Good morning and welcome, shareholders and colleagues. It's 11 o'clock. I'm Kevin McCann, Chairman of Telix Pharmaceuticals Limited. I will be chairing this annual general meeting today. On behalf of the Board of Directors, I'm delighted to welcome you to the company's sixth annual general meeting. It's sort of hard to believe we've reached our six-year age, which seems to have gone very quickly. Last year, we hosted a hybrid AGM to enable as many shareholders as possible to participate in this event. It was, we were able to get a large number of people throughout Australia joining us and also people from overseas. Before we go to the formal business, I'd like to acknowledge the traditional custodians of country throughout Australia and their connections to land, sea, and community. We pay our respects to their elders, past and present. Extend that respect to any Indigenous and Torres Strait Island peoples joining the meeting physically or virtually today. Could I ask anyone with a mobile phone to please switch their phone off? Could I also ask you that you don't record this event or take photographs. A recording of the presentations will be made available on our website shortly after this meeting. In attendance today, we have some senior executives of the company to whom I'd like to introduce. On our top table is Dr. Christian Behrenbruch, our CEO and Chief Executive. In the front row, Sorry, before that, I'd like to introduce my colleagues. Down the far end is Jann Skinner, who is the Chair of our Audit Committee. Jann. Stand up? Yeah. I think everyone can see you. Look, you can wave. Look, rather than make you stand up, you can wave. Dr. Mark Nelson. Hello. Mark is Jann and Mark are both Australian-based. Tiffany Olson, our American-based director. She comes from Indiana. Dr. Behrenbruch, I've already acknowledged. We've got Genevieve Ryan, who's our Company Secretary. In the front row, we have some other executives, and I'll get them to stand up and introduce themselves. Darren Smith, who's our Group CFO. Richard Valeix, who's our Chief Commercial Officer. Dr. David Cade, who's our Chief Medical Officer. Kevin Richardson, who's the CEO, Americas. Raphaël Ortiz, who's CEO, Europe and Middle East and Africa. David Cade, who's the CEO, Asia Pacific. We also have a number of other executives. I won't go through them name by name. Could you stand up, the other senior executives? Group is right now. Thank you very much. Good. Brad Peake, a partner of our auditor, PricewaterhouseCoopers, is present, and Brad will answer any questions relating to the audit of the company, the financial report and remuneration report when they're tabled at the meeting. Brad, would you identify yourself? Good. Thank you. I'm informed by the company secretary we have a quorum, so I declare the AGM open. A notice of meeting has been distributed to shareholders, and I take the notice as read. The agenda for the meeting will be as follows: We have a short video to share with you. I will then provide a summary of the major objectives and activities of the company in 2022, including the important transition from commercial stage to a company generating cash. I'll also go through the investment we're making in research and development and commitment to Environmental, Social, and Governance, and sustainability. Dr. Behrenbruch will give you additional comments on our performance, progress against key strategic objectives, and developments. We will then conduct the formal business of the meeting, which includes voting on the resolutions put to the meeting. To facilitate a smooth hybrid meeting with multiple avenues for shareholders and proxies to ask questions, we have two scheduled question times. One is after the tabling of the financial statements, and the other at the end of the formal business. There'll be ample time for shareholders and proxies to ask questions. If you are joining us online, please submit your questions through the online platform at any time. I've arranged that these questions will be read out for response during the question time. We will turn to our video before we go to the business of the meeting. I'll provide my chairman's address after. In kidney cancer, in clear cell RCC, we don't have good imaging markers. We don't have any real circulating biomarkers, so it is a huge unmet need at this point to have better imaging modalities for these patients. In the patient who has a renal mass, where you're trying to make decisions on what to do, whether this should be observed, whether it should be operated on, having some additional granularity on whether or not this is clear cell renal cell carcinoma versus non-clear cell renal cell carcinoma or benign is important. I think it's gonna greatly impact patients. I would have loved to have had this when I was going through this. It would have been so nice to know immediately if what it was, if it was renal cell carcinoma. It would have been nice to have known that the margins were cleared and the surgeon was able to make sure I was cancer-free and not have to wait. I think it's fantastic, and especially when you find it early on. Like in my case, it was stage one. It would have been so nice to know right away what this was. You know, right now, the big application, of course, is in small renal masses, where you can detect which ones are truly the Clear Cells, where biopsy is so tricky, so tough to do, things like that. That way you're choosing the patients who really need that additional step of biopsy or actual surgical management, et cetera. You're able to pretty comfortably reassure the patients who are negative on the scan. TLX250-CDx has the potential with imaging alone to predict the histology in these small renal masses, to tell us who needs treatment, who can be accurately observed, and who needs radical surgery. The standard of care at the moment, because we often don't know the malignant potential of these lesions, is to remove the lesion, so a partial nephrectomy. A vast majority of these patients will have a partial nephrectomy or a wedge of their kidney removed. The more accurate we can get at staging these lesions, hopefully, the more people we can predict who can have their partial nephrectomy, and don't need the entire kidney removed. I think there is no doubt that the Zirconium and dinutuximab imaging is going to be a game changer in how patients will be evaluated and managed. I have seen, you know, surgeons having this question and increasingly becoming more critical as to how you manage patients with smaller lesions. You know, there's more a trend to going in for conservative management. Question about surveillance versus active, actually intervention is critical. I think there's a huge confidence in the clinical community, and we think that this is going to be hugely impactful in how patients will be assessed and managed. Well, I hope you found that video interesting. Dr. Behrenbruch will be elaborating on the status and progress of the 250 DX product. I'll now turn to my chairman's address. The financial year 2022 has been one of outstanding achievement for Telix. It's provided value creation for shareholders and had a very positive impact on clinicians across the world and their patients who use our commercial and investigational imaging and therapeutic products each day. A highlight of the last 12 months has been the commercial launch of Illuccix, launching Illuccix in the United States in April 2022, we have generated AUD 247 million in revenue from sales. In Q1, 2023, we delivered our first quarter of AUD 100 million of revenue. While the U.S. represents our largest commercial opportunity, Telix is also demonstrating its commitment to deliver advanced prostate cancer imaging globally. Illuccix is now commercially available in Australia, New Zealand and Canada. We've filed regulatory submissions in the EU and UK. We're also awaiting marketing authorizations approval, a decision in Brazil, and planning for regulatory filings in the Asia-Pacific with a particular focus on Japan and China. PSMA-PET imaging is widely considered one of the most important advancements in nuclear medicine and prostate cancer imaging. Telix is a leading global player and innovator in this rapidly growing market. Our ability to deliver globally is also enabling us to partner with large pharmaceutical companies and supply global clinical trials in prostate cancer as PSMA-PET imaging can be used to monitor disease and response to a range of prostate cancer therapies. You've seen from the video the highly positive readout of Phase 3 clinical study ZIRCON for our investigational renal cancer imaging agent TLX250-CDx. This was really a major highlight for 2022. The potential of this imaging agent has been increased with the data recently presented to the American Urological Association's annual meeting in Chicago this year. It confirmed its utility and effectiveness in very small renal masses, which are prevalent and represent a significant diagnostic challenge. Subject to regulatory approval, once commercialized, TLX250-CDx fills a major unmet need in the non-invasive diagnosis and characterization of clear cell renal cell carcinoma, the most common and aggressive form of kidney