Today's Whitefield's group webinar. My name's Monica Knight from Whitefield. We'll start the presentation in just a moment. Today, you'll be hearing from our Managing Director and Chairman, Angus Gluskie, and Executive Director, Will Seddon. They will be covering a quarterly update for Whitefield Industrials, covering its year-end. As many of you would be aware, we've also recently, or on Tuesday, announced an entitlement offer for Whitefield Income, that will open next Monday the 26th. They'll be talking through that, and answering questions on that as well. As always, we'll keep it compact at around 15-20 minutes, with plenty of time for questions afterwards. Please drop your questions into the chat section on the right-hand side of the screen. We'll do our best to cover them at the end. Okay, over to you, Angus, for the presentation. Thanks, Monica. First up today, we're going to look at Whitefield Industrials, which just completed its 103rd year-end. Whitefield Industrials is designed to provide investors with a diverse exposure to the Australian business and domestic economy. Why? Because the Australian economy has fundamentally attractive long-term characteristics. It's politically stable, relatively. It's high affluence compared to many other economies, and it also has a higher population growth than other maturing developed economies. By investing in businesses that make up that Australian economy, Whitefield Industrials is looking to provide investors with a capital base and income that responds to the primary drivers of long-term investment return, which are inflation, productivity expansion, and population growth. In addition, our stock selection processes, which are based on consistent quantitative decision-making, are designed to provide returns that offer out-performance potential relative to benchmark, with a low risk of underperformance. Consistently good returns that you can compound are a rare commodity, and they're a key to long-term wealth creation. Let's look at outcomes. Whitefield Industrials' financial year 2026 operating profit came in at just over AUD 21 million, or AUD 0.175 per share. That was slightly lower than the prior year, but there are a few moving parts. We saw dividend growth from over 65% of the company's investment holdings increase, which reflects the reasonable underlying conditions within Australia across that 12-month period. However, there were a number of special dividends in the prior year that weren't repeated this year. For example, Suncorp, Westpac, Woolworths, and Premier Investments. Additionally, we did hold a lower exposure to some of the higher dividend-paying stocks in that year. Thirdly, because we had a slightly higher exposure to unfranked dividend payers, we paid slightly more tax on income. Overall, a fractionally softer year of earnings after a very strong year of growth in the prior 2025 year. Coming to dividends. Based on those earnings, the company has maintained its final dividend at the AUD 0.105 fully franked level, and that will be payable in June. We won't be attributing any of that dividend to LIC discount gains this time. Total dividends for the year are at AUD 0.21, fully franked amount to a 6.1% gross yield. As you can see from the chart, on that page, dividends have been maintained or increased by Whitefield Industrials now for over 30 consecutive years. Handing over to Will just to look at total investment returns. Thanks, Angus. For the year to March, the portfolio delivered a 2.7% return, which was 65 basis points ahead of the portfolio's benchmark. Both of those figures are a little bit low because that final month in the period was impacted by the first month of the Middle Eastern conflict. If you look at the other years on the chart there, over those longer-term periods, the portfolio's return, in outright terms, has been very strong across each of those time periods. Importantly, it's also been ahead of benchmark on every one of those periods. The one, the three, the five, and even the 40-year periods. If we just look at the next slide, please. Yeah, looking at the outlook. While some consumers and some businesses are facing near-term cost pressures caused by the Middle Eastern conflict, the Australian economy is fundamentally quite strong. We would expect at some point there will be a resolution to the conflict, and at that point, would expect markets to look beyond any near-term headwinds that companies might be facing. That should ultimately prove positive. Against that backdrop, the portfolio is emphasizing a range of specific opportunities on the higher quality side within the consumer and industrials spaces, and also a range of undervalued real estate and technology companies as well. Thanks. Will, in terms of net asset backing and price relativity, we can see that Whitefield's been trading at a discount to asset backing that is, at the moment, relatively consistent with most tradable pure equities funds in Australia, the U.K., and the U.S., and I guess pure equities closed-end funds there. Investors are understandably cautious about the heightened geopolitical risk that's out there. However, this is providing investors who are willing to look beyond that risk with the opportunity to acquire shares in Whitefield Industrials at the cheapest levels that we've seen for some years. If we turn to this 40-year chart for Whitefield Industrials, you can graphically see the benefit an investor can get from acquiring at a discount, as well as the longer-term returns from Whitefield Industrials. Over this