Good morning and welcome to today's investor and researcher briefing for the merger of Platinum Asset Management and L1 Capital. My name is Dean McLelland from Platinum and with me today I have Jeff Peters, Platinum's Chief Executive Officer. I have L1 Capital's Co-Founders and Co-Chief Investment Officers Mark Landau and Raphael Lamm, and I have Andrew Stannard, Platinum's Chief Financial Officer. We begin the presentation today with approximately. 40 minutes of prepared remarks, and then we'll open the webinar up to your questions. If you would like to ask a question. Please use the Q and A function that you should find at the bottom of your screen. For any questions that we are. Unable to answer today or we don't. get time to answer today, we will follow up with you after today's webinar. I would note that the slides are currently available from the ASX or the Platinum websites, and a recording of this briefing will be made available on both the Platinum and L1 Capital websites later today. With that, I'll hand over to Jeff Peters. Platinum's Chief Executive Officer. Thank you, Dean, and let me add my welcome and thanks for joining us. We'll dive right in to the next page and talk about what we're here to discuss, which is, as it says, earlier this morning we announced the strategic merger between Platinum Asset Management and First Maven or L1 Capital, and you can read the salient points as we go down. This merger is going to create a market-leading investment platform, both of listed equities and alternative investment strategies, with funds under management that I've seen at AUD 16 billion. We are going to be a growing, scalable, and very well-diversified asset management business coming out of it, with a client base that spans all of the channels, with strengths across those channels. We are going to be benefiting from L1's very strong track record of performance through market cycles and also participating in a portion of the performance fees from the flagship Long Short Fund and other strategies. L1 has a great track record for launching innovative new products and seeing them succeed. We think that will be a major benefit to the merged entity, and I think people are aware, but just to review, the ASX ticker will be renamed, and once this is closed, we don't have the name yet, but we will have that and get back to you on that. Once this is closed, Platinum shareholders will have roughly 26% of the equity to 74% for L1 Capital. We're also going to perform an estimate of AUD 20 million of pre-tax cost synergies in this merger, and we believe this transaction will be materially EPS accretive to the tune of 30 plus percent as well as providing an excellent growth platform. The Platinum Board is unanimously recommending that Platinum shareholders vote in favor of the merger at the general meeting. With that, let me go through a bit more of the strategic rationale behind the combination. The primary benefit of this merger is to create a real market-leading investment platform, the asset management business in Australia. I think people here are quite familiar with Platinum. I won't go through it much, and Mark and Rafi are going to be talking about L1, providing more of an overview for that. The combination of the two really leverages strengths you see to create a map scale platform with a diversified set of investment teams and products and, importantly, a strong performance culture, standout brands, and a strong set of distribution capabilities. That will really allow us to leverage a broad, diversified position. We can go to the next page. You can see that the pro forma funds under management by asset class is a great mix of Aussie equities, international equities, Asia ex Japan, and then some other alternative categories. It's a great mix of listed equities and alternative investment strategies, and it's around the world. If you go to the right side and look at client type, strong retail presence combined with a strong presence in the high-net-worth channels along with institutional and wholesale, high-net-worth, etc. We span together the channels, and that's a pretty compelling mixture as we move across and look at growth. Moving on to the next page, there are four elements of the combination that we think are going to drive our growth platform and deliver efficiencies and shareholder value. The first is that I mentioned at scale we've got an expanded range in the new company of investment strategies and product compliance, and we're very much looking forward to exposing our respective client bases to those great products. We've got institutional, wholesale, or high-net-worth leadership really with market leading positions there as well as at retail. We've got a great growth platform, and the drivers of growth are always great investment performance and distribution capability in the merged entity as opposed to the new set of products at L1. Strong performance and strong performance culture will really benefit the combined unit holder sets. We've got a great set of distribution professionals that will allow us to grow both in Australia and outside of Australia over time. There are operations streamlining efficiency opportunities, and we will capture those. We'll start with the fact that we will have a new name, but I want to communicate that Platinum funds will remain federal Platinum funds and L1 as well at the fund level. I've mentioned before, the AUD 20 million pre-tax cost synergies, and Andrew Stannard, our Chief Financial Officer, will go through that. Finally, and very importantly actually, is our balance sheet strengths. The strong balance sheet of Platinum and the cash position and the liquidity and access to capital that the new company