mismanagement and some industry change going on in its key end market, China, where it was shifting from the old way of selling product in, which was a lot of it was through the suitcase and through supermarkets in Australia, to a more, I guess, regulatory visible channel that was higher tax and higher cost to serve. That was a big shift for the company to go through. What we've seen since is the new management team's done a fantastic job of making that change and really investing behind the brand so it's more sustainable for the long term. Throughout all, it's now a top five infant formula brand within China with just the one SKU, which is very, very impressive. More recently, what the company's done, which has given the share price the more recent surge over the last six months, is announced an acquisition of a manufacturing plant in New Zealand, which does a couple of things for the company. It means that it's a lot more resilient, having that vertical integration and being able to do it all themselves. It also gives them access to a couple of more licenses in China so they can sell a wider range of products. We think the business has been through its difficult turnout phase, is very well run, and the underlying conditions for the market still look pretty healthy. You would have seen in the annual report that it's still held in the fund. We think that the outlook for the next few years still looks good. It still has a net cash balance sheet, right? It is paying a dividend. Yeah, yeah. I think there's a $300 million special dividend that they've announced will come sometime in the next 12 months. Okay, thank you. Thank you. Thank you. Do I have any other questions in the room? Oh, one more. The gentleman is going to work at KPMG. Chair, I'd like to introduce Mr. John Edstein. Please, John. Just a couple of observations. I'm not a professor or anything like that, highly intelligent person, but just on the cash point, look, cash goes up and down. I agree with the gentleman's, like, but at the end of the day, you've got to have some cash in the bank account to pay dividends and wages and things like that. I don't know. I've been an accountant for a long time and cash goes up and down. To me, I'd always keep a bit back in case things go bad or an opportunity comes up. I don't know. Yeah, yeah. Also, from an investment point of view, I'm not an advisor or anything like that. I've got probably 15 shares in my portfolio. Now, the 15 shares, always one or two will go bad. This almond business, I think, is just one of these. I don't know how many shares they've got in different companies, but you're going to get a few that are going to go pear-shaped. It's not, you know, that's just the way it works, unfortunately. What else I was going to say? Your thoughts on a couple of names came up, CSL Limited, Domino’s Pizza Enterprises. These are supposedly well-run companies. CSL Limited, I think, were up near $300 at one stage. You must be looking at something like that. These are companies that make profits. They've got good management. What are your thoughts on that side of things? To that point, I said earlier that we like these sort of markets because these opportunities are being thrown up. We are, in the background, there is a lot going on in the background internally about looking at these opportunities like a Domino’s or a Treasury Wine or an Endeavour Group. Reese is the same, and James Hardie, which we haven't owned, but they've fallen 50% odd. They're real opportunities. Sean, you might give them a perspective on Domino’s and CSL potentially. Yeah, yeah, I think Vince touched on it there, but coming back to the question on Ramsay earlier, as I touched on at the start, this momentum factor means that we do, there is a long list of opportunities of, at their core, good businesses that are trading on very cheap multiples because there's some near-term uncertainty. Our job and where we're spending a lot of our time is to try and pick the couple out of that that are going to turn around and you'll have the potential to make a lot of money if they go right. All of those names that you mentioned, the ones Vince mentioned, are on that list. If I start with Domino’s, look, it's had a very significant fall over the last three, four years from, it's got to $160 during COVID. I think that was an unsustainable level due to some of the restraints and people learning from home that were happening at the time. The real crux of it from our perspective of the issues that have played out there is you've had a shift in the profit pool from the franchisees to the franchisor being the company. The core to a good franchisor is having a healthy franchisee network because they can invest in their business and continue to open stores. That shifted too much to the franchisor, and the franchisees came under stress. Put on top of that some inflation that put store economics under ten, the franchisee network was under a lot of pressure. What we've now seen play out over the last little period is because prices went up too high, the consumer demand softened, and they're in this turnaround phase where they're now trying to restore the economics in the system back towards the franchisees. I think that's always a hard thing to do. I think in the current world where you've got so much competition, where you can go on your phone, on Uber Eats, and order 20 different