period, Whitefield investors have benefited from a couple of different things. First is that the Industrials index returns were quite good. That's the bottom red line on that chart. Secondly, Whitefield Industrials' returns were better again than the benchmark index. That's the lighter blue, the thick line on the chart. If you add on the franking benefit, the returns are higher again. That's the thin blue line above that. You could see franking adding a good level of return accretion for investors. If we go to that top line there in the aqua color, that's actually the return based on share price. The reason for that return being much higher again than the actual asset backing return is indeed that Whitefield Industrials was trading at slightly more than a 20% discount back in 1986, where that chart starts. What that means is that an investor buying at that time has benefited by having 20% more assets generating return for them over the subsequent 40 years. The discount, given that we're back near a 20% discount, it's not the closing of the discount that gives them the added return, it's the fact that they've got more assets generating return for them for many, many years. An interesting point that comes out of that longer-term slide. Next, moving on to Whitefield Income, which runs a systematic dividend-focused strategy that aims to provide two things, a high level of monthly franked dividends and strength of long-term return. Its strategy is to invest in ASX 300 equities over the faster period of return generation that occurs as income certainty increases and dividends are paid, and that's late in companies' six monthly earning cycles. What do we like about this strategy particularly? It's highly differentiated. It's generating return from Australian shares in a different way. It generates return by systematically targeting a structural feature of shares. It's not about stock picking. Its portfolio is also very different because it's not market capitalization weighted and because it continuously changes. It also has a very common-sense quality bias. It's invested in profitable dividend-paying companies. It's also dynamic. Its portfolio continuously orients itself as it changes towards those stocks and sectors that are profitable as economic conditions and times change. All of those traits are logically good characteristics for investors. We've shown you the patterns of income recognition in these slides before, but we'll just show them again to reiterate that point, and this chart shows three months before and after ex-dividend dates for all ASX 300 stocks going back over the last 25 years. The pattern is robust across sectors, different sizes, small, mid, and large cap stocks, and also different franking types, unfranked and franked dividend payers. The earning of income is recognized most rapidly in share prices where that line is steepest, which is in the weeks and months leading up to ex-dividend dates. The ex-dividend date also captures mispricing of the dividend and franking as it's paid to investors. Our strategy is to maximize the amount of time our capital is invested to those most favorable periods in that cycle. Of course, it's a strategy of patterns. To get the benefit of the pattern, you can't do it on a small number of stocks. You need to do it over many stocks with high diversity on an institutional basis with great administrative efficiency continuously over time. Our quant investment framework allows us to do that very efficiently within Whitefield Income. Looking at returns and results for Whitefield Income, it's just completed its third quarter of its financial year in March. Income generation was robust over the nine months at AUD 20.1 million gross of franking, and that's relatively consistent with the prior five years of operation. Notwithstanding all the gyrations in the market and the geopolitical upheavals, it's very much business as usual at Whitefield Income. Whitefield Income has again determined to pay base monthly dividends for the next quarter at the consistent rate of AUD 0.0583 per share. If we include and annualize the top-up dividend paid in March, the current annualized dividend rate amounts to 7.9% per annum inclusive of franking. The base level dividends that are paid monthly amount to more than 7% of that 7.9% of the total dividend. Handing back to Will to look at the actual returns. Thanks, Angus. Firstly, looking at the portfolio gross income, which is the dividend and distribution income, including franking, that comes into the company as opposed to the dividends that we pay out. That's the top line there. You can see it's been running at 10%-12% per annum across all of those time periods. Really strong. The next line down is the portfolio gross total return, which is that income plus any realized and unrealized gains or losses. That's been pretty consistently solid across all those time periods. Importantly, it's been consistently ahead of its benchmark by between 2% and 5% per annum over each of those time periods. Again, really solid. Maybe we'll jump to the next one. We can see the exposures at the end of March here, you can see there's a very wide spread, a lot of diversity across stocks and sectors. As Angus mentioned earlier, these are always changing as we're rotating the company's capital towards stocks that are situated in that more favorable period of income recognition. The next slide just shows how that looks month to month, going right back to the beginning of the strategy about five and a half years ago. Again, you can