will have will really offer unparalleled opportunity for us to grow both in terms of organic growth through seeding and also inorganic growth when the time and the opportunities are right. We think that this set of attributes really positions us incredibly well to serve clients, add value, and grow over time. If you think about how that arrays on the next page in terms of the timeframes, immediately we're going to focus on capturing the immediate benefits of the merger, that is prioritizing investment performance across the group for better client outcomes, strengthening our share of clients by exposing each of the client bases to new products, and capturing immediate cost synergies as we go forward. As we shift into the shorter term, we'll be able to combine more of the middle and back office capabilities and explore international distribution as well as considering new products in this market and outside of it. Longer term, as I mentioned, we're excited about potential new strategies and also through leveraging our balance sheet to expand in terms of the management team and the board. Let me review that briefly. On the left hand side, you see the Board of Directors as currently arrayed. Guy Strapp, the current Chairman, will be the independent Chairman as well, coming from Platinum, retrogrades and other Platinum Director will retain her role. I will be the CEO and the Managing Director on the board. Joel Arber from L1 will be the COO and join the board, and then James Stewart, also from L1, will join the board. In addition, there will be two non-executive directors nominated by L1 who will join the board, as well detailed by who they are to come. The management team will be myself, Joel, and Andrew Stannard to my right, and we look forward to working together to drive this company forward and capture shareholder value. It's very important to note on the bottom that Mark and Rafi, and they speak to this, are going to be primarily focused or solely focused, as it says, on their investing responsibilities, fasting vital to continued success of Merge Co, and as we designed this team, a key design component. With that, let me actually stop and turn it over to Mark to give you more of an overview of L1. Thanks Jeff and thank you everyone for your time. As Jeff mentioned, I'm the Co-Founder and Co-Chief Investment Officer of L1 Capital along with Rafi, we started L1 Capital back in 2007. We're a global investment manager. We own 95% of the business together with Joel Arber, our Chief Operating Officer. Over time what we've done is basically the test. We've been hopefully one of the best investment houses in Australia and we've built a reputation for investment excellence. If you look at any presentation or any space, there was a lot dedicated to investment excellence and we delivered and we work incredibly hard to achieve that. We offer our clients best and branded strategies and I'll go through that in detail on the following slide. We've delivered a track record. Just give that. Sorry, just to leave that slide which was delivered a really strong performance track record for our clients. We've also got a very diverse client base we felt from soon, but we've got a very evenly spread across institutional aspect of a strong area in private wealth, high-net-worth, ultra high-net-worth, family office planners and retail. I think that diversity brings a lot of stability to the client base, but also brings a lot of opportunity because certain products will be attractive to savings lives for clients. The track record is that we've been able to not only launch the flagship strategy, which is a long conflict, we've been able to attract other people into the business and other teams that have been able to launch and succeed in running strategies over time. I'll touch on that on the next slide. Over the last year we've generated around AUD 3 billion of net inflows. Funds under management today is just AUD 5.5 billion. We're a truly global business. We've got team members in Melbourne, which is head office, Sydney, Miami, New York and London. We've seen further growth globally, not just in Australia. Turning to the next slide, you can see the funds across the L1 platform. The Long Short Fund is what people probably know us best for. The Long Short F und is absolute returning strategy. I also saved up over 18% per annum after fees and that's roughly 10% per annum better than the index. We provide the index there just to give a sense of what the market's done. Essentially it's an absolute return strategy that's objective is to deliver at least a 10% return to earning. It's been the best performing Long Short Fund in Australia since inception and something that we're incredibly proud of. Everything we do at L1 is about clients getting great outcomes. If clients get great outcomes, everything flows nicely from that and effectively the success of the Long Short Fund has enabled us to launch other strategies which are committed to other opportunities for our client base. The Global Opportunities Fund, which is run by David Feldman, that's been one of the best hedge funds globally, returned as close to 28% per annum since inception and that goes back 10 years. David actually claimed just ticks over 1,000% for their investors since inception, which has been an incredible achievement in only 10 years. The Engine Outfield Fund, which is headed up by David Steinthal, who used to be a Senior Portfolio Manager for the Lowy family for their very large global equities portfolio, that strategy has probably the top quartile returns over all time periods: one year, three years, five years. Since its inception, the Catalyst Fund, which is a high conviction 10- stock portfolio that's headed