pizza from 20 different pizza places, whereas 10 years ago it was just Domino’s, I think it's an even harder thing to do for them. That's the key challenge. I think that Domino’s has got to turn it around. Look, CSL's, there's been a few different things going on at CSL. I think it probably all started when they made the acquisition of Vifor, four or five years ago. That proved to be a challenging acquisition in terms of how that business performed post that deal. The issue more recently has been what's come out around some challenges in their core bearing business, which has been the bedrock of their success over the last sort of 10 years. There is some uncertainty at the moment in terms of how balanced that market is and whether we've gone into oversupply. I think until the market gets the answer to that question, it's going to continue to remain under pressure. Unfortunately for their company, they've also had some short-term issues around the Seqirus, their flu business, given what's going on with vaccine rates in the U.S. When you've got a core piece of uncertainty around the core of the business and then a few issues on the edges, it goes into that uncertain bucket that we were talking about before, that the market's not willing to buy at the moment, given the dynamics. We're having a very good look at it and spending a lot of time analyzing it. Thanks, Sean. Do I have any other questions in the room? No? Sylvie, do I have any questions online? There are no online questions. Okay. MUFG, do we receive any questions over the phone? I'm going to take that as a no. I'd like to thank the investment team for their presentation today. Thanks so much. Thank you. I'm now going to move to the formal business of the AGM. The virtual meeting online guide was launched with the ASX and published on PIC's website. It outlines the steps to enable remote shareholders to participate in this meeting. In terms of business, we have the following items to consider. One, the financial and statutory reports for the financial year ended June 30, 2025. Two, the reelection of Michael Clark as an Independent Non-Executive Director. Three, the election of Tim Bednall as an Independent Non-Executive Director. Four, an advisory vote on the adoption of the remuneration report for FY 25. The item of business relating to the FY 25 financial and statutory reports is not for voting, but for tabling and discussion. Yesterday, we announced on the ASX that the following resolutions were withdrawn. Resolution four proposed amendments to clause 15.5 and 15.6 and related clauses of the Constitution. Resolution five proposed amendments to clause 13.3 of the Constitution. Tim Bednall, as Chairman of the Nomination and Corporate Governance Committee, will address the withdrawal of those resolutions. Thanks, Tim. Thank you, Chair, and good morning, everyone. The proxy votes that we received in relation to these two resolutions indicated that these resolutions to amend the company's Constitution may have been defeated, and therefore they were withdrawn. By way of clarification, Resolution four proposed amendments to clauses 15.5 and 15.6 of the Constitution to facilitate the election of directors in accordance with the ASX listing rules. At present, the Constitution imposes additional and unnecessary requirements. For example, Michael Clark is required to stand for election at this AGM under the Constitution, even though he was elected for a three-year term only two years ago. He would not be required to stand this year under the ASX listing rules. This was a sensible proposal to remove unnecessary red tape in this process and align the Constitution with the applicable regulations. Resolution number five proposed amendments to clause 13.3 of the Constitution to permit fully virtual shareholders' meetings, but only in extraordinary circumstances. There is, or there has been, as you know, quite a degree of controversy about proposals to amend company constitutions to permit fully virtual meetings. Most of those proposals have been defeated. We took note of that sentiment in the investment community and limited our proposal to extraordinary circumstances in which physical attendance at a shareholder's meeting was not possible or had been made difficult by circumstances beyond our control, such as a pandemic or a natural disaster. This was also a sensible proposal in our view that would have enabled shareholders' meetings to be held fully virtually, but only when physical attendance was impossible or difficult. We have now further considered these things at the board. Thank you. Thank you, Tim. I'll invite any shareholders in the room who'd like to ask a question in relation to the withdrawal of those two resolutions. I don't think I have any questions in the room. Do I have any questions online? No, there are no online questions. Okay. MUFG, if you're out there, do I have any questions on the phone wishing to ask questions? I'm going to. We have no questions from the phone at this time. Thank you very much. It appears there are no further questions, so we'll proceed. Thank you, Tim. Further information about each of the items for consideration today is set out in the notice of meeting. I will take that notice of meeting as read. As described in the notice of meeting, proxy appointments were able to be lodged up to 48 hours before this meeting. Where I, as Chairman of the