see even though it's always changing, there's 70 to 100 stocks in the portfolio at any one time, but they are constantly changing. Despite this, you can see it's a very wide spread from a sectoral perspective over time, as the company's constantly moving to wherever the stocks across the marketplace are generating the best profits as economic conditions change year in, year out. That's that dynamic attribute Angus mentioned. Thanks, Will. On this chart, we've just shown how Whitefield Income shares have been trading relative to asset backing. You can see the line is the share price, the bars are the asset backing there, and you can see the stock's actually traded at an increasing premium to asset backing, reflecting confidence in the dividend profile and a growing base of interested investors. Moving across to the recent entitlement offer that's been announced for Whitefield Income, given that excessive demand for the company at this point. We've just announced the launch of this entitlement, top-up, and shortfall offer. The company intends to raise up to AUD 108 million through an issue of 88 million new shares. The issue will be done through an entitlement offer and a top-up offer to existing shareholders. That means that a shareholder can apply for their two for five entitlement. That's the ratio, two new shares for every existing five. In addition, existing shareholders can also apply to take up extra shares. You can make application for at least your entitlement, plus additional shares if you want to. The pricing of the issue is being done at AUD 1.22, which equates to net asset backing plus franking credits on hand at the date prior to the announcement, which was earlier on this week. The new shares that are being issued will rank pari passu, so equally with existing shares, and that means from the date they're issued, they're entitled to subsequent dividends that go ex after that date. The first dividend they'll be entitled to would be the July dividend. That issue price of AUD 1.22 represents an 11.4% discount to the share price of the stock over the five days prior to the 18th of May, which was the announcement date. In terms of some key dates here. The entitlement offer opens on Tuesday the 20th of May. Actually, sorry, I believe that date's a typographical error. It's actually the 26th of May. The offer opens on the 26th of May, which is next Tuesday, and closes on the 4th of June. In terms of applying for shares, the actual offer details will be sent to every investor by mail or email, or through their financial advisor. You can apply either through your financial advisor or by going online through the offer website. The offer website can be accessed using the details sent to you with your entitlement. The offer website allows you to access your BPAY details, and once you've made a BPAY payment through your bank, that constitutes your acceptance of the entitlement and any top-up that you've requested. No actual forms need to be sent in. That brings us to the end of that formal presentation, but we're now certainly happy to address questions. I'll just hand back to Monica. Okay. Thanks for that, Angus and Will. We'll move on to questions. We've got quite a few that have come through. Won't be a moment. Okay. The first one here is around documentation for the Whitefield Income two for five offer. Someone said: "When will the documentation for the offer be emailed out to shareholders? Yeah. As that last slide was suggesting, it goes out just over upcoming days to get to you, but as that offer opens on the 26th, so next Tuesday or prior to next Tuesday. Mm-hmm. The next one is, "When will the presentation materials be available after this talk?" Whereas I can probably cover that one. I think they've been released to ASX. Yeah while we've been talking. Those ones are already out there. Okay. A few other questions. One relating to Whitefield Industrials. "Why is the share price dropping so much at the moment? I'll interpret the question as why is it trading at a discount to asset backing. Obviously, the asset backing itself is moving in line with the industrials market, subject to any outperformance that we have. The share price of Whitefield Industrials is trading at a discount to asset backing. That discount's relatively consistent with all pure Australian share or international share equity LICs in Australia, in the U.K., and in the U.S. When I say equity LICs, closed-end funds. Look, that reflects. It's nothing that's very Whitefield Industrials specific. We believe it reflects the fact that investors in closed-end funds are cautious about market valuations at the moment. They're cautious about the geopolitical risk, and they're buyers of the shares at a level that's below asset backing, I guess, to take account of that risk that they perceive. It's worth remembering, in Whitefield Industrials, and I'm sure this is common with other LICs as well, the vast majority of our investors are holders of shares. They're not sellers of shares. You need to recognize it's only a small number of people are selling their shares and trading at those prices. Everyone else is there to get the benefits of the long-term returns generated by the asset backing. Mm-hmm. Thanks for that. I suppose it's worth saying, look, those premiums and discounts ebb and flow. As asset classes move in and out, those things change, and I believe that if Australian shares and valuations are viewed increasingly favorably, which they ultimately are at particular times in the market cycle, you see an upswell of