cancer. In 2022, Telix transitioned from an operate-- to an inter operating cash flow positive company. We were able to achieve this important financial outcome within a year of commercial launch due to our growth in sales and commitment to controlled management of resources and expenditure. We are in the rare position of being a biotechnical company that has been able to build a global commercial organization and fund its research and development programs in a sustainable manner. I'd like to thank our shareholders present and in person and online for your support in 2022, which saw prolonged periods of great market volatility. Fortified by a strong cash balance following our capital raise in January 2022, the team at Telix was able to focus on delivering its priority commercial and clinical goals. This effort and sustained performance is now being recognized in the share market at present. Ladies and gentlemen, it's an exhilarating time to be part of the radiopharmaceutical industry, which is experiencing such a surge of clinical and investor enthusiasm, driven by its evidence, clinical evidence of its benefits, commercial successes, and a maturing supply chain. We believe Telix is a standout global leader in this sector with demonstrated expertise and a pipeline of opportunities for our core investigational agents obtained from our research and our innovation programs. The company has a very clear strategy, which our Managing Director and Group CEO, Dr. Christian Behrenbruch, will again articulate today. We intend that it will create further benefit for patients, physicians, and our shareholders. The continued commercial growth of the company Illuccix will be the major focus of the coming year. Equally important is the investment in bringing out our next two imaging agents to the market for brain and kidney cancer. We will also expect to deliver clinical milestones across our late-stage prostate, renal, and brain cancer therapeutic programs. The investments we are making in late-stage assets and the continued innovation evident in the novel technologies and partnerships that Telix identifies will underpin the next phase of value creation and innovation in our field. I would like to reinforce our commitment to improvements across ESG matters. Good corporate governance is integral to the culture and business practices here at Telix. It enhances performance, creates value, and supports risk and return framework. During 2022, we made progress across key areas identified for action in our 2021 ESG report, including the environment of a environmental sustainability policy. We will also shortly publish our modern slavery statement, which is required now for companies of our size under Australian law. Let me now turn to our people. I would like, on behalf of the board, to recognize the work of Christian and the entire Telix team for their achievements in 2022, and the year to date. The board regards their accomplishments as absolutely exceptional. I'd also like to recognize the contribution of my hardworking and committed board colleagues who continue to add value to Telix. I can assure you they're a very committed group and very generous with their time. Let me conclude on this note. I'm sure that many of you have seen the ravages of cancer affecting family and close friends. We at Telix have a highly talented and dedicated team who intend to fulfill our mission to deliver on the promise of targeted radiation, which will help patients with cancer to live longer, better and quality lives. Now it's my pleasure to hand over Dr. Behrenbruch for his address. Thank you, Mr. Chairman, and I'd like to also echo Kevin's acknowledgment of my executive team presence here today. It's really important that you have the opportunity to meet them and interact with them. Please take that opportunity afterwards. Also thank you for your commitment because many of you have come a long way to be part of this important event. Good morning, shareholders and colleagues. When I stood before you this time last year, I outlined the key elements of our growth strategy for 2022. Firstly, to realize the value of Illuccix and to transition to a truly commercial stage company. To build on the Illuccix's revenue stream and bring some additional products to market, you've gotten a little bit of a glimpse of that, I'll certainly be talking more about that. Thirdly, to transition the core development focus to our therapy pipeline. Clearly, that's the future value creation for the company overall. Last of all, to build the sort of innovation platforms that will define the company and its pipeline well into the future. I think it's fair to say that the achievements of the past year demonstrate that we are delivering on this strategy on multiple fronts. We're now a fully fledged commercial stage company with a very successful product launch under our belt. We have additional near-term commercial opportunities with our imaging agents in renal cancer and in brain cancer. We're making good progress towards regulatory filings for these two additional products this year. With launch planned in 2024, subject of course, as always, to various regulatory approvals. We believe these products address significant unmet medical need and will lead to material revenues alongside what we've already seen with Illuccix. In concert, we're driving forward our extensive therapeutic pipeline. We think we have the best-in-class pipeline in our field, in our industry. We are now dosing patients across multiple clinical trials and have now completed enrollment even in the ProstACT SELECT study. Making tangible and demonstrable progress across our pipeline. Behind the scenes, our team has been expertly delivering the preparatory work that goes into delivering these studies, including manufacturing and site initiation. Again, I encourage you after the AGM to interact with some of my colleagues that do the heavy lifting. I don't do it, they do. Please do take that opportunity. The highest priority and resource focus is understandably directed at the ProstACT Global Phase 3 prostate cancer therapy study. Although we'll have other near-term data readouts for this asset, delivering ProstACT Global is a key goal for the company. Really occupies the major focus of the executive team right now. We are now nearing completion of the build-out of our facility in Brussels South or Ciney. We call it Brussels South because nobody knew where Ciney was, it was easier to recruit people to Brussels South. With the acquisition of Optimal Tracers in Sacramento, California, we've added new capability in radiochemistry process development and clinical dose manufacturing in the U.S. This really is a first step towards building a more vertically integrated business. All of this is done alongside our established supply chain manufacturing distribution network, which has demonstrably underpinned the success of the Illuccix launch and of course, delivery of global clinical trials. Radiopharma is a challenging space. Supply chain and manufacturing is everything. You know, a lot of demonstrated progress there. On the innovation front, we have a best-in-class R&D program or what we call research and innovation. We don't really like to do basic discovery, so it's why we call it research and innovation. This team is really pushing forward into new frontiers such as targeted alpha therapy and driving new platform technologies like artificial intelligence that will embrace and extend the life cycle of products, particularly Illuccix in the near term. We believe that this focus on research and innovation is vitally important to maintaining our competitive advantage in the longer term and really future-proofing the company. Michael Wheatcroft, our Chief Scientist, is over there in the corner. Hands up, Michael. If you wanna bug him about AI or targeted alpha after the meeting, I encourage you to harass him vigorously. When Andreas Kluge and I started the company, we recognized that building a depth of capability in urologic oncology was gonna be important to the future of the business, and it's a key momentum in our field right now. With Illuccix successfully launched and the clinical development of our renal cancer product completed, this vision is coming to life, and the traction that we have with physicians is enormous. If you've just seen some sound bites from some of the leading minds in this field, there's no doubt that what we have developed is going to be high impact. We also have studies exploring the utility of our technology in bladder cancer, and that aim really is to become a one-stop shop for diagnostic imaging and then ultimately therapy in urologic oncology. Building that depth of pipeline is a very big strategic imperative. You know, the imaging is important. Don't think of it as diagnostic medicine. It really forms the basis of our precision medicine strategy, which is patient selection for therapeutics and bringing molecular imaging into the operating theater. We believe actually that anything we can do on the imaging side that leads to an intervention, whether that's a therapeutic drug or a surgical intervention, that's a really good outcome for patients, preferably as early in their cancer journey