Good morning, welcome to Ryman Healthcare's 2026 annual shareholder meeting. I'm Dean Hamilton, Chair of the Board. Thank you for joining us here in Auckland, and to those who are joining online. After a number of requests, it's nice to be here in Auckland for this year's annual meeting, and hopefully, a number of our resident shareholders have been able to make it along today. Before we begin, a few brief housekeeping items. Bathrooms are located on the first floor in the atrium. Should the fire alarm sound at any point, please leave the room immediately via the fire doors and proceed down the internal and external stairwells. The evacuation assembly point is located in the car park behind the building. Please follow the instructions of all staff at all times. Can I please ask that you all take a moment to ensure your cell phones are switched to silent mode? Thanks, Hamish. Including directors. As a reminder, today's meeting is a hybrid meeting. For those online, if you have any technical issues, please refer to the virtual portal guide or phone the helpline on 0800 200 220. If you are online and have questions, you can submit them via the online portal by clicking the link shown here on the screen. I would encourage you to do so as early as possible, as this will allow us the time to answer these questions at the appropriate time during the meeting. Voting on the resolutions will be conducted by way of a poll. All resolutions in today's meetings are ordinary resolutions, to be passed, require approval of 50% of the votes cast on each resolution. For shareholders joining us in person today, you would have had validated or been given your shareholder voting card on the way in. If you are a shareholder and did not register on arrival and wish to vote, please make your way to the registration desk outside the room and staff from MUFG Corporate Markets will assist you. Shareholders joining online will be able to cast a vote using the electronic voting card received when online registration is validated. To vote, you'll need to click on the Get A Voting Card button within the online meeting platform, which is also shown here on the screen. Voting will remain open until five minutes after the conclusion of the meeting. I declare that we have a quorum of shareholders, the meeting is now open. This morning I'll start by outlining the progress we've made strengthening the business and starting to rebuild long-term value for shareholders. Naomi James, our Chief Executive, will take you through performance, strategy, and outlook. We'll move to formal business before opening for questions. Following the conclusion of the meeting, we invite you to join the Ryman board and executive team for some light refreshments. Joining me today are my fellow directors, from my left, Scott Pritchard, Paula Jeffs, James Miller, Hamish Rumbold, Kate Munnings, and David Pitman. Over the last three years, we have deliberately strengthened the Board to ensure we have the capability required for Ryman's next phase. This has been a significant period of board renewal, bringing new capability across governance, customer, digital, operational performance, development, and capital markets experience. We were pleased to appoint Hamish Rumbold in May. Hamish brings deep expertise in customer, digital, and operational performance, capabilities that we believe are directly relevant to how we are improving the business today. Hamish will speak more to his experience later in the meeting. As previously announced, Paula Jeffs will retire at the conclusion of this meeting. Paula has made a significant contribution for a period of real change for Ryman, and we thank her for that. As part of the normal board rotation, I, along with James Miller and Hamish, will stand for re-election today. Also joining me on stage this morning is our CEO, Naomi James. The Ryman senior executive team are all here today, and I encourage you to introduce yourselves to them over refreshments following the meeting. Representatives from our auditor, PwC, and our share registrar, MUFG, are also in attendance. FY 2026 marks a clear turning point for Ryman. Over the past two years, we have taken decisive action to reset the business, strengthening governance, changing leadership, restoring financial strength, improving transparency, and reshaping how we operate. That work was necessary. We believe that Ryman is now back in control of its performance and its future. In FY 2026, we saw tangible results. We saw a material improvement in operating profitability. We saw meaningful cost reductions and a return to positive free cash flow for the first time in more than a decade. We are achieving this in a challenging environment. With the last three years being reported as New Zealand's most prolonged housing market slump in 15 years, and the Victorian housing market also suffering through widespread tax changes in Australia. This is not a short-term business recovery. It reflects a structural shift in how the business operates. A more disciplined, a more resilient, a more commercially-focused organization. We acknowledge that our share price is not where it needs to be. Your board and management are very aware of this. We are shareholders. Whilst there was a partial recovery to NZD 3 per share as recently as January this year, as investors saw green shoots in the New Zealand economy, the subsequent global disruption caused by the Middle East conflicts and reduction in consumer confidence that followed, and the housing market becoming weaker, has contributed to those gains essentially being given back. Whilst the share price retreat has been very disappointing. Our focus as a board remains firmly on what we can control: execution, performance, and disciplined capital allocation. As we stated at the full-year results, we will consider all capital management options when allocating our free cash flow. We are building a stronger business, and we're confident that over time, this will be reflected in improved shareholder returns. A critical part of our reset has been restoring financial discipline and strength. In FY 2026, we completed the balance sheet reset. Today, Ryman has a strong and flexible funding position, no bank maturities until FY 2031, and significant liquidity headroom. We also have the lowest gearing amongst New Zealand's listed retirement village operators, giving us real flexibility as we work to improve the performance of the underlying business. Building on that foundation, we introduced a clear capital management framework in February this year. Our priorities are simple: improve the cash generation of the business, grow recurring earnings, and maintain balance sheet flexibility with the option to grow when conditions are supportive and only when conditions are supportive. In June, we completed a NZD 150 million retail bond offer, which was strongly supported with demand for more than NZD 400 million, reinforcing confidence in the business and reestablishing Ryman as a repeat issuer in the retail debt market. We believe we now have a well-balanced funding structure. The Board reiterates its intention to return to dividends from FY 2028. Importantly, paid out of operating cash flow, not funded by debt as it had been in the past. We have made a deliberate shift in how we approach development. Historically, growth was heavily driven by the construction of new villages. At its peak in 2022, Ryman had 16 villages under construction, with debt growing to over NZD 3 billion by the end of that calendar year. The business was on a treadmill i t could not get off. When capital became constrained, independent living units were prioritized to generate cash and support capital recycling, but the main buildings where the amenity and care was, they were deferred. Those main buildings contain many of our amenities, our care centers, and serviced apartments we had committed to residents. Over the past two years, this board has delivered five of those deferred main buildings. While that was the right thing to do for residents and the long-term health of the business, it has created a near-term earnings headwind as we absorb the operating costs and fill the significant new capacity and serviced apartment that were brought on at one time. Today, our focus is different, maximizing value from our existing portfolio and improving cash flow with the goal of returning to disciplined growth only when we are confident this will deliver returns for shareholders. With our shares trading at a significant discount to