investors wanting to become buyers, and you see discounts tend to move back towards asset backing. Another question here regarding the entitlement offer. It says, "Will Whitefield Income existing shareholders be given priority for any shares applied for in addition to their entitlement? Yeah. Obviously people get a guarantee to be able to get their entitlement. There is a natural priority given also to the top-up shares. The last here is the shortfall shares. It's worth noting there that there's already been committed demand, which was announced to market this morning, for the entire volume of the issue. The shares are in demand. The best way for investors to be able to secure that for themselves is through the entitlement, and the top-up. Yes. Existing shareholders will be given priority, yes. Okay. Moving right along. There's another one about share price of Whitefield Income in relation to the entitlement announcement. It says, "Why has the share price of Whitefield Income dropped after the entitlement announcement, and is it expected the price will rise back towards NAV once the capital raise? Well- has been completed?" Yeah. Okay. I'll let you explain that. Yeah. The Whitefield Income share price was trading at a 14% premium to asset backing. It fell, I think it fell 6% or 7% once we announced the issue. It's because the issue price is still below that, AUD 1.22. I think the share price had fallen to AUD 1.29, so it's still at a significant premium to where the issue price is. The cheapest place to acquire the shares is definitely via the issue at the moment, assuming you've got entitlement to it. Just on that, the record date for the entitlement is tomorrow. The ex-date for the entitlement is today. That means, the last day for shareholders to have acquired shares and be entitled to the new issue was yesterday. I think the second part of that question was, is it expected the price will rise back up once the capital raise has been completed? I can't predict the market, but there seems to be quite a lot of demand for the shares at the moment. Yeah. Yeah. Look, sometimes after an issue, you get a small period of weakness as people adjust their holdings and satisfy themselves as to the exact amount that they want to hold. That might occur. There seems to be good demand at this stage. Okay. "Can higher dividends be paid to compensate for inflation? The dividend level remains relatively flat. For. It doesn't specify. Yeah. For income. Whitefield Income's distributing the majority of its income out there, that's going back into the hands of investors. Hopefully, we get a small level of capital growth as well that will provide some compensation against inflation, which also would, over time, allow us to increase that Whitefield Income rate. Investors in Whitefield Income should recognize that because a lot of their return's paid to them, part of their inflationary hedge would be to reinvest a small amount in more shares on market or through new issues over time. For Whitefield Industrials, look, our underlying income grows progressively over time, we'd expect, as our capital base grows, the Whitefield Industrials dividend rate would keep increasing. As we've shown on that longer-term graph, we've maintained or increased that dividend rate over 30 years quite substantially. Again, it comes in fits and starts. There are periods where Australian companies experience big periods of income growth and periods where it is smaller. It is worth thinking as inflation goes up, companies' business income naturally increases, so in inflationary periods, we will also be expecting to be able to increase that Whitefield Industrials dividend at a faster rate. Okay. A bit of a broader question here. Someone wanting to invest in Whitefield, but not sure whether the Whitefield Industrials or Whitefield Income portfolio would be more suitable for them. Okay. How would you summarize what they might consider. Yep in making their decision? Obviously. First think about the characteristics that you want. Do you want a balance of growth and income, which is Whitefield Industrials? That's providing a 6% gross dividend yield, also the potential for growth in the underlying asset backing and capital base. On Whitefield Income, the majority of its return is distributed as dividends. It's paying a higher dividend rate, and will be over time, but would then be expected to have a lower level of capital growth. Secondarily, you should consider whether, out of the underlying exposures, do you have a preference for one or the other? One's industrials only, so all sectors of the Australian economy except resources, and the other one is all sectors of the Australian economy. One's very active, which is Whitefield Income. It's continuously adjusting and moving its portfolio and generating return from targeting those structural characteristics. Whitefield Industrials is a less active portfolio. It makes slow and steady progressive adjustments based on the longer-term outlook for stocks. Couple of differences each way. I think both strategies are complementary. I'm an investor in both because I think they both work well in their different ways. Thanks for that. Another one around the entitlement offer. Someone asks: "It would be useful to understand the driver of the entitlement offer for Whitefield Income." I think you've covered that a little bit, but it might be worth. Yeah re-covering. I'll just say, look, demand. It's no good to investors if a stock is trading at too high a premium to asset backing because they're