as possible. Unconventionally, we take a fairly broad view of what a theranostic, a therapeutic, and a diagnostic pair could be, so long as we're delivering on those patient outcomes. Yeah, it's a really exciting vision for the future of cancer care. In some cases, the products that we develop will be informing the surgeon, and in some cases, the medical oncologist. You'll start to see that strategy unfold over the coming months and years as we build life cycle management into our products and deepen our pipeline. Of course, in all cases, we hope that patients will benefit, including from our own therapeutics in due course. Tying all this together will require Telix to have strength not just in pharmaceutical development, but also in medical technologies, including things like image analysis tools, artificial intelligence, as I mentioned before, clinical decision support. Merely aiding a diagnosis, helping a radiologist to understand the disease, in some respects isn't all that interesting. It's important, but it's only just the beginning of the story. We wanna build on that informatics platform that will inform how to optimize that intervention and maybe even predict patient response to therapy. That's a really key concept of precision medicine. We wanna move from lumpology, which is what radiology's been traditionally about, to something that's much more biologically driven. Again, you heard some sound bites, not just from physicians treating patients, but patients on the receiving end of treatment. They want to understand, they want to know what their biology means. This is why we continue to invest in such technologies as reflected in our recent acquisition of Dedalus Austria GmbH, which is an Austrian AI team, you know, really exciting bolt-on, and I would imagine not the last foray we will make into that sort of general area. You know, that's really an illustration of how we're layering those platform technologies onto our core, our radiopharmaceutical development capabilities. Moving on a bit from the R&D, you know, the question investors often ask us is how much will you invest in R&D? Now that we're starting to generate some earnings, that seems to be a fairly elastic question. I would like to take this opportunity to reinforce that while investing in the commercial operations and R&D is important, the level of investment is also a function of our commercial performance. It'll be appropriate and commensurate to the success of the company. The trend over the past year illustrates our approach to the fiscal management of the company. Since our commercial launch, R&D and SG&A costs have declined as a% of revenue, and our cash balance is steadily increasing. It's our intention to continue this trend, to continue this trajectory in order to ensure that funds are available for strategic investment, for pipeline expansion, and of course for risk management in the kind of, volatile and challenging environment that we're a part of. We've been very clear that our R&D spend for 2023 is a budgeted spend that sits at around $100 million ± a few%. That is a budgeted and fixed view of what our expenditure will be this year. We're also very clear internally on our development priorities and accordingly how resources will be allocated and where we have discretion and where we don't. Clearly, we have key programs that are gonna be invested in no matter what. We have things which are of secondary importance, where we can decide to switch on or switch off as conditions required, so we can go harder or pull back accordingly. This flexibility is really important given the experience of the markets over the past couple of years. Again, I wanna reemphasize that our investment in R&D is not disconnected from the market reality that we're in. You know, encouragingly, the trends you are seeing should give you assurance over the approach to the financial management of the business as we continue to grow commercial revenue and drive forward our programs. To deliver on this performance, we've had to significantly build out our organization, as you can see from this diagram here. It's a very simplistic diagram, but this organizational outline illustrates at a very high level how we've done this from product development activity all the way down to what we now call global services or internal service delivery. Telix is a truly global company. We have operations in the United States, actually in Americas, Canada as well, Europe, Asia-Pacific region. We've built the infrastructure to support our workforce and our operations globally, including very sophisticated capabilities around manufacturing and supply chain. There are two particularly noteworthy developments in this slide. The first is that we've invested in building a commercial team that can deliver multiple products, particularly in commercially important and complex markets like the United States. I am particularly thankful for the excellent leadership of Kevin Richardson, Telix Americas' CEO, who is building a truly world-class sales, marketing, customer service organization, and it's just great to see the momentum that the US team has right now. It's an exciting place to be. I go there to get energy. In healthcare, customer service and market access matters. We have a very talented team, and that's valued by our customer base. I really believe that service and customer service can be a very big differentiation, 'cause we're not dealing with small numbers of patients. We're not dealing with minor indications. We're dealing with really wholehearted change in the way in which we manage patients, and they are a customer for us. Secondly, to accelerate and de-risk our clinical programs, particularly the therapeutic programs, we now have a more formally defined organization around three distinct stages of product development. Research and innovation, so the really early stage, mostly preclinical activity. Then what we call early stage programs, which is really to the end of phase two in humans. Then commercial development, which is effectively phase three development onwards. This structure reflects the fact that the talent and the resources that are required to deliver on product development at different stages is very unique. It's very distinct. By having smaller, more focused and more agile teams, we think we can deliver better on our corporate objectives. I'll be the first to admit, we lost some momentum during COVID. It was really tough coming out of COVID and supply chains getting back online and getting manufacturing of really complicated pharmaceutical products back on track. I wish to assure you that we're really gaining some momentum now, and we're seeing a good realignment of the business in that post-COVID environment. You know, to conclude, you know, just to wrap up, I think my part of the AGM informally, you know, I wanna kinda summarize the task ahead, in the simplest way forward, simplest way possible. In 2023, our mission is to grow and develop the Illuccix franchise. The way we're gonna do that is not just geographic coverage and also strategic lifecycle management. Illuccix, in the limit will not be a single product. It will be a portfolio of products that reflects our category leadership in prostate cancer imaging. We have a very clear vision around how we're gonna maintain a leader in prostate cancer imaging, and we're gonna continue to take our fair share or more than our fair share of the market. We have 2 more drug approvals to submit this year. This is a big focus for the team right now, and a significant proportion of our regulatory quality and manufacturing resources are focused on this task, including getting ready around the market access and reimbursement deliverables. You know, we don't sell any of these products if they don't have reimbursement. If we can't articulate what the healthcare economics and the pharmacoeconomic benefit of our products are, we don't make money. You know, commercial launch starts now. It's about that preparation and being ready to be in the standards guidelines and to have traction when we come out the door, hopefully with an FDA-approved product, and then shortly after, Europe and other jurisdictions. There's also a considerable amount of pre-commercial activity in play, that, you know, is not necessarily obvious to shareholders. For example, we just launched an expanded access program for our renal cancer agent. That's so that we can start making the product available to patients in advance of an approval. In fact, that's something that the FDA asks us to do as part of our breakthrough designation. It's really an illustration that we have something important, and as a company, we have that commitment to making it available to patients as soon as possible. We believe that we can deliver the same sort of momentum for our renal cancer program as we saw with prostate cancer. You know, we had about 85 customers using the prostate cancer imaging agent before we got FDA approval to build that understanding and traction in a very controlled and appropriate way, but that's really important for our product launch. Really serves as an entry point for that dialogue with the future customer. Finally, about as I've said, our therapeutic