NTA, the Board has a very high threshold for new developments in this environment. Therefore, our biggest opportunity is to maximize the performance of our existing portfolio of 47 villages. Management are focused on driving up occupancy, improving revenue per room across care and independent living, and reducing our overheads. Management have made significant progress in increasing care premiums, bringing up to date our independent living weekly fees in line with cost inflation, and increasing our deferred management fees on independent units from 20%-30%. However, it takes time for these changes to be reflected in reported earnings as they only are affecting new residents. For the year just passed, only 17% of our retirement residents were on our new terms, and we estimate by 2029, only 50% of our residents will be on those new terms. The other part of performance is the inflation in our retirement units over time. These have, over time, closely matched the inflation in house prices more generally. We clearly have less control over the second component of our overall returns. We know that achieving both improved operating earnings and inflation in our retirement units will be critical to long-term shareholder returns. In terms of new villages, we ended the year with only two sites under active construction. This is intentional, reducing risk, lowering capital intensity, and improving resilience. We still have a significant amount of available land at new sites and existing villages, but going forward, development will be selective, demand-led, and at a controllable scale. Alongside this repositioning, we continued to deliver a number of important building milestones during the year. We completed and opened the beautiful main building at Kevin Hickman Village in Christchurch, which Naomi and I opened earlier in the year. We welcome residents to the newly completed stages at Nellie Melba Village in Melbourne. We mark the official openings at Keith Park Village in Hobsonville and James Wattie Village in Havelock North. These openings are important, not just as construction milestones, but as a signal that recent development activity is now transitioning into occupancy, care delivery, and cash flow. Across the portfolio, we welcome more than 3,700 new residents during the year who now call Ryman home. Development remains an important part of our future. Only when conditions and returns support it, rather than being driven by an always-on development program. Rebuilding long-term value for shareholders is the Board's focus. We've been very deliberate in how we've approached it. We have reset the business across governance, leadership, strategy, capital structure, financial reporting, executive remuneration, and operating discipline. All of this while keeping the resident at the heart of everything we do. We know we need to provide a great experience for residents and for our shareholders. On the latter, we know we have work to do. We've made significant improvements in our financial reporting and transparency. Whilst this has been challenging to work through, the improved transparency, more conservative accounts, and greater comparability with others will put us in a strong position going forward. Executive long-term incentives are now directly aligned to shareholder outcomes. Both the Board and executive leadership have minimum shareholding requirements. During the year, we successfully completed our secondary listing on the ASX. This, over time, will expand our access to capital, improve liquidity, and reinforces our long-term commitment to Australia, a market we believe with significant structural demand for what we offer. Ryman is now operating as a more disciplined business with a strong focus on returns. We remain committed to our sustainability journey and have continued to mature our approach as set out in our latest climate-related disclosure report. In FY 2026, Ryman's Scope 1 and 2 market-based emissions decreased by 30% compared to the prior year, representing a 58% reduction compared to our 2021 baseline. The Ryman Healthcare Solar Farm in Northland became fully operational, making Ryman the first retirement village operator in New Zealand to secure a dedicated commercial-scale renewable energy source. Whilst the solar farm is owned by third parties, our commitment essentially underwrote the development. This milestone reflects our commitment to residents, communities, and the environment. Will supply around 60% of our New Zealand village electricity needs, significant indeed. In terms of our people, if we look across our whole workforce of 7,800 employees, we have around 80% female representation. Our gender pay gap is essentially at nil in both New Zealand and Australia. We're also pleased to report that we have 48% female representation across the top two levels of leadership and the Board. We acknowledge that the Board gender diversity will reduce post Paula's retirement. The Board continues to consider diversity as well as required skills and capability in making new director appointments. This is a point in time. We are committed to improving our board gender diversity over time. Throughout this reset, one thing has not changed, our purpose: to enhance freedom, connection, and wellbeing for people as they grow older. That remains central to how we operate and how we create value. Ryman today is stronger, more disciplined, and better positioned for the future. As we enter this next phase, it's also important that the way we represent Ryman reflects who we are today. Special communities built around our unique home- for- life proposition, supporting residents with freedom, connection, and wellbeing, and the reassurance that care is there as their needs change. Last month, we refreshed the Ryman brand to better express our purpose and the confidence, care, and connection at the heart of our villages. In simple terms, it's all taken care of. This is not a change in who we are, it's just a clearer expression of what makes us special. To our shareholders, thank you for your patience and continued support as we progress this next phase of the journey. Rest assured, we are very focused on rebuilding value for you, our shareholders. To our team, thank you for your ongoing commitment for delivering great care every day. To our residents and their families, thank you for your trust in Ryman and for being part of and contributing to our village communities. With that, I will now hand over to our Chief Executive, Naomi James. Thank you, Dean. Thank you, everyone, for being here today. FY 2026 marks an important point in time for Ryman, where the business is resetting, and it's now translating into improved performance, stronger cash flow, and a more resilient balance sheet. Our focus is now firmly on unlocking long-term value from that foundation. I want to start by sharing a couple of insights from our Investor Day earlier in the year, which shared the basis for our refreshed strategy. To understand the opportunity ahead for Ryman, it's important to start by stepping back and looking at the market we're operating in. The demand for care-centered living is clear and compelling. The population aged over 80 across New Zealand and Australia is expected to double by 2050, with demand already outpacing supply. In New Zealand alone, there is a projected shortage of more than 10,000 aged care beds by 2032. This demand is already evident today, it's increasingly shifting towards assisted living and higher acuity residential care needs. That trend plays directly to Ryman's strengths. More than half of our portfolio is now weighted towards aged care and serviced apartments, positioning us well to benefit from these long-term demand trends. Our integrated model provides residents with a genuine home for life, supporting them as their needs evolve from independent living and assisted living through to hospital-level and dementia-level care. While this positions us strongly for the future, it's also important to acknowledge that Ryman has not always captured this opportunity as effectively as we could have. When we refreshed our strategy in FY 2026, we focused on two things, building on what Ryman does well and being honest about what needed to change. We want to maintain the industry-leading resident experience and high-quality clinical care which have been the foundation of our organization's purpose and values, driving resident satisfaction, brand, and community trust. At the same time, we needed to address what has got in the way of our