meeting, have been appointed as a shareholder's proxy or become their proxy by default, then I will vote director proxies as directed in the proxy appointment, and I will vote any available undirected proxies in favor of each resolution. If you are a proxy holder, then you would have received an email sending out instructions for you on how to vote these proxies using the voting mechanism on the online platform. If you have not yet registered to vote, please do so now. I will now outline the procedures for voting for the shareholders in the room. We will be voting by a poll and not a show of hands. Reggie Harborne of MUFG Corporate Markets is the Returning Officer for the purpose of this poll. You will all have received a voting card when you registered today. They will be used to cast your vote. The poll is now open. You may cast your vote at any time during the meeting now that the poll is open. You may also change your vote at any point until I declare the poll closed. The poll will remain open until five minutes after the end of today's meeting. To vote online, follow the steps in MUFG's portal, noting that you cannot cast a vote over the phone. If you experience any difficulties in the online platform or you're unsure how to vote or ask questions, there's a helpline available, 1-800-990-363, which is on the last page of the virtual meeting guide. Subject to any applicable voting restrictions, the Board recommends that shareholders vote in favor of each item. Any voting restrictions for the resolutions are included in your notice of meeting. The results of the voting will be known shortly after the AGM and advised to the ASX and posted on our website. Now, how to ask a question. Just hang with me. This is very detailed. I will introduce each resolution, and there will be an opportunity to ask a question in the room or post online written comments or questions. If you're in person and you wish to ask a question, raise your hand as we have several roving microphones around the room. A microphone attendant will be with you as soon as possible. Take your name so they can introduce you. For those of you attending online, if you're a PIC shareholder, you can also ask a question or post a comment online regarding the update. To do so, on screen now are the instructions on how to submit questions online and over the phone. The Company Secretary, Sylvie Dimarco, will read comments and questions to the meeting. The questions will be read out verbatim. I will then respond or designate someone to respond to questions. Following comments and questions, I will confirm the proxy votes received before the meeting. These will appear on the screen in the room and your computer screen beside the video feed. All resolutions before the meeting today, except for resolutions four and five, are ordinary resolutions and will be passed by a simple majority. We'll first take questions from shareholders in the room and then shareholders using the online platform and then take questions received over the phone. We will save asking each question until the relevant item of business. The first item of business is to receive and consider the financial report, the report of the directors, and of the auditor for the financial year ending June 30, 2025. The accounts were circulated as part of the annual report published on PIC's website on the day we announced our full year results on August 25th. I now formally table the financial report, the Directors' Report, and the auditor's report for the financial year ended June 30, 2025. As I said, there's no voting on this item, but shareholders will now have an opportunity to ask questions and make comments about the financial and statutory reports or about the management of the company in person or by phone or by using the online platform. As you're aware, Karen Hopkins from KPMG is also available to answer any shareholder questions on the conduct of the audit, the auditor's report, the company's accounting policy, or the independence of the auditor. All questions to the auditor should in the first instance be addressed to me as Chairman, and if appropriate, I will ask Karen to address the question. Please note that we will focus specifically on the remuneration report later in the meeting, and we will be taking questions on that and other specific items of business when we come to them. I note that no written questions for the auditor were received in advance of the AGM. I will now invite shareholders in the room who would like to ask a question on this item of business to raise a hand. Sir? Chair, I'd like to introduce Mr. Darius Pidgic. Thank you for the introduction. Hi, nice to see you. Good morning, if it's still morning. I have a question on brokerage fees. Luckily, they went down from $1.4 million - $1.2 million last financial year. Who are actually the brokers that we are using and that we are actually paying those brokerage fees? Is the company doing anything to reduce that? I know that I have a bit of an advantage, but I'm using now BetaShares Direct, and I pay zero brokerage fees. Thank you. Vince, can I ask you to address that? Sure. We have basically what is called a panel of brokers where, for counterparty risk, etc., they've got to qualify. We pay based on the services they provide us, which is research, banking, etc., as well. Our fees are, we pay for research as well, as I mentioned. Our fees, we