programs remain a top priority, and with our supply chains and clinical activity moving into a more normal mode of operation, thankfully, we will start to demonstrate a much speedier execution on our programs. I think you'll be really happy with our progress over the next six, nine, 12 months on this front. The ProstACT Global study is a key focus. Over the next 12 to 18 months, we're gonna be delivering a huge amount of clinical data that will be of interest to opinion leaders. It'll be of interest to clinical partners. You can already see some of the buzz around the renal cancer program and also invariably strategic partners. I mean, there's no doubt that as our portfolio grows in its execution maturity, that strategic discussion becomes really important to Telix. We are certainly garnering a high level of attention at the moment, we clearly understand what data we need to deliver in order to trigger those strategic conversations for the business. As a final wrap-up, I'm grateful for the support and advice of our excellent board of directors, in particular, Telix Chairman Kevin McCann. We've accomplished a great deal as a team, board, and management, we've worked extremely hard in a complex and rapidly changing environment. It's been a really tough couple of years, but it's been very gratifying to see the positive outcomes. I personally appreciate, the level counsel of Kevin and the board, as does the wider management team, has a high degree of access to the board. Their level of engagement's very high, it should give comfort to shareholders that we have such a hands-on and strategically active board. It's a real strength of the company. I'd like to also take a moment to acknowledge our clinical partners, manufacturing and supply chain partners, and of course, our patients. Every week, thousands, let me repeat, thousands of patients receive a Telix product. Either as an approved product or as an investigational product in a clinical trial or under compassionate use, in about 30 countries around the world. This doesn't happen accidentally or in isolation. It only happens through partnership and a really firm conviction that we can deliver positive outcomes for patients living with cancer. I wish to assure you that as we've grown, we've maintained that commitment to patient outcomes in the culture and the DNA of the business, and our people are passionate about this. That's a great talking point for you to have with my team after this meeting, to understand their commitment and engagement on this topic. Finally, thank you to our shareholders for your support during a complex and turbulent 12 months. We've had some amazing long-term backers of the business who lend their advice and valuable insights freely to the board and management, and we consider you to be part of our team, so thank you. We are grateful for the commitment and the belief in what we're doing for patients globally. I've always believed that if we execute on the mission, the share price will take care of itself, and it's gratifying to see this causality playing out to the benefit of our shareholders. Thank you. Thank you for your attention and your support. I'll now hand back to Kevin for the formal part of the proceedings. Thanks. Well, Chris, thank you very much for that informative address. I hope the shareholders have a much better idea of what we've accomplished and what we have planned for 2023 and beyond. Right. We now turn to the formalities. I'll shortly invite questions from shareholders and proxies. However, before I do, I'll outline the preliminary voting and question procedure at today's meeting. Shareholders and proxies who are in attendance here in Melbourne have received an admittance card, a yellow card, which has been issued to shareholders and proxies entitled to vote. Blue cards are for those shareholders entitled to speak but not vote. The yellow card displays a series of boxes for voting. Please remember to indicate on your card how you wish to vote by marking the appropriate boxes. Visitors today have been issued with white cards. They are not entitled to speak or vote at the meeting. For shareholders or proxies attending the meeting online, please follow the instructions on your screen in order to be able to cast your vote. You may also submit questions online or by telephone. The resolutions at today's meeting will be decided via poll. I now declare the poll open so that those of you who need to leave the meeting before it concludes can complete your voting card. Mr. Compo Gorgias of Link Services is, which is our share registry, will act as returning officer in relation to the poll. If there are any aspects of the voting that you don't understand, please ask one of the Link staff or contact Link on the telephone number provided on the online platform. The results of the poll will be obtained later today by visiting the company's website or the ASX website. Except where a director has a personal interest in the outcome of a resolution, I confirm that the board recommends shareholders vote in favor of all resolutions other than resolution four. As Chairman of the meeting, I intend to vote all undirected proxies given to me in favor of each resolution. Questions. If you are physically present and would like to ask questions at time, please raise your hand, show your card to the microphone attendant who will introduce yourself before asking your question. I'll also ask for questions received on the online platform or on the phone. They will follow the questions from people in the room. We'll now proceed with the first item of business, which is to set out on the notice of meeting, and that is the tabling of the financial report and formal reports. The tabling of the financial report for the year ended 31 December 2022, the reports of the directors and the auditor of the company, which have been made available to shareholders. The reports are tabled, but they're not the subject of a resolution, but they do give shareholders and proxies the ability to ask questions relating to the financial affairs of the company and generally. Ladies and gentlemen, the forum is now open for you to ask any questions and also ask questions of the auditor if you have them. Yes. We'll get you just a microphone. Thank you, Chairman. Good morning. Good morning to the board. My name is Claudio Esposito. I'm with the Australian Shareholders' Association. With TLX's result, Now obviously, Illuccix has done very well, I notice we said you're not quite into profitability yet, and I just wanna know how patient we really need to be in order for that to actually come to fruition. Well, look, I'm not gonna give a profit forecast, but what I can say is that the financial progress to date has been. We've revealed that today. We're a company that is emerging as a w e're already commercial, and we're emerging. We have a positive cash flow. I don't want to make any forecasts about when profits are going to emerge. Chris, do you have any supplemental answer? Will there be a trigger event, Dr. Behrenbruch? Will be there. A trigger event before the company enters profitability? Well, I think the best way to answer your question is, you know, there's two types of investors in the world. There are healthcare investors that wanna see a profitable, you know, bottom line driven business, and then there's kind of a negative EPS investor that wants to see growth and value creation in the pipeline. We're a bit of an odd company because we sort of have to satisfy both. That's certainly the goal. The goal is to continue, as I said in my address, to build our balance sheet. Also, you know, we are reinvesting the majority of our earnings back into our pipeline because we think that that's where the ultimate value creation will be for shareholders. I would hope that what we can deliver as an outcome is, you know, a premium on a market valuation at some point rather than, you know, AUD 0.02 on the dollar for a dividend. I hope that gives you a bit of color as to how we see the investment strategy for the business. It's very, very typical of a life sciences company. Sure. And just while we're on that, I can see that Illuccix is growing and the revenues are growing. In combination with the capital raise that you had, last year, how long do you think that's gonna stave off the need for another capital raise? Yeah, I'm happy to answer that. We have no plans for a capital raise at the moment. You can see that we are generating some positive, albeit nascent, but positive cash flow. When we raised that capital, we transparently disclosed to the market that it was a sufficient use of proceeds to enable a three-year transition to a commercially viable business. I dare say that transition has perhaps happened a bit faster than what we thought. It's definitely a positive momentum. That said, we are a public company, and were there a need for us to access the public markets for a growth strategy or a strategic opportunity, we would do so. That's the, I believe that's a tacit part of being a publicly traded company. I can tell you categorically at this point in time, we have no need to raise capital to fund our current activity. Okay. Thank you. Would I be able to ask one more question while we're on? Yeah, sure. This is just a general business question with regards to the antibodies that Telix acquire. I can see it's a very critical part of the business. I'm just wondering, with these antibodies, is it possible for perhaps a competitor to come along and perhaps outbid, you know, the purchase of the antibodies that you acquire simply because they had deeper pockets or better connections or what have you? No doubt the pharmaceutical space is very competitive. When we license technologies, we license very watertight agreements that are cannot be sort of vexatiously or kind of arbitrarily run over. A lot of the intellectual property that we have that enables our products are internally generated. When we started the company, we had a very high reliance on external IP. Now we have a more internally derived intellectual property portfolio. I don't consider this to be a risk. In fact, go back to your first question, in order for us to deliver a strong outcome to shareholders in the long term, we need to be pretty confident that we have control over what we do. Also to get our product approved and operate in a major market like the United States, that's a big test. That should give you a lot of comfort. 