up by James Hawkins and works very closely with our Long Short team, that's also been a really exciting new product for us. We're seeing a lot of interest in that strategy going forward both from institutional and wholesale flows. Lastly, the UK Residential Property Fund, which is more of a yield-focused strategy run out of the UK. It's important to note there's been a lot of headwinds for the UK property market in general. The index has actually returned a negative number since its inception and we are these ways that outperformance, so you stay harbor for the river. The average have a percent or so, drowning in an incredibly difficult market. We think the outlook for that fund is particularly positive going forward as conditions improve. Turning to the next slide, you can see the diversity of our business. On the top left, you can see the growth that we've seen over the past decade, quite a few assets under management and management fees. We've compounded around 30% per annum over the last decade and more than 20% per annum over the last five years. Very strong growth and very consistent over time. On the top right, you can see that the net inflows have been very strong and very broad based. What we show here is the percentage of flows versus the opening assets under management, and you can see that we've had strong inflows across the Long Short `fund, International Fund, and the Catalyst strategy. On the bottom left, you can see the diversification of our funds. Obviously, the Long Short fund, our flagship fund, features heavily, but also very significant contribution from Catalyst, International, and Global Opportunities in c-dot. We think there's further opportunities for very large funds over time that we have in mind that we expect to launch over the next one to two years. On the bottom right, I think this is really the key chart on the slide from my perspective. It's nice to talk about the growth, and it's nice to talk about the flows. I think what creates a resilient funds management business is just a best case of your clients and having lots and lots of decision makers, so you're not beholden to one person or one organization that can then corporately impact the whole firm. What you see here is a very small proportion of our funds under management that is institutional, only 15% of assets under management, and a far lower percentage of revenue and earnings comes from institutional clients. A much bigger component comes from LICs, retail clients, high-net-worth, and wholesale. You can see a very even spread across all of those channels. I think it provides a huge opportunity for us going forward now that we've built strong relationships across all of these different channels, and we can provide these different clients with products that are perfectly suited to their needs. On the next page, you can see that the Long Short fund, I provide a bit of detail here just to give you a sense of, I guess, why the Long Short fund's been so successful and why it's seemingly unique in the Australian market. As I said at the outset, it's an absolute return strategy. It's been running for close to 11 years now. The objective of the fund is to deliver at least a 10% return per annum over a rolling 5- 7- year period with better general downside protection versus market. From our perspective, when we speak to high-net-worth or family offices, priority number one is obviously managing money, but, quote, the priority number one is not going to lose my money. What we've been able to deliver is more than an 18% return per annum after fees to our investors, and that's roughly 10% better than the market per annum after fees. We've also been able to protect 85% of investors' capital in down markets, and that's been tested on 49 separate occasions when the markets have a sell-off. The reason that's so important is that by being able to protect capital in down markets, we're able to make a lot more money coming out of those periods. We've just demonstrated that once again with the Trump tariff scare when the market had a big sell-off and it would bounce back very strongly. Over the last couple of months, it's been a feature and strategy that we've performed very strongly coming out of periods of volatility, but also angles to protect capital when that volatility does occur. Lastly, the returns primarily come from stock-based alpha. Credits are not, you know, probably not just rapidly. The investors' benefit is that there's a much bigger team of 10 people in our long fund team that have been able to deliver, which shows across almost every sector, which I think is a unique aspect. Also, we've got a lot more flexibility in this fund than if it is still long only, where we're able to short stocks, we're able to invest those fees for us to see each set of our portfolio, and we're also able to adjust the market exposure depending on how we see the risk-reward for the market. On the right-hand side, you can see that the fund has outperformed the market in 39 out of 49 down months. Roughly 80% of the time that the market has a sell-off, we've outperformed. We've also protected 85% of capital, as you can see on the chart on the bottom right. These are really unique attributes both in terms of the performance and also the capital protection. I think the last point that often gets lost in the discussion on the long fund is that it's a value strategy. We have a quality value focus. I don't think you could have picked a worse decade to have a value focus in the last 100 years. Despite that headwind and despite the challenges for managers that have the value focus like Platinum and like L1, we've been able to deliver those returns, and I think it goes really well. The starting point today