financial success. Ryman held weekly and deferred management fees very low for a long time. Costs escalated, particularly through COVID, leading to significant operating deficits. The company chased a larger and larger portfolio of development projects, which created a compounding risk profile. Non-village costs grew faster than resident numbers, and the company had not scaled its processes and systems to match the size of the organization. The lack of financial performance transparency, alongside the strong growth in property prices, meant the financial impact of this was not entirely visible. As Dean spoke to earlier, we have shifted from a model that relied heavily on development and capital gains to one focused on sustainable value creation. Put simply, this represents a deliberate shift away from a development-led model to one focused on optimizing existing assets and generating sustainable cash flow. We're focused on four key drivers of shareholder value, leading the industry in care-centric living, growing recurring earnings, lifting returns from our existing portfolio, and allocating capital in a disciplined value-accretive way. We are maximizing returns from the assets we already have, lifting occupancy and improving utilization across both retirement living and care. Care sits at the center of our model. It delivers better outcomes for residents and more stable, resilient earnings profile over time, and is increasingly a key driver of earnings growth. We are being more disciplined in how we allocate capital, with a clear focus on returns and ensuring capital is only deployed where it's value accretive. This strategy was designed to reduce capital intensity, improve cash conversion, and deliver more consistent and predictable earnings over time. Importantly, these initiatives are already underway and are driving the improvements we saw in FY 2026. For the first time in more than a decade, Ryman generated positive free cash flow of NZD 188 million, which is a significant milestone for the company. Earnings momentum is building. Operating EBITDAF, which is our preferred measure of operating profitability, almost doubled over the year, driven by strong revenue growth and broad-ranging cost-out initiatives which have delivered NZD 57 million in annualized savings over the last two financial years. Our reported loss before fair value movements and tax has also substantially reduced. These outcomes reflect the benefits of a more disciplined operating model and a clearer strategic focus as we build a more resilient and sustainable business for the long term. Looking at our FY 2026 result, it's clear we still have a way to go, which brings me to the targets we've set for FY 2029, shared at our Investor Day in February. These targets are how we measure the turnaround in financial performance in the near term as we improve cash generation, grow recurring earnings, and increase balance sheet flexibility. In FY 2026, we delivered NZD 47 million of sustainable cash flow improvement from existing operations driven by occupancy, pricing, and cost out, which puts us on track for our FY 2029 target of a NZD 150 million improvement. We're releasing significant cash from the balance sheet with NZD 169 million of our NZD 500 million target achieved last financial year. This was driven from both selling down new stock and our land divestment program. To the end of FY 2026, we had settled or contracted NZD 147 million of land sales, and in May, we lifted our land divestment target from NZD 200 million to NZD 250 million. We delivered aged care EBITDAF per bed of nearly NZD 18,000 in FY 2026. With a continued focus on listing occupancy and utilization across our aged care centers, we are targeting to lift this metric to NZD 25,000-NZD 30,000 per bed by FY 2029. From here, execution is about consistency, continuing to convert these initiatives into reliable, repeatable performance while ensuring future growth is disciplined and value accretive. We are executing this turnaround at pace and in a housing market that remains subdued. In this environment, it's pleasing to see the signs of the benefit of our strategy coming through with improvement in our serviced apartment sales evident in our last quarterly update. As Dean noted earlier, the housing market remains challenged, impacting independent living sales, and we have seen a shift in the sales mix towards serviced apartments in a highly competitive environment. Total Q1 FY 2027 resale volumes have remained in line with the same period last year, and net resales contract volumes increased by 7%, with serviced apartments accounting for a higher proportion of the mix. Occupancy in mature care centers remains high at 96.1% in Q1 FY 2027, unchanged from Q4 FY 2026. We're encouraged by these indicators, but success at Ryman isn't measured solely in financial or operational metrics. Ultimately, the strength of our business depends on the experience of our residents and the quality of care we provide every day. More than 15,500 residents call Ryman home, and we deeply value the communities they help create across our 47 villages. The quality of care and resident experience remains strong. Resident satisfaction remains high, reflected in strong Net Promoter Scores and continued external recognition across the sector. In FY 2026, Ryman was named Best Group Provider by Seniors New Zealand for the sixth time, with a further 14 awards recognizing individual villages. Diana Isaac Village received the Enduring Excellence Award of 2025, reflecting more than five years of sustained high performance, an honor awarded only six times in the past decade. We are proud to offer our residents choice in retirement living and the confidence of knowing they have access to high-quality care as their needs change. I want to acknowledge and thank our team members across all of our villages for the care they provide to our 15,500 residents each and every day. I also want to thank our residents and their families for the trust they place in us and for the contribution they make to the vibrant and supportive communities that make each Ryman village so special. Maintaining a high-quality resident experience is essential, and we also recognize that customer expectations are evolving. To support and continue attracting future generations of residents, we need to evolve our offering alongside those changing needs. This evolution is about better matching customer demand and supporting occupancy, pricing, and models of care over time. The market is changing. Residents are looking for more choice, more flexibility, and greater confidence that care will be available as their needs change. The strongest growth across the sector is in assisted living and aged care, that is where Ryman is positioned. Our villages are designed to support residents through every stage, providing choice, flexibility, and reassurance that care will be there when it is needed. We are introducing more flexible pathways into village living, including initiatives like Ryman Select, which give residents greater control over the services they choose and the ability to adapt those services as their needs change. We're also expanding our premium care offering, combining high-quality accommodation with 24/7 clinical support and piloting premium care apartments to meet demand for higher acuity, higher expectation living, and improving how residents transition into care. Another example is the Resident Fund, which is unique to Ryman and helping make the transition into aged care simpler for our residents. We know that moving into aged care can be a significant financial decision for residents and their families. The Resident Fund was designed to make that transition simpler by allowing residents to use equity from their village home to fund their aged care accommodation premium. This reduces the day-to-day cost of care, provides greater flexibility and choice, and helps residents move into the right level of care when they need it. The response since launch has been encouraging. The product is supporting smoother transitions into care for residents while also increasing capital retained within the business. We see further opportunities to refine and expand the product over time as part of our broader focus on meeting the growing demand for care-led living. The Resident Fund is a good example of how we're adapting our model to meet changing resident needs. Importantly, it's also consistent with the broader direction of aged care funding reforms, which increasingly support