having to pay too high a price to get access to additional shares. We'd like to keep that market as fair as possible. If there are the excess of investors out there who are looking for stock or even existing investors looking to top up, if we can satisfy that through the issuance of additional shares, that's a good thing for investors. It has the additional benefit that the greater scale allows us to get cost efficiencies on fixed overheads, that's driving the actual management expense ratio down, which is a benefit to all investors over the long term. If we can do that, but keep our scale at levels that still let us run the strategy at its optimal rate of return for investors, again, that's good overall. Okay. I'm going to give this one to Will just to give him a bit of a turn. Are you considering further offers, especially later this year, for Whitefield Income? I assume that one is relating to. Well, there's two points in the year where it makes sense for us to raise capital. There's one in the middle of the year, and there's one at the end of the year. Whether or not we do when we get to those points in time will depend on the level of demand for the stock, which you can probably impute pretty cleanly from how the share price is trading in relation to the asset backing. Okay. Thanks for that. Can Whitefield Industrials shareholders participate in the entitlement offer, or is it just for current Whitefield Income owners? Yeah, it's just for current Whitefield Income holders. If people don't currently have a stake and they want to start building one, you'd need to be an acquirer of Whitefield Income shares on market going forward, and then look to participate in any subsequent raisings that might come around. Yeah, absolutely. Someone just inquiring around the top-up. Why have a top-up? You seem to be destroying shareholder value as price dropped a lot on the announcement. Remember the core value of the company is its net asset backing. The share price can move around, our returns are driven by our underlying net asset backing. That's what gives you the income. Where the share price is doesn't affect the returns that we're generating and can pay to you as dividends. It doesn't destroy value in that fundamental sense. Yeah, the fact that we're issuing at net asset backing inclusive of franking credits means new investors coming in are paying the same asset backing as existing investors already have. There's no dilution for investors on that basis. I'll just point out, I don't believe it's destroying any value for people in that sense. What was the first part of that question, Monica? It said, the first part was why have a top-up? Yeah, look, the top-up is just that we've got a range of different sizes of investors. The two for five is quite a good sized issue, but there may be some investors there who are looking for additional shares. That just gives them a way whereby their two for five can become slightly more meaningful for them. Mm-hmm. Furthermore, on the top-up, someone asks: "What's the maximum top-up a shareholder can get? There's actually no maximum in there, so people can apply for more. Look, all I can say is if the amounts that people want to top up on end up being too large, then obviously it puts us into the category where we potentially may have to scale back. There's probably scope to accommodate most reasonable requests for top-up. It's asking around top-up dividends for Whitefield Income. Why has there only been one top-up dividend since April 2025? Well, we started paying dividends in the company after a first full quarter of listing, so that's why we started in April, having listed in November 2024. We waited until we got to the end of, I guess, a long enough period that we'd kind of established the general rate of earnings there. After we were able to assess that, we felt that it was appropriate, given market conditions, to be able to pay that first six-monthly top-up. As we get to our June year-end, so we'll be releasing results in August for that June year-end, we will again have a look at the six months, have a look at the returns that have been generated, have a look at the overall status of the market, have a look at our available franking credits. If we consider it appropriate, we can decide to pay a six-monthly top-up at that point. Our general philosophy behind those six monthly top-ups is they are variable. They will rise, they will fall. In some cases, we may not pay them. It's just our method of being able to pay out any supplementary sustainable income that we've got on hand and get that through to investors. Just understand it is the variable part, but we will try and do it in circumstances where it seems appropriate. Someone's inquiring around the fact that the monthly dividends for Whitefield Income are exactly the same every month. Well. Yeah We're aiming for consistency, it's worth remembering that in this strategy, we're paying out the majority of return to investors. The capital base isn't growing, and it's because we put the money back in your hands. If you participate in issues or acquire more shares on market, then you're actually building your own capital base. In Whitefield Income, it's worth remembering that we are paying out that income back to investors. Another one, you've kind of covered this. It's positioned in a slightly different way. I'll give it to you again. Does the two for five ratio maintain an investor's equity position in Whitefield Income? The share issue is done at asset backing, it means that an investor is never