is that the dispersion between high PE and low PE stocks is extremely broad. It's basically equal to the dot-com boom. It's equal to the COVID winner period. We've only seen it twice in the last 50 years, and we're at the same point today. We think the starting point is very exciting going forward. If we turn to the next slide, you can see the capabilities of L1 more broadly. I was saying to Rafi earlier today that 10 years ago we had none of this stuff you see on this page. Effectively, 10 years ago it was a very small investment team. Almost nothing in the way of client service, almost nothing in the way of operational, almost nothing in the way of operational, I guess industrial capability. If you look at our business today, we've invested massively in the non-investment functions as well as the investment functions. You can see today is a really full platform of distribution across every channel. We've got three main paper and client service. We have invested massively in our CRM systems to be able to give clients the best experience. We have built really tight relationships with applicant solvers and research houses. We've also invested in the factory systems for trading. We have very automated, compliance-focused tools across our business that give up a lot of reliability and minimize the risk of errors. The investor base is incredibly loyal and supportive. When we launched early this year, we didn't make it very user friendly for our clients. It was a very narrow time frame to get invested. It's a three-year closing fund and we'll still have a provided around AUD 200 because we have a lot of clients we've made money for over a long period of time and they're prepared to back off knowing that Rafi and I will be putting in a lot of our own money into those strategies as we always do. That's the ultimate test for an L1 fund. Rafi and I have to be confident enough that we want to put a lot of our own money into that strategy given that we don't read personal share trading at all. We've got a well-resourced and high-performance team. The secret to success in funds management is being able to attract and retain the best possible people. I'm really proud of the fact that we've got people in our teams who could work at any fund with firm in Australia. They take a lot of work at Goldman Sachs, Macquarie BPH, a number of really high quality businesses and have elected to drill their career in our line and we don't take this lightly. That's the thing that we must protect, building the business, and it's one of the things that we think this deal is really exciting for. It enables us to give those loyal, high performing people a really good opportunity to benefit from the success of our business and the growth in our business over time. That's why we're looking to say I think all proves to be a really positive inflection for the future of the L1 business and the combined business with Platinum. With that, I'll hand over to Andrew. Thank you, Mark, and good morning, everyone. Starting with the slide, with a quick summary of the key transaction terms. As was previously mentioned, Platinum will issue. Shares to L1 sufficient for L1 shareholders to own around 74% of the merged entity. We'll also participate as a MergeC o in the first 3.5% of investment performance fee revenues generated by L1's flagship long short service strategies. In addition, shareholders will participate in an anticipated AUD 20 million of pro forma pre-tax cost synergies, resulting in a highly attractive and strongly earnings accretive transaction. The merged entity will remain on the ASX and will be rebranded in a way that better reflects the merged strengths of the group. Importantly, though two distinctive and valuable brands will be retained at the product level, the L1 founders will retain significant ownership stake in the merged entity subject to escrow arrangements that progressively release over a four-year period. The Platinum shareholders should expect to receive an explanatory memorandum accompanied by an independent expert report in the coming weeks. The next slide goes into more detail on some of the key transaction elements. The long short performance fee-sharing mechanism has been carefully designed in such a way as to enhance certainty for shareholders. For example, if L1 runs long short funds deliver less than a 3.5% 10-year U.S. dollar return in any financial half year, the performance shortfall will be carried forward to be paid in the next period. If, on the other hand, the full-year performance threshold is achieved in the first half, then the entire year's performance fee will be taken in that half, giving much more certainty to that revenue stream. This arrangement provides everyone with a significantly enhanced degree of certainty of realization while still incentivizing the L1 team to generate performance itself. Also, and it's important to note, performance fees arising from other existing funds or any new strategies will be fully captured by the merged company. Turning to costs, the merged business is fortunate to have two operating models that have been carefully calibrated to provide efficient and effective support to their respective client bases. The opportunity here is to bring the best of both models together in a manner that still delivers institutional-grade marketing, client service, operations, and technology in a way that recognizes both scale and the ambition of our new operating model. That said, there are clearly overlaps between the two businesses and the transaction anticipates AUD 20 million in run rate pre-tax synergies being realized over a 12- 18 month period. These savings are in addition to existing Platinum savings plans, taking overall run