more integrated care and greater choice for older people. There is now broad recognition on both sides of politics in Australia and New Zealand of the importance of the aged care sector funding reforms, not just to ensure care is available for older people, but to ensure the health system is there for all Kiwis and Australians. Aged care is healthcare. A strong aged care sector is key to a sustainable health system, providing care in the right setting and helping ensure hospital services are available to those who most need them. The direction of travel is clear. More care delivered in the home, greater integration across aged care and the wider health system, and closer partnerships between public and private providers. As demand grows and care needs become more complex, providers like Ryman will have an increasingly important role to play. This will ensure people receive the right care in the right place at the right time. Ryman is well-positioned in this environment. Our integrated model aligns directly with where policy settings are heading. Importantly, this supports better utilization of existing assets, which directly improves returns. In Australia, following recent reforms, Ryman is already providing over 50% of serviced apartment residents and over 20% of independent residents with Support at Home packages. In New Zealand, we are awaiting release of the recommendations of the Ministerial Advisory Group on funding reforms and are expecting to see the government's response ahead of the New Zealand election later this year. The aged care and retirement living sector have a critical role to play to ensure the growing health needs of a much larger older population are met and the health system can deliver for all Kiwis. The urgent reforms in New Zealand represent the critical next step to ensure the sector is able to play this important role. To conclude, I want to highlight the investment proposition for Ryman today. While the global environment remains uncertain and housing markets remain mixed, the structural demand for care and retirement living is clear. We have reset the business, strengthened the balance sheet, reduced development risk, and reestablished cash flow. Demand remains strong, particularly in care-centered living, and we are aligning our offering, operating model, and capital allocation to meet that demand more effectively. We now have a disciplined strategy, a clear earnings profile, and a more resilient operating model. The improvements in our financial performance, even in mixed market conditions, demonstrates that this model is delivering improvements. Bringing this together, strong structural demand, a lower risk, cash-generative model, and disciplined capital allocation positions Ryman very differently today than two years ago. Thank you for your continued patience as we progress our transformation. With that, I will hand back to the Chair to move to the formal business of the meeting. Thank you, Naomi. Before we move to general business and your opportunity to ask questions, we will now move to the formal meeting resolutions, which were outlined in the notice of meeting, which you'll all have. Each resolution set out in the notice of meeting is to be considered as an ordinary resolution, and as such, must be approved by a simple majority of the votes cast by shareholders entitled to vote and voting on the resolution. For those of you here today, you'll be voting using your voting card. Please mark your voting intention for each resolution, and the voting cards will be collected at the conclusion of the meeting. If you require assistance with this, please see MUFG outside of the room. For those of you voting online, you will need to click Get Voting Card within the online meeting portal. Please mark your electronic voting card in the way you wish to vote by clicking For, Against, or Abstain. Once you have made your selection, please click Submit Vote on the bottom of the card to lodge your vote. A quick reminder that voting will remain open until five minutes after the conclusion of the meeting. Results of the vote will be announced via the NZX. The outcome of proxy votes received prior to the meeting will be displayed after. There will be an opportunity to ask questions on each matter being put to shareholders. For the sake of good order, shareholders' questions raised should relate directly to the matter being considered. There will be time later to ask general questions. When I call for questions, can shareholders please present in the room, please make your way to a microphone stand on either side of the room and clearly state your name. I will take questions from those present in the meeting first before moving on to any questions from shareholders online. I ask that in the interest of fairness to all shareholders attending this meeting, that anyone wishing to ask questions be as concise as possible and be considerate of other shareholders also wishing to ask questions. Now, turning to Resolution number 1, that the Board be authorized to fix the remuneration of PwC as auditor of Ryman Healthcare Limited for the ensuing year. The Board unanimously recommends that shareholders vote in favor of Resolution one. Are there any questions of the Board concerning the resolution from shareholders in the room? Are there any questions online? There are no questions online for Resolution 1. Thank you. Could you please mark your voting cards now? Moving on to the second resolution, I will ask James to lead this. Under NZX Listing Rule 2.7.1, a director appointed by the Board must not hold office without re-election past the next annual meeting following the director's appointment. Dean Hamilton was appointed to the Board with effect from 1st of June 2023. Dean accordingly retires and offers himself for re-election. Dean is considered by the Board to be independent. The Board unanimously recommends that shareholders vote in favor of Resolution 2. I would now like to invite Dean to introduce himself and to speak to his re-election. Thank you, James. Apologies, you'll be hearing a bit from me today. Good morning, thank you for the opportunity to offer myself for re-election to the Board of Ryman. As James said, I joined the Board in June 2023, some three years ago, and I became Chair a couple of months after that at the ASM in July 2023. I joined the Board with a clear mandate for change from shareholders. Shareholders had lost confidence in the company, in the Board, in the strategy, and in the company's financial reporting. As a director and chair, we have overseen significant change over this period. We have progressively ushered in a new board, we've introduced new management, we've raised new equity, we've simplified and refinanced our debt, we've increased transparency of our financial performance. We have signed off on what we believe to be a much more conservative balance sheet, with substantially less directed judgment involved. We've changed management long-term incentives to be aligned with shareholder returns, not underlying profit. We've significantly reduced overheads that were in the business. We've materially reset pricing in our retirement living. We've completed those village centers that I referred to earlier that had been deferred, and we've quickly wound down the scale of new development to reflect current conditions from 16 to two. Importantly, we have reset our medium-term strategy to focus on maximizing the value of our current portfolio and getting match fit for the future. By most measures, that is a lot of change, and it has required a lot of time and effort by a lot of people. All of this has occurred in a very challenging residential property market and in a temporarily over-supplied retirement unit market. This is a multi-year turnaround to rebuild shareholder value. The share price performance has been disappointing. I fully acknowledge that. We have all lost money. Whilst a number of the issues impacting the share price have been Ryman-specific, I would note that the other listed companies in New Zealand are also now trading at steep discounts to NTA, suggesting some wider industry issues at play on investors' minds. Ryman was the first to take the pain and lead into change. I'm optimistic that we'll be the first to emerge on the other side. I believe we've been brave where needed, leaned into some hard decisions, and have now built a much more solid Ryman. As I look back, with the benefit of hindsight, the scale of changes required to move the company away from a build it and they