'Cause typically what happens when you have a product out in the market and it's generating revenue, that's when your intellectual property and your commercial viability gets stress tested. I think it's good for you to raise the topic, but it's certainly not the biggest thing that keeps me awake at night. Let's put it that way. Okay. Thanks very much. Thank you for the ASA's attendance today and your questions. Thank you. The gentleman behind you. My name is Wayne Arthur. One of the things I always do when I look at annual accounts is compare the profit and loss account with the cash flow account. Two figures struck me. One was the revenue figure in the profit and loss account was about AUD 160 million, but the receipts figure in the cash flow statement was only AUD 124 million. There's quite a significant difference. Whereas in most companies, they're broadly similar. Not identical, but broadly similar. Is there some explanation why the receipts are so much less than the revenue? Is it because of the new launch commercially, or is it because maybe you're a bit slow in bringing in the cash or what? Chris, do you want to answer that or? No, I can answer it. I don't know. Certainly if Darren thinks there's more color, I'll send him a microphone. I think CEOs should be able to answer P&L questions. It comes down to the fact that it's very standard part of the pharmaceutical industry. Very few pharmaceutical companies self-distribute their products. They always use some sort of a partner as a channel to whether it's to stock a pharmacy or to make a product available through a retail outlet or however. There's always a lag in the payment terms. What happens is when we inject a patient, we recognize revenue at that point in time, and our enterprise, IT system enables us to track the delivery of doses all the way to the patient. We know that we've delivered a dose to a patient and the patient's been injected, and that's the point in time at which we recognize that revenue. Depending on the nuclear pharmacy network we use, payment terms can vary, I'll say generally speaking, between 30 and 60 days. That's commercial and confidence information, so I can't elucidate it. There is typically a delay between the revenue recognition event and the cash hitting the bank account. That's it. It's nothing, it's nothing more nefarious than that. Clearly, because we've been ramping up so fast, that gap right now is, you know, because our growth rate quarter on quarter is very high, that gap is quite large. One day, not soon, hopefully, but one day as that business starts to steady-state, the gap will be much smaller because our revenues and our collections will be more or less the same on a quarter-by-quarter basis. My final comment to you should be delighted to see a gap between the two. That means that our sales are outstripping our ability to collect the cash. Not ability, but the timing of cash collection. Do you wanna add anything? No, I think you got it right on the money. I've been well, I've been well-trained. Clearly, the growth of the organization and the fact that it's only the first year of revenue generation, so, that's all working capital. Obviously, that's a working capital build in the first period of time. It is a timing difference. As Chris said, as it levels out, which you don't wanna see at this point in time, the cash receipts will start to match the sales. Yeah. Did that answer your question? Yes, thank you. Thanks. Good question, by the way. Any other questions from the room? If not, we've had some questions online, one of which I think is probably appropriately dealt with here. I'll read that out. It says, "The pundits" This is from a Mr. Stephen Mayne. "The pundits are saying that artificial intelligence is going to cause major disruption in the medical space. What has happened so far with cancer imaging, and is this a threat or opportunity?" I'll pass this over to Chris, but I'll j ust Mr. Mayne, we did publish the fact that we have made an investment in a company called Dedalus, which does provide artificial intelligence and machine learning. I don't think there's anything much more to add. I think it's, we've been really publicly clear. It's a key part of the future of the industry. It's not new. Radiology's been using automated tools for a long time. They're just getting better. Okay. Would you, Kyahn, read out any other questions which are relevant to this part of the meeting? Some questions are only relevant when we go through the resolutions. First question: Did any of the 5 main proxy advisors, ACSI, Ownership Matters, Glass Lewis, ISS, and ASA, recommend a vote against any of today's resolutions? Which of the proxy advisors are covering us, and have there been any material proxy protest votes? Will you disclose proxy votes before the debate on each resolution so that shareholders can ask questions? Kyahn, I think that question is better answered when we've been through the proxies. I will answer that later. All right. The next question is Pundits are saying that artificial intelligence is going to. No, no, I would've dealt with that question. The number three. Okay, sorry. The Medical Commercial University Research Precinct in Carlton is trumpeted as one of the best in the world. Melbourne should be very proud of Telix. Which institutions, facilities, and people within this precinct were most important in assisting delivery of what we see with Telix today? Chris, do you want best to answer that? We work with almost all of them, whether it's in clinical trials or basic research. There's a reason why we're obviously in that area, because there's a lot of talent and a lot of smart people. Yeah, I think that's about it. Okay, question number three, Kyahn, from Mr. Mayne. Right. The CEO. No. The CEO owns 22 point. Sorry, Kyahn. We seem to be on different planets. He's asked about audit. You want me to read it out? I'll read it out. Our auditor, PwC, for all the wrong reasons recently. Has the board considered a change of auditor or bringing forward the next proposed tender process in light of the revelations about the leaks of confidential federal government tax information to global clients to reduce tax? What is the history of Telix's relationship with PwC? I think the best person probably to answer that is obviously Brad. Firstly, Jann Skinner, who chairs our audit committee, did give me some relevant information about the issue and its relevance to Telix. Can we give Jann Thanks, Kevin. PwC has been the auditor, since Telix commenced in 2017. The information that was disclosed, was prior to that time, 2015, so it's in the period before. Okay. Telix commenced. It's not a t the moment, we have an open contract with PwC. We haven't made any decisions to change that. Thank you. Brad, would you like to make any comment? Don't make a comment. It's not the scope of the AGM, so. Okay. It's not PwC's AGM. It's our AGM. Right. Okay. I just wanted to give Brad the opportunity if he wished to respond. Now, next question. I can read out the question. The next one received online is: Page 154 of the annual report lists three custodians, HSBC, JP Morgan, and Citicorp, as the three largest shareholders in our company with a combined 30%. You should know these entities are not actual shareholders, but custodians for many shareholders. Who are our actual largest shareholders apart from the CEO, and would you undertake to only publish beneficial owners above 5% in next year's substantial shareholder section of the annual report? How do you address that? We have a very fluid shareholding situation right now, and it's very typical of an ASX-listed company, where there's a growing overseas interest. A lot of the ownership of the company is held indirectly through nominees and through swaps. Absolutely, we do periodic register analysis to try to decipher that a little bit, but it's not a very exact science. It provides a great deal of elucidation, I would say. We do watch it, i.e., any change in the shareholder register