rate synergies between the two to between 25% and 30% of the combined day one merger cost base, which is around AUD 134 million. Lastly, the combination of the two businesses is expected to generate significant diversification and growth opportunities over both the short and the medium term. In particular, strong balance sheet and access to further capital should provide momentum to both seeding of new funds and perhaps the funding of entirely new investment strategies. My last slide illustrates the significant opportunity to boost investor returns that this merged company will offer. The combination of high respective performance fee revenues, when coupled with an appropriately sized expense base, will combine to meaningfully increase profit potential. As can be seen in the table illustrated, run rate revenues for the merged group are nearly double Platinum's current run rate, and pro forma earnings offer the potential to increase by up to sixfold due to the highly attractive margins embedded in the current L1 business. It's important to note that these run rate numbers that are presented in this table are stated before the impact of realized forecast cost synergies. I'll now hand you back to Jeff. Thanks, Andrew. If we go to the next slide, for us this is a very exciting day across all of MergeCo and I think in many ways it represents the culmination of the work that was started about 18 months ago to return Platinum to where it was and create an asset venture theater in the marketplace. As you all will recall, we had articulated six different aspects that we wanted to capture in that effort, and this merger advances or completes all of them in terms of investment performance and investment capability for our shareholders. The combination of L1 and Platinum and the great performance ethic of talent will help there a lot, launching new capabilities and expanding distribution. We will be able to do that quickly and with great distribution resources. Andrew talked about the synergy capture, which allows us to reset the cost base, and also we will be able to develop the new middle and back office business model optimally as we merge. Our culture and our team will deepen, and we'll have an outstanding performance ethic and the balance sheet we've spoken of in terms of the public capital as well as the Platinum cash and power of that. This really is an opportunity that you think will drive amazing shareholder value, excellent shareholder value to the students, 30% north of EBITDA, EPS appreciation, and also great growth prospects as we go forward. Turning to the next page, let me just talk about some next steps and timelines today. Obviously, the announcements in this coming month will be preparing the documentation, which Andrew mentioned already, Notice of Meeting, the Independent Expert Report. In August, we plan to actually submit the Notice of Meeting and hopefully toward the end of the month or into September, convene a general meeting for the Platinum shareholders to vote. Assuming that that vote goes well, we would begin operating in September as a new entity and complete the transaction. That is what our focus is going to be between now and that timeframe, and we look forward to keeping you updated as progress unfolds. With that, let me stop our prepared remarks and we can turn it over. To Q&A, thanks very much, Jeff. Absolutely. Now is the time to answer your questions. Just by way of a reminder, if you are listening to the webinar live, you can ask your questions by the Q and A function at the bottom of your screen. Any questions we don't get through today, we'll certainly come back to you where possible after today's webinar. I'll start with a question that I think is probably directed to Andrew Stannard. Can you provide an estimate what pro forma NTA looks like or what NTA and L1 are you acquiring? I think it's fair to say that, as you would expect, acquiring a founder-led business such as Mark, Rafi, and Joel created, there's a significant amount of value that that created over a number of years. We're not anticipating that as part of the transaction we would be bringing on some large balance sheet from property on one side. Really, the balance sheet that is being referenced by Jeff is Platinum's balance sheet. Great, thank you. Another question, there's a question about the likelihood of a special dividend before the merger to give current shareholders benefits of the franking credit balance. That's you as well, Andrew. Okay, just to quickly recap for everybody, we paid out a special dividend already in January, a very large one, AUD 0.20, and basically took care of pretty much all the retained earnings that were available at that time. Slated scope for a further dividend is very limited, and we don't actually intend to do a dividend prior to this transaction. On some of the cost numbers that were in the announcement this morning, the recent announcement noted a sharp increase in turnaround costs from AUD 30 million to AUD 40 million. Given this escalation, it raises some questions around the expected outcomes. Is the board or management able to clarify how this turnaround program with now slightly higher costs will effectively address and seek to reverse the company's sort of challenging performance? Yeah. Obviously, the turnaround strategy that we've been following for the last couple of years, 18 months or so, had a number of sellers and replacing the business was a critical part of that. The bulk and the vast majority, actually a very significant majority of the numbers that we quoted for turnaround costs relate to non-cash acceleration of an amortization on long-term incentive plans. From my perspective, frankly, we're cleaning up P&L prior