can't get zero because if you pay zero, you get zero back. We get very good rates, basically, given our size. The PIC gets the benefit of the group, Perpetual Group, but also our investment management, Perpetual Investment Management, and the money we manage on the institutional side as well as on the wholesale side. We've got another $12 billion - $13 billion we manage on behalf of other investors, and the PIC gets the benefit of that scale and what we pay. I'd love to pay zero. We just don't trade then. That's the problem. You need to do things like that sometimes. The panel of brokers, it's a lot of bulge bracket brokers, some specialist brokers as well, some research-only brokers that do no banking as well. We've got quite a wide variety of brokers we pay. Can I just ask a general trend, that the brokerage fees are going down? Execution, yes, for pure execution. They've probably stopped falling, though. We're happy to pay a little bit more, not happy, but we have to pay more if we're consuming their research. We will pay for research because we always look for alternate views, especially. Okay. Okay, thank you. Thank you. Thank you. Do I have any other questions in the room? No. Sylvie, do we have any other questions? No, no, there are no other questions. Do I have any participants on the phone wishing to ask questions? No phone questions at this time. Thank you. It appears there are no further questions on this item of business. I wish to confirm that I am holding open proxies in my capacity as Chairman, and it is my intention to vote all available undirected proxies in favor of all resolutions. I move to the reelection of Michael Clark. The first resolution today is to consider the reelection of Michael as an Independent Non-Executive Director. Michael was first appointed to the board on the 1st of September 2023, and being eligible now stands for reelection. Details of Michael's career are set out in the explanatory notes accompanying the notice of meeting. The board, with Michael abstaining, strongly supports Michael's reelection. I ask Michael to provide a few comments with respect to his background and current commitments outside of PIC. Thank you, Nancy, for the kind introduction. I'm delighted to stand before fellow shareholders of Perpetual Equity Investment Company today to seek reelection to the Board of Directors as an Independent Non-Executive Director. By way of a short introduction, my career in funds management has spanned over 35 years and included roles as a Chief Investment Officer leading teams investing in Australian and global shares, fixed income securities, and foreign exchange, and also roles as a Chief Executive Officer leading the growth of fund management businesses both in Australia and overseas. My biography details these various roles and experiences and is attached for your reference. The most important lesson I've learned in my career in the funds management industry is that success depends less on you, the individual, and more on the team of people around you. Regardless of the size of the fund management business, the key and enduring organizational ingredient required to achieve success is a commitment to shared beliefs and values. This commitment is vital to achieving the required goals and sustaining strong performance in every organization. PIC has achieved several noteworthy outcomes over the past two years while I've served shareholders as an Independent Non-Executive Director. Highlights included the conduct of a comprehensive 12-month review of the key external service provision to PIC, which ultimately resulted in the reappointment of Perpetual to continue leading the provision of fund management, business, and compliance services. Additionally, elevating the recognition of the role that PIC plays in your portfolio to include not only the delivery of active returns through investing in both the domestic and international securities market, but also, importantly, the payment of secure, fully franked income. Secure delivery of fully franked income is becoming increasingly important to more Australians as they transition into retirement. While circumstances and markets change over time, my view is that the ingredients necessary for PIC to succeed remain the same: talented people committed to shared values and beliefs who respect and trust each other, working collaboratively in teams to deliver outstanding results. I'm committed to supporting these values and this approach at PIC. To this end, I'm very excited to be given the opportunity to continue working with Nancy and my fellow directors, Amanda and Tim, and the entire Perpetual team. Perpetual has been a leading investor in both the domestic and global equity markets for decades, earning an enviable track record of successful active investors delivering strong results for their clients. I'd also like to take this opportunity to thank both Virginia Malley and John Edstein, who have retired from the board of PIC this year. Both Virginia and John have contributed significantly to PIC's success since the inception and have provided me with strong support and valuable advice and guidance. Following Virginia's retirement from the board, I'm looking forward to assuming the role of Chair of the Audit and Risk Committee. In conclusion, I feel privileged and proud to stand for reelection to the PIC board, allowing me to continue to serve