that's particularly unusual. It just seems to be, you know, a growing interest in overseas shareholder base, using a nominee is obviously not, you know, a relevant way of achieving that objective. Yeah. The question, could you just. Do you wanna say the question? I can read it out so that everybody can hear, Kevin. Sorry? I can read out that question if you like, so everyone can hear. No, I'm just interested in the suggestion we should reveal any holding over 5%. We do reveal all holdings over 5%, and we're required by law to do so. Right. Now, there's some more questions from Mr. Mayne, but I'll deal with those at the end of the resolutions. The first item is my reelection, and I'm going to vacate the chair and ask Dr. Nelson to take the chair. Thank you, Chairman. This is all the weird bit where Kevin and I get to reelect each other. I think that's what happens here. All right. It's item two A, the reelection of Kevin McCann. As stated in the notice, Kevin McCann AO retires by rotation and being eligible, has nominated himself for reelection. Mr. McCann was appointed by the board as an independent, non-executive director. He was chairman of the board, or has been chairman of the board in 2017 or since then, and he's considered still by the board to be independent. He's a former corporate lawyer, I'm sure you know that, an experienced, very experienced chairman and director of many listed private and government companies and agencies over that period. Telix has certainly benefited from his broad corporate governance experience, including in respect of people, culture, remuneration matters and ESG. The details of Mr. McCann's qualifications and experience are set out in the notice of the meeting. I'd like to invite Kevin to briefly speak to his reelection, but before that, if I can quickly speak to it and say that I think he's been an outstanding chairman. And the board, we really have benefited, as has the company, from his leadership. Kevin, would you quickly say something? Not too long. Just quick. That'd be great. That's a, that's a tough thing for a former lawyer. Look, thank you very much, Mark. I won't go through my CV, but simply to say that I'm enthusiastic, I'm fit, I'm exhilarated and delighted to be chairman of this company. It is an outstanding company. We've made great progress on behalf of the shareholders and behalf of our patients and clinicians. You've heard from Dr. Behrenbruch what's ahead. If you see fit to reelect me, I can promise that I'll be completely committed to working with management and my board colleagues, to ensure we fulfill our mission, which is to help people with cancer, who live, lead better lives. Thank you, Kevin. The board with Kevin abstaining, of course, unanimously recommend that shareholders do vote for the resolution and re-elect Kevin McCann to the board. I can now disclose the way in which the proxy votes we've already received have been directed. I think it's on the screen, is it? Here we are. You can read that, and I think it tells the story. I do put the motion that Kevin McCann be reelected as a director of Telix. Would you please, if you still haven't done that, complete your voting card in relation to item 2A. Thank you. I'm recommending the reelection of Dr. Mark Nelson. Mark was appointed by the board as an independent non-executive director. In truth, the board has considered him to be an independent director. He has his doctorate in neuropharmacology and is also chairman and co-founder of Caledonia Investments, which I can attest to the fact that we have benefited enormously from his scientific expertise. Mark can engage with our scientists and clinicians very effectively. His knowledge of what shareholders are expecting from a company like Telix is extraordinarily valuable. I can say personally that Mark has been a very valued colleague and has helped me from time to time with invaluable advice. Mark, I'd just like you to briefly speak to your reelection. Thank you, Kevin. This will be very brief. When I did originally join the board back in 2017, at the start, the outset of the company, it was done mainly because I thought it'd be quite stimulating and also I thought I did have something to contribute, both from an understanding from an investment point of view, being a long-term fund manager, but also as a, as a former scientist. That's why I originally did it, and I'm pleased to say it has been exactly that, very stimulating, and I still enjoy it. The fact that I'm still enjoying it enormously and believe the company has a long, long way to go, I'd love to be part of that. Yeah, I'm very happy to serve again, if you'll have me. Thanks very much. Thanks, Mark. Now I'll get the proxy votes up, if we could. They speak for themselves. Questions in relation to that resolution can be asked when we're finished with all the resolutions. Right. Those of you that are voting in person or voting online, you can complete your voting card in relation to that item. The next item is item three, the proposed issue of performance share appreciation rights to Dr. Behrenbruch under our long-term variable remuneration plan. Performance share rights or PSARs are the only form of equity granted under the long-term variable remuneration plan. They are an entitlement to the value of a share that produces value only when exercised if the current market price of the shares exceeds the notional share price. They're used in place of options to minimize dilution to shareholder value and remove the need for executives to fund an exercise of price, thereby encouraging executives to acquire shares in Telix. They do not vest or become exercisable until achievement of clear financial and non-financial performance targets measured over three years. The notice of meeting actually has a very good description of how these instruments operate, so presumably you found that helpful. If, at the time of the exercise, the current market price of the shares is less than the notional exercise price of the PSARs, then they have no value and no shares will be received. The board, this is important. The board believes that the LTVR targets set out in these awards are challenging but attainable. They have the benefit of aligning shareholder interests as they require continued revenue growth from Illuccix sales and assume regulatory approval and commercialization of Telix's second diagnostic product, TLX250-CDx. They assume the profitability of the company in an accounting sense. Finally, require completion of the next regulatory steps for two of our pipeline therapy products. The resolution asks shareholders to approve the issue of 120,268 PSARs to Dr. Behrenbruch. A large proportion of Dr. Behrenbruch's total remuneration package is at risk. In the opinion of the directors, the CEO's total target remuneration package remains materially below market. The board, with Dr. Behrenbruch abstaining, considers that the proposed grant of PSARs to Dr. Behrenbruch will produce a total remuneration package for him, which is more appropriate to the company's current financial circumstances is based on market benchmarking and the current Telix executive remuneration policy. I'll now disclose the way the proxy votes. We will discuss if people want to raise questions about remuneration, that can be done at the conclusion of the resolutions. The next one is the adoption of the remuneration report. That's item 4. The Corporations Act requires directors to prepare a remuneration report for the financial year ended 31 December 2022. That is included in our annual report commencing on page 73, which has been made available to shareholders. Telix executives are awarded for annual performance against key corporate objectives as well as longer-term returns for shareholders. Short-term incentive plans, outlined for 2022 reflect significant commercial achievements in the year, as discussed earlier in the meeting, balanced against delays in achieving product pipeline development objectives. As LTVR was introduced in FY 2021, no awards vested in 2022. During the year, long-term e-equity incentives were issued to the CEO and other executive KMP, during 2021 and became exercisable, following the achievement of the performance metric of AUD 100 million in cumulative revenue from January 1, 2021. The vote on this resolution is advisory only and does not bind the directors or company. However, if more than 25% of those voting vote against the resolution, that is a first strike, and the board would take that shareholder vote very seriously and would consult with shareholders as to their reasons for that action. Key management personnel and their closely related parties, which includes the directors, are excluded from voting on this resolution under the Corporations Act. I draw your attention to the proxy results. I move the motion to consider and if in favor, pass the resolution as detailed in the notice of meeting as an ordinary non-binding resolution. I'll now invite shareholders and proxies to ask any further questions. I'll start with those of you in the audience. Are there any questions on reelection of directors, the remuneration, and the remuneration report? Chairman, there are very few companies now that the ASA monitors that