to the transaction really here in that the amortization related to long-term incentive plans that had a TSR hurdle and a failed TSR hurdle. Therefore, you have this completely, apart from accountants, Australia included, uninteresting non-cash charge that would be flowing through into future periods and confusing things, frankly. We've taken the opportunity to clear that out at the current financial year end for us as the transaction closes. Has been coming up. A little bit has been asked today. Perhaps Jeff and Mark, working direct this at you, can we assume that the L1 Capital investment team will have some influence over portfolio construction in the various Platinum funds at some point in time? I think it is safe to assume. That we're going to be leveraging the capabilities of both firms, and there will be opportunities for the L1 investment teams to add value into the Platinum products. More detail to come on that as we get farther into the planning of coming out together after. Completion and maybe just to tap into that as well, there's a question: will the investment teams potentially be merged, or what will be the process from here? I think what people should think about is essentially from an L1 point of view around we launch funds that we consider best in class, and we resource them well. We basically don't have any limitations in terms of what we've spent to make sure the team is absolutely upgrade. It'll be exactly the same ethos in terms of the Platinum plan. To the extent that we think there's more people required or maybe there's new external people that should be brought in, we're open to anything to make it an absolutely a product. We've got some major positive announcements. To come over the next month or. Two, but sort of figure with us. For the next eight weeks. Until we have measure completion and then we can give you some specific details. From our perspective reviewing this, there's a major positive inflection point for the final end. Please bear with us and drive us on our actions in a couple of months time. Thank you. Question here. Essentially, Mark, Andrew, Jeff, regarding L1 Capital operating expenses, is there any linkages between variable compensation and performance fees in any one year, or will the majority of variable compensation be satisfied by the out of perimeter fee structure? Essentially, the merger was agreed based on the Fund load called F L1, which is what's disclosed in the presentation and what we've provided to the Platinum team. People should assume that effectively the current expense paid of L1 pays for salaries and bonuses of staff, and that's the expectation going forward. Thank you. A question for you, potentially Jeff. It's an assumption that one of the viewers is making and I just tested. I'm assuming the Platinum partner funds are. Not going to bid or are they on hold for now? I don't think that's a correct assumption. For example, we have our small cap fund, which will continue to move forward. There are other things in the hopper in development, and I look forward to working with Mark, Rafi and Joel to figure out the best way forward on those. Got a question about clients, which is interesting and perhaps for Jeff. Any concerns around retention of existing clients from either side, and what conversations have you had with larger institutional clients or advisor groups or consultants? I'll answer that from our side and then talk about that from the other one's side. The prevailing discussions that we've had with clients over the last couple of months since the merger was initially discussed has been optimism and looking forward to seeing where we come out post completion. I remain optimistic about our client base. I think that they're going to find a set of very good solutions, and as a result, hopefully we'll get back to growth in that client basis and continue to serve them well. From an L1 point of view, I think the key focus from research hours, the NASA consults, has been essentially curiosity. L1's been a product company for 18 years and by serious, and I guess having concerns initially that Raf and I would be distracted being hands on with the merger integration. As we were able to explain to clients that Raf and I won't be managing any Platinum funds, we're not planning to be involved day to day on the merger integration. Joel Arber, our COO, will be managing that. We're not planning to be on the board of the listed company. We just want to focus on stocks, and at the moment, roughly 10%- 15% of Rafi and my day is spent on managing the business. At the moment, we've got Managing Directors of L1 Capital as part of this, but we'll be stepping back from that management responsibility. If anything, there'll be an upgrade effect on investments, and from a personal point of view, and I can speak for Raf as well, our passion and all we love doing is investing. I think that's the best thing for clients, and it's the best thing for us in terms of clinical satisfaction as well. Thank you. Could you please elaborate further on how the combined entity can gain edge over other listed multi boutiques who have larger distribution teams and more funds like PNI, Pinnacle, Fidante, Grant Samuel, etc. As a business, L1, excuse the cold, guys. As a good enough L1, never have the objective to be the biggest player in the market or we might be. The best player in the market. The idea is not to compete to have the biggest distribution teams. have the most products, it's to have key products that are attractive to our investor base, that bring something different, that really are best of breed. We think we have a lot of. Those in the stable, we think we can add some more. Over time and in practice, I can tell you that