will come strategy, which was coming unstuck quickly with rising construction costs, rising interest rates, and poor development controls, has certainly been beyond my initial expectations. We are turning the corner. The job is by no means done, and I would urge you not to judge the outcome at halftime. My first three years as a director have been about helping uncover the issues, prioritizing the changes, and overseeing the reset. The next three years, should I be re-elected, is about overseeing the execution of our strategy, ensuring we maintain a great experience for residents, but importantly, also building much better returns for shareholders. I believe my strong governance experience, my prior CEO experience in running a large, complex business through a significant turnaround, and more recently, my understanding gained at Ryman over the last three years, means I have the skills and experience to continue to add value as a director of Ryman. It would be a privilege to continue to serve as a director of Ryman, and I would appreciate your support in being re-elected. Thank you. Thank you, Dean. Are there any questions for Dean or the Board concerning these resolutions from shareholders in the room? Are there any questions online? There are no questions in relation to Resolution 2 online. I now propose that Dean be re-elected a director of the company. Thank you, and please mark your voting cards now. Thanks, James. Moving on to the third resolution. Under NZX Listing Rule 2.7.1, a director appointed by the Board must not hold office without re-election past the annual general meeting following the director's appointment. James was appointed as a non-executive director by the Board with effect from the 1st of June 2023. James accordingly retires and offers himself for re-election. James is considered by the Board to be independent. The Board unanimously recommends that shareholders vote in favor of Resolution 3. I'd now like to invite James to introduce himself and speak to his re-election. Welcome, James. Thank you, Dean. It's a privilege to speak to you today as I seek your support for re-election to the Board of Ryman Healthcare. Over the past three years, I've had the honor of serving as an independent director and as Chair of the Audit, Finance and Risk Committee. During my time, I have led strong financial stewardship and effective risk oversight to support Ryman's strategic ambitions. This includes the reset of financial reporting, equity recapitalization, bank debt refinancing, and the recent bond issue. All this work has laid the foundation to move back to a growth phase and a return to dividends in the future. For me, personally, the total shareholder return during my tenure has been one of bitter disappointment. While I can point to array of causes, the buck always stops at the top. I sympathize with your position as shareholders. However, I do believe Ryman is now well set up for success under the leadership of Naomi and Dean. My background as a chartered accountant and a fellow of the Institute of Chartered Accountants and the Institute of Directors has grounded my approach in integrity, accountability, and transparency. Looking ahead, I believe we are now well into the recovery phase with a strong focus on the core of what Ryman is known for, superb care of the elderly in a vulnerable time in their life. Disciplined cost management, disciplined capital allocation, and shareholder wealth creation. I believe the company remains well-positioned to deliver value for its customers and shareholders, and to be a great place to work. Thank you for the ongoing trust and the opportunity to serve. I'd be honored to continue contributing to Ryman Healthcare success in the future. Thank you. Thank you, James. Are there any questions for James or the Board concerning this resolution from shareholders in the room? Are there any questions online? There are no online questions in relation to Resolution 3. Thank you. I now propose that James Miller be re-elected as a director of the company. Thank you. Please mark your voting cards now. Moving on to the fourth resolution. Under NZX Listing Rule 2.7.1, a director appointed by the Board must not hold office without re-election past the next annual general meeting. Hamish Rumbold was appointed as a non-executive director by the Board with effect from May this year. Hamish accordingly retires and offers himself for re-election. Hamish is considered by the Board to be independent. The Board unanimously recommends that shareholders vote in favor of Resolution 4. I would now like to invite Hamish to introduce himself and speak to his re-election. Hamish. Thanks, Dean. Good morning, everyone. Thank you for the opportunity to speak today as I seek your support for re-election for the Ryman Healthcare Board. I'm a passionate Kiwi who has lived and worked across New Zealand, the U.K., India, South America. I graduated from the University of Auckland with a Bachelor of Commerce and a Bachelor of Property, plus ongoing leadership training and global executive programs throughout the world. Throughout my career, my main focus has been on delivering strong commercial results by connecting the customer experience with technology, data, and digital tools. I started out in large-scale retail with Lion Nathan, Foodtown, Woolworths, before spending 10 years overseas working with major international businesses such as Sainsbury's, BP, and Cencosud in South America. When I moved back to New Zealand, I joined Air New Zealand, first leading customer experience and engagement in the Airpoints business, and later running digital data and customer technology worldwide. After that, I was CEO of a software engineering firm across Australia and New Zealand, and most recently spent five years as Chief Digital and Technology Officer of Kiwibank. During this time, I also served as an independent director on Fidelity Life board and was on the Prime Minister's Cyber Security Advisory Committee. In 2024, I moved into full-time governance to help drive growth for great local New Zealand businesses. Alongside Ryman, I also serve as non-executive director for The Warehouse Group, for the House of Travel Holdings, for LIC, and as Chair of OrbitRemit, an international money transfer business across Australia and New Zealand. In my view, Ryman provides a critical role to society and to residents across the Tasman. We deliver a true connected continuum of care, providing independent living through rest homes through to hospital care, all under one roof, which I think becomes increasingly important as more and more people grow older. As Ryman moves forward in executing its strategy, consistently maintaining high occupancy and reaching our target to bring non-village costs down under NZD 100 million, it will require a well-managed and governed transformation that delivers smart, targeted investments in modern technology, streamlined processes, and unified data systems. This is where my background fits in. I've spent my career leading large-scale digital transformations. I know what it takes to succeed. Starting with the customer, simplifying processes, and using data and technology to take out friction and cost. I bring this lived experience to Ryman to support and test as we execute this strategy, providing governance to ensure that the technology investments deliver genuine operational savings whilst enhancing the resident's experience. We have important work ahead of us to keep turning this business around. I'm deeply committed to this iconic Kiwi-born company, and I bring both a shareholder and a customer lens to the governance table. I would greatly appreciate your support for my re-election and to keep serving the Ryman Healthcare Board. Thank you. Thank you, Hamish. Are there any questions for Hamish or the Board concerning this resolution from shareholders in the room? Are there any questions online? There's one down there. Oh, sorry, I didn't see that. Could you please make your way to the microphone? No rush. It's fine. It's Barbara O'Connell from the New Zealand Shareholders Association. Hi, Barbara. I'm really grateful to see the skills that Hamish brings. My question is, can he give the time needed to help turn this company around when he's got five independent director roles? Yes, that's a good question. I'll have a go at answering that because that was certainly, and I can hand to Hamish as well, but that was certainly one of the questions that we discussed. Trying to find a person with Hamish's experience took