use option-based methodology to remunerate their executives. Just wondering why Telix choose to continue remunerating their executives using option-based style? Yeah, you're alluding, I guess, to the Black-Scholes. Black-Scholes model. Yeah. Yeah. look, we believe that it is appropriate to take account of the volatility in our share price. Darren, why don't I ask you to give us a bit more color and background to that? Thank you. I suppose I can talk to the valuation of the models. Like, obviously, the decision to use PSARs is a board decision. The PSARs, as I discussed, do provide a instrument that is not dilutive to shareholders. The other thing, too, is that it is a method that only rewards the staff when there is a reward for shareholders. The incremental increase, despite the number that are offered, the incremental increase on the valuation of the share price is what reflects what management receives. What it effectively does is there's two key things to it. The first one is the performance of the organization, and we talk about both financial and milestone objectives being achieved, and that determines how many we receive as a percentage of our remuneration. The second thing is that the actual value to the employee that receive it, because it is issued to all staff, is directly tied to the value growth in the share price as received by the shareholders. From that perspective, it is a very close link for remuneration of the people within the organization to that of our shareholders. We're kindly both tied together. Chris. Could I add 2 comments? We also focus on an instrument that works across all the jurisdictions which we operate. We have to have a taxation and a regulatory framework around that incentive scheme that allows parity across a whole lot of different jurisdictions. I just wanna make the note, and it's fully disclosed, and you can read it in our reports, one of the reasons why a PSAR is a useful tool for us is because we have an employee share trust. That employee share trust contains 2 million shares in it, which is actually Andreas' and my shares, that we put into an employee share trust for the benefit of the employees. The irony of it is that we take a comprehensive view of remuneration, but it is also a management team-directed view, not just a shareholder-directed view of remuneration. I think it's a very subtle point, but I think it's really worth mentioning that, as a management team, as a founder management team, we're heavily invested in this alongside shareholders. I think that's a piece of information that goes often unnoticed. No, does this work? Yeah. I don't doubt that for a minute. Because I know you have a tremendous amount of shares within the company, that's fine. If you look at the notional share price, and you say that the shareholders will be, you know, the share price value for us would go up as it does for the, for the CEO. The notional share price is, what, 70% discounted from the market price. You're already pretty much ahead. I'm not understanding that part that you've You're right. Yeah. No, that's not, that's not right. No. Right. There's two. I think you're confusing value with notional price. Yeah, exactly. Kevin's quite right. The Black-Scholes method values the actual PSAR or the option basically. Obviously, an option is determined by that formula, Black-Scholes. One of the key issues about the PSAR, while it's valued, I think for this year's issue was AUD 3, I don't know, AUD 3.90, that we're issuing them at. The actual exercise price or where we measure from is based on the 20-day weighted average from the release of the annual report. I think there was a AUD 0.17 variation between that 20-day average and the actual share price at the date of issue. We're actually starting off at the same price. There isn't. We're not measured from. Sorry, we don't receive from the AUD 3.95. We actually receive from the AUD 6, I think, not AUD 6.90. AUD 690. Yeah. We're measured from the AUD 6.90. I think the share price on the day was Seven oh. Close to seven. 7:04. 704. Sorry, I missed your point. That's where we're measuring from. After three. Sorry. After three years. After three years, the final share price at that stage will be used, and you'll deduct the notional share price. Yeah from the price of the shares in three years' time. Correct. I mean, my point is, you're still, they're pretty much well ahead. Do you know what I mean? Well, it's Well. Well. Perhaps we can chat about it later. Yeah. One thing you must realize that this is the most volatile stock I've ever encountered. We did a placement in January 2002 at 770, and within a few weeks, the share price was 350. Yes, sure, the share price has gone up in the last few days, but it's come off somewhat. It's a very volatile stock. The point that's been made in the three years, you only the executives only get the benefit of the increase over the notional price, which was the 690, just very close to the market price of the day. That price has gone up because of the efforts, their efforts. I don't think there's a free lunch here. It only comes about as a result of hard work. Okay. The other question I wanted to ask is, in the annual report, you talk about the alignment between the KMP and the shareholders. If you have a look at the CEO's remuneration, none of the metrics used are actually explicitly linked to shareholder value. You've got, you've got EBITDA, and you've also got, you know, research outcomes that are linked. Would you consider perhaps linking TSR to the LTI? No, I don't like TSR as a, as a metric really, because it relies upon on the market. The fact is that it is linked to the shareholders because if you don't, If Dr. Behrenbruch doesn't get the clinical milestones or get the regulatory approvals that are in the metrics, you're not gonna be rewarded either. And in so that really and in terms of the EBITDA or the other financial metrics, that's a indication that we've been successful with our products and that we're now cash flow positive. Over time, we hope to be a statutory profit. I- If I may just come in as well. It goes back to the TSR is like the total shareholder return. What we're looking at is the PSAR only provides to the executives the incremental increase in the share price. If there's no increase in the share price, i.e., no TSR, then there's no reward. However, if the share price does go up, there is a reward. The valuation or the value that the employees receive from the PSAR is absolutely directly linked to what the shareholder receives. It's built into the instrument, the TSR component. That's why we have the performance of the organization, so the employees are rewarded with achieving the goals that are set for them, but the value they receive is only determined by the increase in the share price. Darren, I think Claudio makes an excellent point, and I think it's worth addressing, which is the thresholds, the vesting, are targets that are not linked to share price. I can tell you that culturally, obviously, as the chief executive, I have a very large role to play in that engagement with the board. There's, I have two comments. The first one is, I don't believe in giving executives targets based on share price. It leads to nefarious behavior. It means that we're not focused on running a business. We're focused on fluffing the share price. I think particularly for a life sciences company, and many of you are familiar with how loosey-goosey the life sciences space can be. You're always selling futures in a life sciences space. What we've done is we've focused on metrics which are I mean, I have had shareholders express disbelief that we would set financial performance targets for executive remuneration. We're a life sciences company. The vast majority of life sciences companies never make AUD 1. They just spend AUD 1. I really want you to culturally understand that this is something we believe in, that you don't reward because the share price went in a particular direction. You get paid on the share price, but you don't get rewarded for delivering the share price. The second point I wanna make is that the metrics that were used, and I, y ou know, we received a considerable degree of scrutiny around the metrics that we used for vesting conditions for the last set of remuneration. Those vesting conditions were designed to demonstrate that we had transitioned to a commercial stage company in terms of clinical programs, in terms of financial performance. We generated AUD 3 billion plus of enterprise value, and we impact the lives of thousands of patients every week by having met those precise objectives. I think that the objectives that we set as the vesting conditions are really intelligently thought out. By executing those objectives, we deliver disproportionate shareholder value, far greater shareholder value, frankly, than putting my finger in my mouth and imagining what the share price would be one day if we did a good job. I really want you to understand that I think the alignment is exquisite, to be quite honest with you. question. Just on the targets. One of them was the EBITDA. I'm just curious as to, you set a target on the pre-IND meeting. That was one of the outcomes for your