since we've announced discussions with Platinum, we've been inundated with inbound inquiries from leading investors, teams of investors, and rival fund managers, not just in Australia, but even overseas. There's a huge amount of interest partnering with us. I think we're perceived to be investor led. I think that's a big difference. I think we can build something really special. I think there's room for more than one player, for a few high quality. Players in the Australian market. We have our sights set on. Being the leading listed asset management player. In the LIC market, and we're very. Constantly going to achieve that. Thank you. It might be an adjacent question, not necessarily the best falling for it, but obviously there's announcements and articles around the one of the Platinum LIC. Just in terms of if there's a view on the retention of the LIC as a closed to fund versus changing to an ETF open ended structure, is there something that the group might like to offer in terms of the LIC at this time? Sure. I can't give a full answer, but I can give a partial answer. As people may know, Rafi and myself, his role has acquired a 17% stake in PMC. We believe that there's a very compelling opportunity for long-term shareholders to benefit from what we can potentially offer to the group. We're not at the point where we're prepared to go into detail on that just yet. The board has put that out publicly, but they're awaiting an L1 proposal for that on public record. What I'd say is please judge from the history of how we've behaved previously in terms of how we've dealt with shareholders. If you look at LSF, I think it's struggled to find a risk that has done more for shareholders since inception. If you look at progressive buybacks, buying a huge amount of stock, personally putting in places, heading to escrow, growing full different dividends at every interim result, dividends have grown and being 40 franks would never sell a share and would be buying on market. Since then we've invested considerably in investment savings to ensure that our performance continues to stay at sort of double digits high levels. I think that's what you can expect from L1. Please, is that anything? Does it just play with us and so give you a bit more place how I'm relatively safe. For clarity's sake, there are two LICs in question. The ASIALIC, which is PAI, has a scheme that's moving forward to be merged into the Active PAXX. So that is unaffected. Thank you. There's a question in relation to one of the other ASX announcements that came out this morning and in relation to Platinum's flows. Obviously, we have been experiencing fund outflows in recent years. There's a question on how do we plan on arresting these under the merged entity and in correlation, the justification of the remuneration announcement that was provided this morning as well, given the performance. Let me take the arresting of the flow. You arrest flows by delivering great performance, and we believe that this merger will deliver great performance. Clients will see that, and that will ripple through in terms of their experience and seeing with us. That's a major benefit of the merger. I think clients are excited to see what happens in this merger and are willing to give a chance. I'll leave it there. Okay. There's a question for you, Jeff. Can you comment further on the optimal business model? I think the optimal business model is something that really combines the best of middle office and back office in terms of most efficiency and most client friendliness, frankly in service. We have built a very robust system at Platinum to perform that. L1 also has a very robust system. I think when we merge them and pick the best of the breed, you're going to wind up getting the optimal business model out of that. That will be very cost effective and. Also great for clients. Question, perhaps for Andrew, how will you address illiquidity in the shares? Do you anticipate further acquisitions to increase the share count and increase the free float? Float. Roll at once feels very happy. I think it's something that we're going to address over time. The L1 seem a commitment to long term shareholders, and we will not be a source of short or medium term liquidity. There's lots of opportunities to increase liquidity over time. In the near term, I think people are going to find a very attractive listed vehicle with strong earnings growth. Quite a sticky shareholder base. I think it will be a very attractive vehicle until we achieve. A higher level of liquidity over the medium term. Thank you. A couple of detail questions, perhaps for Andrew, but please, deliberately, do you expect most of the mid and back office cost savings to come from the Platinum side? Look, it is day. In terms of the integration effort, we need to work through that in the coming three or four weeks, not least of which to make sure that our people are fully informed and aware of what we need to do. I'd reiterate the comments I had at the start. Both platforms have been designed for the client bases of the two businesses, which are different. We have a high-net-worth business predominantly, but not exclusively, in L1 and we have a significant retail client base in Platinum. They are quite different. The trick here is to actually find a solution that aims to serve both groups really well. Thank you. I might stick with you. A question on it seems that Platinum Asset Management Limited is contributing AUD190 million in cash, but seems L1 is not contributing cash. How do you. How is that thought about? Yeah, I guess we tried to highlight. That on slide 20, when we talked about the run rate financials, I think the incredible, on average, compared to size of that