us some time. We ran through a whole recruitment process, and we couldn't find who we wanted. We came upon Hamish, and we were delighted that we found it all in one place. That made it easy. We did discuss capacity. Do you have the capacity? This is a big business. We've got a lot of work to do. Ultimately, he's a governor. He's not going to be in the business. I think that's really important. There's a clear distinction between management and governance, and what we want Hamish to do is help govern these processes. From a capacity perspective, we spent time talking about that. He got us comfortable that with those other opportunities, a number of them are much smaller businesses than this. We felt he had the capacity to do that. Maybe, Hamish, do you have anything you'd like to add? Look, yeah. Always a really important consideration, and thanks for the question. I think to Dean's point, the boards vary in size and commitment, and I'm 100% committed to a full-time non-executive career, so I can commit all my energy and time to that. Thank you. Are there any questions online? Your first online question comes from Stephen Mayne. Could Director Hamish Rumbold and the Chair comment on the recruitment process that led to his appointment to the Board? Was a headhunter involved? Did the full Board interview Hamish as a group, and did they interview any other candidates? Did Hamish know any of our directors before engaging with the recruitment process? Thank you, Stephen. I think as I intimated, we ran a full process with an outside recruitment agency. We interviewed three or four people that were shortlisted out of that. A subcommittee of the Board did that. We didn't think we had the right answer there, we paused that process. I also sit on the Warehouse Board, and Hamish appeared there. I actually thought to myself, "Actually, we've got the answer right under my nose here." I introduced Hamish to the balance of the Board. All of the Board interviewed Hamish. I've obviously had the opportunity to watch Hamish for three to four months already at the Warehouse before he had those interviews. There was an extensive interview recruitment process. It was unsuccessful. We couldn't quite find what we had, but we were delighted when we found Hamish under another bush, in another place. Whether you knew other directors, Hamish? No, I did not. No. That was actually the first time I'd met you there as well. There's no history there apart from that. We're delighted to have Hamish. I think that mixture of customer and technology and transformation, we found through the recruitment approach were very hard to find in one place and with governance experience. No, we're delighted. There are no further questions online in relation to Resolution 4. Thank you. I now propose that Hamish Rumbold be re-elected a director of the company. Thank you. Please mark your voting cards now. I would now like to give shareholders the opportunity to ask questions, whether related to the presentations, whether related to the financial statements or the management of the company. Between us, we will do the very best to answer these. Shareholders online can continue to provide questions through the portal. We'll also address questions from the room. We've received some questions in advance, and given the efforts they've made, I'll seek to address those first. If you are asking a question from the floor, please state your name and whether you're a shareholder, or if a proxy holder, the name of the shareholder that you're representing. Please make your way to the microphone stands when asking your question so that those in the room, and just as importantly, those online, can hear you clearly. We also ask that you limit yourself to one question at a time so that everyone who wishes to participate has the opportunity to do so. Hayden, could we please read the pre-submitted questions from shareholders? Your first pre-submitted question comes from Jeffrey and Kathleen Hogan. "It has been some time since shareholders received a payment. What is the timeframe to recommence paying dividends?" That's a very fair question. As I reported in my Chair speech, and as Naomi referred to, we've publicly stated a strong intent to return to dividends in FY 2028. We've indicated they will be between 20% and 50% of our cash flow from operations. Importantly, that won't be from debt. We will not be borrowing to pay dividends as has happened in the past. We continue with that intent, and we strongly expect to be in that position. Hayden, any other questions? Your next pre-submitted question comes from [Robert Rose]. "It would be nice to have some board members that are not from property, IT, or finance backgrounds. You have people on the Board and executive team from Air New Zealand, The Warehouse Group, and Fletcher Building, which does not give me confidence. That's a bit tough, James. You've just gone on the Fletcher's board trying to fix it. Been there five minutes. Been there five minutes, yeah. Look, I actually believe that it's a very good board. I've been really delighted with what we've been able to attract. There is a lot of diversity on the Board. I think without being rude to my Fletcher friend or my IT or property colleagues on the Board, if I look at someone like Kate, originally trained as an aged care nurse. Hear, hear. Moved to law, having seen the light, then moved into operations, culminating in running 80 Ramsay hospitals in Australia, an enormous, the largest hospital fleet in Australia. Strong care background, then moved into be Chief Executive of a listed IVF business, Virtus. Kate brings enormous depth across aged care more generally, and legal background. I think she's very, very diverse. In terms of Hamish, brings strong customer lens, not just IT lens, I think that's what makes him different. Myself, I've spent half of my career in finance markets and half my career in operations, having previously run Silver Fern Farms, which is one of New Zealand's largest food processing businesses. I think I bring a mixture of finance and operational experience. Apart from those other skills, which I do think are important, care's important, finance is important, property's important. Paula, obviously stepping down now, has run large-scale people teams. Yeah, I actually think the shareholders are well-served by the Board, there's a lot of depth there and experience. Your next pre-submitted question comes from Ian and Margaret McFay. "When will the next dividend be coming up?" How many of these are we going to get? Same answer. We're very conscious of it. We've stated our intention of FY 2028, nothing has changed. The next pre-submitted question comes from Andrew Ott. "The Labour Party is promoting its plan to make retirement village operators repay residents within three months after they depart, and that this change in law would be retrospective. Could you and your team please discuss how this would impact Ryman and also its impact on the aged care sector more broadly? Would such a change result in a deterioration in Ryman's cash flow and in turn resulting in higher debt levels?" Thank you, Andrew. I think it's important. Maybe let me just set the scene in terms of what we do now. Ryman, our current setting is to repay after 12 months, or the earlier of the person moving in, and we pay interest after six months. That's the position in Australia. That's the proposed position by this government under legislation under review. We support that because it's actually in line with where we are now. What the Labour Party is proposing is something substantially different. That's repaying after three months of departure and doing that retrospectively to everyone who signed a contract that didn't say that. That would be significant in a number of fronts. Effectively, every operator in New Zealand would have to buy back every person who's departing. The irony there is from a residential property, if you were selling your residential property, it's at least six months plus for you to sell and get money from your property. If you decided to leave, you're probably going to do the wallpaper, you probably might do the painting, replace a few bits and bobs. You're going to put it on the market. You might sign a contract, and it'll probably be three months to settlement. What they are proposing here is very abnormal. It's abnormal to go backwards in time. For us, we would not support that change. Ultimately, that financial burden that they're putting on operators that doesn't exist now will ultimately