remuneration. Can you explain why a pre-IND meeting would constitute a target? Yeah. Well, we had a discussion about that, but Dr. Behrenbruch will elaborate, but it's a very important milestone. A lot of people think, when you do early stage product development, getting a meeting with a regulator is relatively straightforward. When you do late stage product development, and you turn up, and you're asking a regulator to effectively look at your draft package that you're gonna submit, they will look at that package and decide whether or not you get an audience based on that package. The way to think about it is really as a, it's a dry run. We had to choose. Of course, there's two parts to an objective. One is it result in a material outcome for the business? That would also, by the way, have a disclosure consequence to it. If we'd had that meeting with the FDA and there had been an and we had gotten feedback that our package wasn't suitable to move ahead, you'd know about that. In fact, that would have That's an example of how there's an excellent alignment between that objective and shareholder value creation, because you would certainly know about it, and the stock price would react accordingly. We felt that that was a material moment in terms of the execution of the business. There also is a temporal piece to it. What we're trying to do is each year that we have a vesting activity, that that is reflective of the overall development of the pipeline over time. You know, next year, the vesting activities are more related to drug approvals. Again, that's taking the shareholder along that journey of, these are the steps that we have to undertake in the drug development process. These are the milestones that we have to go through, and that's why those become the trigger conditions for that vesting. Yeah. It is, it is a really, it is an important. It's as important to a biotech company as a reserve confirmation for an oil company. It's really that sort of, that sort of level of meaning. You know, we can do a better job at explaining that and educating the market, but there are some analogies between biotech regulatory processes and how, for example, a resources company builds their value around reserves estimation or drilling results. It's a very similar sort of concept. perhaps you could consider being a little bit more clear in your annual report. Yeah. Yeah. -as to the nature of that. When I kinda looked into it, my impression was it was just a box-ticking exercise. You guys were just collecting information to present to the regulators to let them know this is what we're doing, and then they can come back to you and say, "No. Could you make changes here or could you do, " Do you know what I mean? It's more administrative than as opposed to, say, an actual milestone where the regulator will say, "Yep, move forward." You know? It's great feedback, and I think that we can incorporate that feedback going forward. The readout as well, perhaps. Sure. I can see the readout had a lot more meat. Thank you. We will certainly be more detailed in what they mean. Any other questions from the floor? If not, I think we're onto the ones from people online. Sure, Chairman. I'll read those out. We have just a few more questions. The first one is: Did any of the five main proxy advisors vote against any of today's resolutions? Would you disclose the proxy votes before the meeting as you do with ASX formal addresses? Yeah. That's from Mr. Stephen Mayne. I'm not aware. Well, I have this challenge that the proxy advisor's information is usually to their clients, and we may hear anecdotally what has been recommended. I'm not aware of any material proxy protest votes, and I don't think from the resolutions you saw on the screen that there were any. I don't think that occurred. We can't hear at the back. Oh, sorry. Is that better? Yeah. Sorry. My apology. What I was saying is that in relation to the first lot, the first part of the question, these reports from the proxy advisors are confidential to their clients. Sometimes you get information anecdotally. You saw from the proxy outcomes, they don't appear. There wasn't any major protest. Sorry, can I just. The second one is. Can I just have that back again? Second question. The second one is that: Why not give the proxy votes before we debate? We did give the proxy debates, so we could have a debate if there had been a significant vote against anything, but there wasn't. Okay. The second question. I can read out the next question. Okay. The next question is: Given the interesting discussions around the range of topics today, including on the remuneration report, could the Chair undertake to make an archived copy of the webcast, plus a full transcript of proceedings available on the company's website? Maybe I can just note that a full copy of the webcast is available on our website, so the only question which actually remains is whether or not we'll put a full transcript of proceedings. Yeah. We've got no intention of transcripts being provided at this point of time. No. Okay. Moving on to the next question. We have a couple more. This one is for you, Chairman: After a long association with Macquarie Group, including a few years as chair, you retired from the board and then joined the advisory board of a competitor, Evans & Partners. Will you undertake not to to assist any of our competitors once you retire as chairman? Okay. Well, let me just clarify one thing. When I was chairman of Macquarie, I was approached by Evans & Partners, who I'd had a long association with, to see whether I would join their proprietary company board. I consulted with my colleagues and also the CEO, they did not regard Evans as a competitor. On that basis I joined the proprietary company. I resigned from the proprietary company when they merged with another company. Some years later, after I'd left the Macquarie chairmanship, I was asked to go back to the board. They were having some issues with regulators, and they thought that my experience might be useful, and I joined that board for a very short period of time. Will I join another competitor? I've just been reelected, and I can give an absolute assurance that I will not join a competitor when I leave, when I leave this board. Mr. Chairman, may I make an additional comment? I think, you know, given the rigor to which you subject the management team, I would welcome weaponizing you against our competitors- -at some future point in time. Okay. Thank you. Right. We have, just one last follow-on question relating to that, Chairman. That is: Are you intending to serve a full three-year term, and is this likely to be your final term as chairman of the company? That's. Whether I'm chairman is a matter for my colleagues, and as I said, I've just been reelected. I don't think I'm thinking of retirement right now. Thank you. Then there was just one last question about continuing to offer a hybrid AGM. This is our third year of holding a hybrid AGM. We do believe that it provides the ability for everybody around the world to participate. Our intention would be to continue to hold a hybrid AGM, but that's obviously a decision for the board AGM. Yeah, this is the, have I got this understanding right? That, what Mr. Mayne would like is a question and answer at the end of each resolution. The resolutions proposed, and he'd like a discussion. Actually, I'll take a straw vote. What's the feeling of the room? Is bundling them up the right way to do it, or would you like to do the traditional way of you put the resolution, then you have a discussion? Okay. Well, Silence, I'm not sure what that means, but anyway. Look, we're Uh. sorry. I just feel like that the traditional way is a little bit more structured. Questions come after each issue, rather than bundling. That's just my feeling. Yeah, look, I was, I'm very sympathetic to that. I was assured that the market is going the way we went. One of my colleagues serves on a board where the chairman said that you see the resolutions are all in the notice of meeting. Any questions? Look, we'll take that on board and see whether how we feel this meeting went. Thank you for that comment. Thank you, Chairman. There are no more online questions. No more. Thank you very much. Well, look, ladies and gentlemen, we've now reached the end of the meeting. Those of you that are voting in person here today, would you please fill in your forms and give them to the Link authorities. Genevieve, I believe that in the case of the people who are voting remotely, that I can close the meeting but still keep the poll open? I'm not. That's right. The meeting will be closed. For people participating online, the voting will be available for another 5 minutes until the webcast closes. Link, have you got a box or something to take any votes? All votes in Link? All in? Okay. Therefore, I will declare that the meeting is closed. The people voting remotely have five minutes from now to vote. Look, thank you all for your participation. We've got refreshments outside, and we've got a board and a lot of people from the executive team all around the world, very happy to have a chat to you. Thank you for coming, and we look forward to the year ahead. Thank you. Thank you.