losing out on their proportionate asset backing, and that really is the most important thing. In terms of their actual proportion of voting rights, if you like, the two for five preserves it. Depending on exactly how the top-up and the shortfall are taken up, there can be some influence on shareholdings as the result of that. Mm-hmm. This one is asking for you, Angus, specifically, to explain the differences between, it says the old LICs and the new LICs. I'm not sure if they've labeled- Look, I think they're meaning, I guess, the traditional grouping of LICs, which are the older LICs that have been in the market, AFI, Argo, Whitefield. I was going to say Milton, no longer there. DUI and BKI. There are a range of older LICs that have been primarily Australian share-oriented LICs. Because they're longer-term investors, they tend to generate a proportion of their gains as discount gains, which means they're able to provide the benefit of that through to investors as LICs discount dividends, to the extent that the discount regime remains in place, which it is for some time in future, notwithstanding the budget changes. The newer LICs, the majority of them aren't producing gains that are on capital account, so they're not eligible for the discount. Look, that's the primary structural difference that's there. In terms of newer LICs, though, it's just really you've got a range of LICs offering quite different strategies to the LICs that had historically been here for more than 30, 40, 50 years. At the end of the day, they're still LICs, just slightly different strategies and structures. Okay, this one here's from a new shareholder. I would like to hear your thoughts on CBA and other Australian bank holdings. Yeah. Some of the dearest in the world. Okay. Look, obviously I'll often get queries around the banking sector. Right at the moment, clearly, the consumer in Australia's a bit weaker, as they're coping with higher prices across a number of dimensions, not just fuel, but also the pass on of fuel through other costs. That's resulted in the banks' arrears on loans going up slightly. They've made a level of economic provisioning around those lines. That's been common across the banking sector. Look, against that, I point to the fact employment in Australia's quite strong. We believe a lot of the drivers of medium-term growth in Australia remain quite resilient to global conditions. Weighing up those two things, I think the factors impacting on the consumer, which is the Middle East conflict, might be transient. Ultimately, those things get resolved, and the factors that drive the medium and longer term earnings of the banks are very much intact. Look, at this stage, I think the outlook for the underlying earnings of the banks is not too bad, while recognizing there are some short-term influences there. That, look, that gives me a level of comfort as an investor. Relative to other opportunities in the markets, though, it is worth remembering the banks have been a little bit expensive compared to other stocks and sectors. That impacts our thinking about whether we're underweight or overweight at particular times. Another person asks around a capital raising for Whitefield Industrials. We'd like to see Whitefield Industrials a bit bigger than it is, just because again, the scale can assist it in reducing its overhead costs proportionally for investors. Right at the moment, it's the wrong time. We don't want to issue stock at a discount to asset backing, because that could be dilutive to investors who can't or don't want to participate. We'd certainly wait until such time as the stock's trading with good relativity to asset backing before doing any issue in Whitefield Industrials. I think that's something for the medium and longer term. This is a bit of a technical question. Can I apply for Whitefield Income offer as an existing shareholder but purchase them under another HIN? No. Look, it's all very much linked to your existing HIN, so it is by holder number. That is worth appreciating. Okay. Thinking for that through to be, theoretically you could take that up in your original holder and then do a transfer across to your other holding. Would the board increase the capital raising above the AUD 108 million if the application succeeded it? I don't think we can. Just structurally, yeah. Legally. Okay. Just looking here. Realize you're industrial. Are you thinking at the moment you might be missing out on resources potential? Appreciate your education of us all on this matter. Yeah, okay. Look, Whitefield Industrials, it's explicitly there to give investors a vehicle that has a non-resource exposure, which means emphasis to the non-resource parts of the Australian economy, which is largely our domestic economy. We think that's a really great place to be exposed to in its own right, and we want to be able to provide people with the option of taking that kind of exposure. That's not to say that the resource market won't provide good returns in its own way, and people can achieve that by doing one of two things. Either, if they want resource exposure that is, taking up resource shares directly themselves as well, you can obviously do the two things, or you can invest in funds that also invest in resources. Indeed, Whitefield Income, which uses the faster, more active strategy, we find is quite a good way, it works quite well with that investment across the broad market inclusive of resources. Someone asks, "Is it worth having two meetings so we're not having to wade through administrative questions? It