come at a cost to residents. Weekly fees will have to go up. DMFs will have to go up because there's no free lunch here. I think it's a relatively narrow view of that. It's going to be the political run-up to the election, as an organization, we think that'll ultimately be at a cost to residents and also see less retirement living and aged care built, which seems to be an odd setting as the population is aging. We're not a supporter. Your next question comes from [Christopher McMillan], which relates to the recent incident reported on by RNZ. "Can you please explain how an incident of this nature could occur and what safeguards are in place to protect residents, their property, and to ensure the quality of care expected at Ryman? What actions has the company taken in response to this incident, and what additional steps will be taken to reduce the risk of similar incidents occurring in the future? Look, this was a very unusual and distressing event. The organization has unreservedly apologized to the family. I've personally apologized to the family. It's very unusual in Ryman for this to happen. The person involved is now an ex-employee. It fell well short of our standards. While someone might say that's one incident with 15,000 residents, one incident is one too many. The Board takes that very seriously. We were made aware of it immediately, and we've tasked management with reviewing and making sure that does not happen again. To provide a little bit more detail, I'll hand over to Naomi. Thanks, Dean. As Dean's already said, just again, acknowledging the distress of this incident and the unreserved apology that the company's made to the person and their family involved. The two things I'll just touch on more broadly, which is how we respond if there is a significant incident of this kind, as well as what we're doing to invest in and lift our clinical governance right across the company. In the case of a significant incident, which, as Dean mentioned, is rare, the management response is immediate. That is everything from launching an independent review and investigation of what's occurred, reporting to regulatory authorities where we need to do that. Reporting to our board so that they can have oversight of the response. Making sure we're engaging with the family to keep them informed of what's occurred. Most importantly, the learnings that come from incidents that help us improve and prevent something similar occurring again. We have, over the last year, done very extensive, across all our villages, speak up training. Which is about making sure all of our almost 8,000 staff not just feel comfortable and know how to raise concerns, but also see it as their responsibility to make sure the care is being provided to the standard that each of our residents should be able to expect. Similarly, we've made investments across the board in lifting our clinical governance through things like having very clear lead indicators of clinical quality and performance. Having that visible across every single one of our care centers, having that seen centrally, so that where we do need to provide a bit more support to villages or to individual residents or teams at different points in time, we can proactively do that. That's all part of our response in making sure we are meeting the standards that should be expected. A rare event, but totally unacceptable. Do we have other questions? Your next pre-submitted question comes from Andrew Ott, this is a question for the auditor. "I view the role of PwC as auditor of Ryman as being very important, and consequently, I do read your audit reports. My question is about your approach and reasoning in your decision and use of materiality of NZD 30.5 million in your audit work. You have chosen net assets as the benchmark. I'm a long-term shareholder in Ryman. In my view, the most important part of Ryman's accounts is the cash flow statement. Both the directors and management do spend time in discussing Ryman's cash flow, and they now pleasingly have much greater focus on generating free cash flow. In my view, the value of Ryman's net assets is totally dependent on its ability to generate free cash flow over the long term. From my perspective, if I was to worry about the accuracy of Ryman's accounts, my focus would be on the cash flow statement and not the book value. I may be misunderstanding your audit approach, but could you please discuss your approach to materiality and how this impacts on my focus of Ryman's cash flow and not the book value? Sam, could I ask you to stand up, take responsibility? First and foremost, thank you very much for that question. It's a very thoughtful one, and I'm also very pleased that I know shareholders read the financial statements. It's also extremely pleasing as an auditor to realize the independent auditor's report also gets the time of day and is scrutinized. The question also itself shows a genuine understanding of Ryman's business. I do want to give it a proper answer, and I do thank you for your time. Materiality itself is a concept which is used to plan and perform the audit of the financial statements as a whole. Materiality is essentially the threshold we use to judge whether a misstatement, whether that's individually or in aggregate, could reasonably influence the economic decisions of users of the financial statements. It guides us in the nature, our timing, and the extent of our audit procedures. Auditing standards allows us to choose a benchmark appropriate to the entity. For a company like Ryman, net assets is often the most stable and relevant benchmark because the balance sheet is dominated by long-lived property assets. The net assets is a key metric which focuses on an asset-intensive retirement village operator, but also, as a shareholder, both reflects the capital and income returns that are generated. Profit-based benchmarks or cash flows can be volatile from year to year, particularly given fair value movements on investment property, but also the reselling of ORA contracts. That makes it a less stable anchor for materiality. The use of net assets is simply the starting point for setting overall audit materiality. It certainly does not determine which parts of the financial statements receive our attention. As noted, we've set it at NZD 30.5 million in the current year, and this is what we call as our overall materiality. In practice, we use lower materiality thresholds when performing our procedures, which also affects the quantitative or the qualitative aspects of the balance we're testing. I would also like to highlight that in our audit opinion, for those that haven't read it expressly covers Ryman's statement of cash flows. It doesn't just solely focus on the P&L or the balance sheet, which you can see on the first page of our report. I'd happily read out the opinion if that's of benefit, but that's probably about 15 or 20 minutes. I don't think we're going to do that, Sam. No, thank you. After the meeting, if there's any other questions on the floor, I'm more than happy to talk about our audit approach to any of the shareholders. Okay. Thank you. Good question. Thanks for the answer, Sam. There are no further pre-submitted questions online. I'll hand back to you, Dean. Thanks, Hayden. Do we have questions in the room? Yeah, Michael Bowden, shareholder. I just noted that you've got an interest in a solar farm up north. I'm just wondering, do you have solar panels on your villages? It would just seem to make sense to me to be generating the power where it's used. It's good point. The answer is no, we don't have solar on our villages. We have entered into a long-term undertaking to off-take from this solar village, and essentially that solar goes into the grid. Obviously, we don't know whether we're buying that electron or not, so obviously we're buying the electrons that are closest to us. We have supported that significant build through our multi-year commitment, enough electricity to supply about 60% of our needs. That's not our capital tied up, we've just committed long term. We did look at the alternative of putting it all on our villages, but there's lots of complications around retrofitting those onto roofs in terms of health and safety, particularly if you think what a lot of the stuff we've got. Our biggest roofs are probably on our care centers. That's not without risk, not without insurance issues as well. We felt actually it would be much more quicker just to build in one place, we've supported that. We did look at both. [inaudible] You've