kind of run rate profitability by bringing the two firms together, meaningfully step change the profile of the business before we even get into synergies and growth opportunities, which I think are significantly enhanced by bringing the two firms together. Thank you. There's a question on why did the cost of management fee ratio step down materially from FY2023 to FY2024 for L1. Ly. That's a very good leverage in the business as revenues grow, costs don't grow at the same rate, and so we've had expanding margins over time. We expect that to persist medium and long term. We see that as an area of further upside. Andrew, is it fair to say that it might be to the group? Is it fair to say that the dividend policy going forward, it might be a bit early. For clarity on that, the business is highly cash flow generating, with a very high cash flow conversion rate, and it's going to be a AUD 0.40 paying company. It would be our expectation, along with the board, to make all. Of those franking credits go back to investors over time. Thank you. This is the last question I've got in my system, so we might switch to a market outlook just after this if there's no other questions come through. I might just be checking a detail: what amount of L1 assets under management are sourced from international clients. I would have to come back on that. It would be around 20%. There is nothing more. Yes, I don't think there's any other. If there were any questions submitted that were very specifically relating to other topics aside from the merger, we'll address those after the webinar. Perhaps to wrap up the webinar, I've got two more coming. We might just see if we can make time for these questions. Okay. L1's financials are quite dependent on performance fees, which is in contrast with the other more stable listed asset managers. Is the group's future. Continue to be. Dependent on the principle of Midas Touch, or are there views of introducing funds with more base fees? I think the thing that I'd say is the structure of the merger is very focused on that. The reason that the interim are such a low level of 3.5% compared to a historical track record over the last decade of more than 20% is to give investment certainty that you can effectively treat less performance fee, almost like debt management fees because it seems like the track record of funds suggests that you have to do 80% worse going forward to use that on any of our performance fee. In addition to that, the performance fees that are generated from the L1 part of the business are prioritized for Platinum shareholders where they're paid out in full for the full year if ever. If they earned you the first half and if they're missed in a certain period, there's a catch up so that shareholders don't miss out to the extent that the fund performs in the subsequent period. I think that may be just one thing to add in terms of concerns for the peer group. Not only will we be de-risking the stream volatility versus a lot of peer group, but if you look at the historical assets under management's cumulative average growth rate and also the revenue tag up over the last five and 10 years, it's far superior to the peer. Group and I think the market's going to appreciate that, which has a great platform going forward. Great, thank you. To wrap up today's briefing, I'd just like Mark to provide us with a market outlook is for co, and then we'll build the work. I think our perspective is that obviously market adjudged back in April with tariff risk and Trump, I guess macro risk. It seems to us that these markets rally back to all-time high than green books. The Aussie market at an aggregate level looks fully priced, and there's quite a few large cap stocks that we think are extremely expensive versus history and versus global peers. Having said that, within the market we're stock pickers, and there's heaps of opportunities at the moment. This is one of the periods where we've been buying LSF shares on market, as people have hopefully seen, because we believe that there's better than usual opportunities, that the average stock in our portfolio has a less than 11 times earnings. It's growing earnings at AUD 0.15 per annum. Free cash flow is almost 10% relative to the average stock in our portfolio. That's a history, those metrics looking for weightly value, and I think if you're working in a quantical context, most of the opportunities we're staying outsourced, and if you look at our net long of the Long Short fund, we've got a very low net long to Australia, and we've got almost all of our long exposure overseas, and it plays into, I guess, the opportunity with Platinum as well. That weeping Platinum of a global equity house has an enormous opportunity voice because Aussie has underperformed dramatically over the last 10 years, but also because we think that global is a much more prospective opportunity for Australian investors who are looking to diversify away from Australia, which in a global context might be 1% or 2% of listed companies and MSCI World, but being able to attract it to the other 98%, you open up with quite a lot of opportunities. We think it's an incredibly attractive time for us and particularly for our style. Great. Thank you very much. There's nothing else for prepared remarks. Questions for today, so I would like to close by just extending my gratitude to each of the presenters. Thank you to everybody that tuned in. For the briefing this morning, thanks very much for joining us and thank you for your questions. If you do have any further questions, certainly the Investor Services team at Platinum and at L1 Capital are there to help. Please do reach out if there's any further questions. For now, thank you and goodbye.