the company and you, the shareholders. Thank you. Thank you, Michael. We didn't receive any questions on this resolution in advance, but are there any questions from Michael in the room? Why is Michael not here today? Michael, the question is, why are you not here today? You're in the U.S., right? Can you hear me? Yes. Yeah, I'm on business in the United States at the moment. I'm on another board, and I'm doing a visit program to a number of investments in the United States, which is quite helpful generally because it gives me a perspective of the market here. I've been basically in the last seven or eight days around Tampa, Austin, Seattle, Chicago, and now in New York. It actually is very helpful to have that perspective, to be able to bring that to PIC as well as to my other board commitment. Yeah, Michael told us in advance that he couldn't reconcile the two trips with the two boards, but he is live in New York. Thank you. Does anybody have any other questions for Michael? Okay, excuse me one moment. If there are no other questions from Michael, the proxies received part of the meeting on this resolution are now displayed on the screen, or will be, and on the online platform. To vote on this, please cast your vote now if you haven't already done so by selecting either for, against, or abstain for Resolution 1 on your voting card or through the online platform. The second resolution on today's agenda is to consider the election of Tim as an Independent Non-Executive Director. Tim was first appointed to the board on May 7, 2025, and now stands for election. Details of Tim's career are set out in the explanatory notes accompanying the notice of meeting. The board, with Tim abstaining, strongly supports Tim's election. I ask Tim to provide a few comments with respect to his background and current commitments outside PIC. Thanks, Tim. Thank you, Chair. I'm honored to be recommended for election to the board of Perpetual Equity Investment Company Limited as an Independent Non-Executive Director after being appointed, as you've just heard, to fill a casual vacancy on the retirement of John Edstein earlier this year. I serve on the board of one other listed company, Amplitude Energy Limited, where I've been a director for five years. I'm also a partner of law firm King & Wood Mallesons where my arrangements permit me to serve on the boards of two listed companies that are not clients of the firm. If elected today, I will not take on any further board positions while I remain a partner of King & Wood Mallesons. I'm a former Chair of King & Wood Mallesons Australia and current Chair of the firm's risk committee. I head the King & Wood Mallesons governance practice, advising a large range of listed companies. I'm also the founding director of Owl Advisory, a compliance and governance risk practice wholly owned by KWM. My voluntary roles include membership of the National Portrait Gallery Foundation Board and, until very recently, membership of the ASX Corporate Governance Council, representing the Law Council of Australia, and that ASX Corporate Governance Council is now defunct for reasons that are well known. I believe that if elected, I will continue to bring valuable skills and experience to the board as it considers options for future growth and continuing strong yield for the benefit of shareholders, and I'm happy to answer any questions. Thank you. Thank you, Tim. Do I have any questions in the room for Tim? No, thank you very much. Sylvie, do we have any other questions that we've received? There are no questions. Thank you. MUFG, do I have any other questions? No questions from the phones. Thank you. Thank you. The proxies received prior to this meeting on Resolution 2 are now displayed on the screen and on the online platform. Please cast your vote now if you haven't already done so. Select either for, against, or abstain for Resolution 2 on your voting card or through the online platform. The final item of business is the advisory resolution to adopt the remuneration report. The remuneration report forms part of the Directors' Report and is included in the company's annual report for the financial year ended June 30, 2025. As you will note, the remuneration report contains the remuneration paid to PIC's directors who are the key management personnel. The company has no paid employees, and accordingly, the 2025 remuneration report is simple and brief. There are no written questions regarding this resolution received in advance of the AGM. I'll now invite shareholders in the room if you have any other questions on the remuneration report. Thank you. I'll now respond to online questions. There are no online questions. MUFG, do we have any other questions on the phone? No phone questions at this time. Thank you. It appears there are no further questions. The proxies received prior to the meeting on Resolution 3 are now displayed on the screen and on the online platform. Cast your vote now if you haven't already done so. Select for, against, or abstain for Resolution 3 on your voting card or through the online platform. I'll move to other business. I'll invite shareholders in the room who would like to ask any further questions to raise their hand. It appears there are no questions in the room. Sylvie, are there any further questions online? No questions online. Okay. MUFG, do I have any questions on the phone? I don't think so.