is. It's also administratively efficient to do them both. We'll take that on board, and if we consider that it's worth doing each separately, we can do that at some point. Someone asks about the trimming policy. I presume that means scale back if there is a scale back. Yeah, we would have to scale back shortfall first, because shortfall's entitled to amounts after we've looked at the entitlement and any top-up requests. I think that might almost cover us in terms of questions. Oh, there's one around popular low-cost ETFs, such as Vanguard VAS. How does the company plan to address the growing competition from them? Look, they're out there. They absolutely serve a good and important place in the market. If you want a totally index fund, and you want a low-cost one, that's a great way to access them. You can move in and out at exactly asset backing or less, whatever the market maker margin is. They're a good vehicle for moving money in quickly and out, quickly in, quickly out, and also if you want the index basis. We think, in contrast, if you want a level of active management, and Whitefield Industrials offers a level of, I guess, index awareness, but with active management on top of that, and Whitefield Income offers you a lot of variation from index. They provide methods where potentially you can get returns which are better than the index. Obviously you can't get returns better than the index in a purely index fund. I think that has a very important place, particularly in an environment where two market prices of larger cap stocks are driven up too heavily by index fund buying. I think that's a characteristic that we've seen in the Australian market, and indeed in global markets. We're seeing, as investment managers, increasing opportunities to drive better returns through mid-cap, small-cap stocks, in addition to the fact that large caps periodically are also offering good return opportunities. I think that is the real benefit of active management, and it may be important, in a climate such as we have over the next few decades, where mature business models may be declining, even though they might be large businesses in the market, and newer, more dynamic businesses might be coming up through the listed market. Okay. I think that might almost cover us. Oh, are you concerned Labor might come after franking credits again? Look, we haven't had a question on the budget yet. It's an important point. I think the indexation concept that's out there, I don't think's necessarily a bad one. The whole concept of taxing gains above inflation is a good one. People sometimes forget that if you have levels of indexation that are going up quite high, and in a higher inflation period they might be, you actually might pay less capital gains tax using the index basis than the discount basis, and I think that's often forgotten. The index basis is not a silly one, and indeed, it might be quite important for investors over upcoming years. I just highlight that. I think aside from that though, things such as the changes around trust distributions and companies linked to trusts and things like that, I think that's creating a lot of structural problems for investors in terms of where they can hold assets. Commercially, people need holding companies or holding entities to be able to hold portfolios of assets, and I think there are some complications there that are uncertain at this stage. We don't have full details on exactly how the legislation's going to play out on all those factors, and they all interconnect, so I think we're only going to get the full picture of the budget impact over future periods. We also highlight that in that budget, there was quite a large revenue-raising item that was marked as policies not yet announced. Now, we do not know what policies they are. We do know that they're revenue-raising, and it's worth contemplating that the government still needs to provide the public with details about what they're intending there. Now, I'd hazard a guess, I don't think that's necessarily anything to do with franking credits, but we need to see details from the government. Mm-hmm. Okay. One last question. Would changing the LIC, a trust structure, eliminate the discount premium to NTA? Easy answer to that is no. There are plenty of listed investment trusts out there that have exactly the same situation. It's more about the asset classes, underlying asset classes go in and out of favor. Closed-end funds, when the asset class is really in favor, they'll trade at premiums. The periods of time where the asset class is less popular, they'll tend to trade to discounts. The whole point of the discount is to attract additional investors in. They tend to be self-resolving issues. Unfortunately, it does take some years for those things to play out, but there is an ebb and flow, a natural ebb and flow that occurs. Okay. Thanks for that. I think that brings us to There's one more on the issue, Angus. It's just come in. Will Whitefield Income shareholders be given priority for any shares? We've already answered it, actually. In addition to their two for five, the answer is yes. Yep. In short. Yep. Okay. Thanks for the questions, everyone, and for joining us today. If we didn't get to your question, there was a couple that were a little bit, I couldn't actually decipher what they were about, so we can come back separately on those. We'll be holding our next quarterly update around August time. On behalf of the Whitefield team, thanks again for joining us, and we'll finish off with that. Thank you.