got weight, for one. These buildings never had their top roofs thinking they were going to be taking weight, and also you've got fire issues as well. Primarily it's weight. They weren't designed to have weight. Other questions in the room? Thank you. Hi, it's [Evelyn Kinsey]. I was wondering, oops, sorry. How is the residence funded? Is it backed by financial institute or is it by Ryman? I'll have a go at this, if I get it slightly wrong, Naomi, I'll hand to you. It's by the resident. The resident has put capital in when they first moved into independent living. Then when they want to move from resident living to care, that capital, less the DMF, transfers with them. That actually stays with Ryman, and they use it as a payment profile. They can pay their care fees out of that capital sum. It allows them to transfer with that capital. It's not new capital, it's the original capital, it just comes with the resident. [inaudible] Happy to catch up with that afterwards with Naomi or Rick can talk about that afterwards if that wasn't clear. [inaudible] Okay, apologies. We'll make it clear afterwards. Other questions inside the room? Please. Hello, board. Just a, well, shareholder. You can state your name please. Gordon Wallace. Gordon, nice to meet you. Yes. All I'm going to say is it's been a long road considering we had 16 sites. Thank goodness you've obviously slashed and burned to get down to two. I know it must have been a hell of a lot of work to get all this done. You're projecting three years, which I can understand because of the major situation you've had to do. Well, I just hope I'm still alive in three years. When I look around this room, some will be flicking up daisies. All I'm going to say is, I'm so pleased the board has been refreshed, and here's hope it happens. That's all. You're fortunate to have such a good label with Ryman. If you didn't have that, there'd be bloody trouble. I must admit, I agree with that other person when they said different people on the Board have come here and said from Warehouse and other places. You go, "They haven't done too well," even Fletchers. What I would like to say is it sounds good. There's hope it happens, and I'm still around to see it. I want to know how you get on with your staff in terms of so many people leaving the country. Is that a situation you have a problem with? Thank you. Thank you, [Gordon]. First, I hope everybody's here in three years' time as well. Actually, look at the weather outside. We should've come to Auckland way earlier, I think, [Gordon]. Look, I think in terms of the staffing piece, when we came into COVID, we were struggling to recruit. It was taking a long time to recruit registered nurses and caregivers. To the government's credit, they changed the settings, if you walk into one of our villages, a lot of the people who work in those villages are from foreign countries. You walk around, and the care they provide is fabulous. They're doing work that Kiwi people don't necessarily want to do. I think we actually owe a lot to that. The government changed the visa settings, currently we are absolutely fine in terms of recruiting registered nurses and caregivers. That may change in the future, today we're in good shape on those things. Long may that last. Over the whole country? Naomi, do you have any particular insights on that? Yeah. It definitely varies by region in terms of particular skill sets. Broadly, we've got access to the skills we need. Sometimes the regions can be a little more tricky. Pleasingly, also even in New Zealand, we're training a large number of nurses locally, and so that pipeline for aged care, for healthcare, is coming through in a level that supports the demand that's there. The country. If you look at the number of nurses we're training in New Zealand, that's supporting the growing healthcare and aged care demand. That's well-placed in terms of where we are in the country today. Thank you. Other questions in the room, please. We'll do Nick. Sorry, just someone behind you. We'll deal with you next, Barbara. Thank you. Yes. [Malcolm Stokes], shareholder. Morning, [Malcolm]. I wasn't intending to say anything, but after your last speaker, I thought I might add a few words. I personally have a lot of confidence in what you people are doing. One of the things that I take confidence in is the number of shares that the Board, the Chair, the CEO, have purchased in the last little while. It's not an insignificant amount. I'm on board with that, and I've followed suit with you guys. As far as people leaving the country, we've got it covered. We're in Australia anyway, so if they stay there for a while, we'll trap them there. As far as living longer, hopefully I'll be here certainly three years. Who knows? Anyway, chins up and well done. I think you're doing a great job. I appreciate that support. Thank you very much. Barbara. Barbara O'Connell. Talking as a personal shareholder this time. I'm pleased you're in Auckland, and I hope you looked at The New Zealand Herald today to see how prominent Ryman Healthcare is. I'm really interested to know the relative importance of word of mouth for getting people into the villages, vis-à-vis the advertising. Because at the moment it looks like you're keeping The New Zealand Herald afloat. Yeah, look, it's a very good question, one we were discussing yesterday as a board, actually. I think it's ultimately a combination of things, isn't it, in terms of how new residents hear of us. We've got very high awareness in New Zealand, very high consideration in New Zealand, and strong preference. That always needs to be refreshed, we do advertise in traditional channels, on the newspaper and TV. You're open to come to our website. We do digital marketing. Also, that word of mouth from residents who have had a good experience, that feel safe, that feel they're still part of a community, I think is absolutely critical. I think it's ultimately about a combination of the two. One without t'other will not be successful, so we're very conscious that our existing resident is our most important resident. The second one is the future one. Very focused on doing a good job for our current residents. [Don Howarth]. A small shareholder, a long-term shareholder. All shareholders are good shareholders, [Don]. Don't worry about that. I bought into Ryman a long time ago. It was one of the very first shares I bought. I mainly specialized in New Zealand shares. I'm 84 now, I live in a retirement village. It's not a Ryman one. I'm still a shareholder, I probably bought in when the shares were about NZD 2, thereabouts, I've seen them go stratospheric. My son has worked for them as a computer-aided designer, architectural work. Here I am, I'm still a shareholder. I do want to congratulate the whole board, the refreshed board, for what it's set about doing, the path it's taken. It looks to me as though you're on absolutely the right path, provided you keep measuring KPIs and doing those sorts of things, that you measure the outcomes and you take action if they stray from your planned path. I could see the Board was going so wrong. It kept buying property way ahead of its needs. It got into trouble. It got into extended debt. The whole ship was tipping over. I'm so pleased that you took the radical action of divesting so much. One property, though, I'd like to ask about is the old fire station at Takapuna. Has that been sold, or what's happening to that? Because that's an eyesore. It's a terrible, shocking eyesore. Rusting, reinforcing steel, et cetera. Please, can you tell me what's happened to that? Well, I drove past it the other week actually. I agree. Look, we've kept ownership of that. It's not for sale. We think there is an opportunity there potentially to build. I do too. I think it's a wonderful site. We've got William Sanders is not too far down the road, that's got a lot of care. Yes. The issue with the site, it's a relatively small site. We will be going upwards. Spectacular views. Good. Yes, that's not in the to sell bucket, in terms of that NZD 250 million target. We're reserving our right to try to create a positive answer for that site, because it is a great site. Good. Yeah, well, I'm still a believer in retirement villages. I happen to live in one because my wife got spinal stenosis three years ago, and she couldn't climb the stairs in our two-story home any longer. Right. We live in a village, and we like it. It's not what I wanted, but it's what we needed. Often the case, yeah. Yes. Yes, it is. Thank you very much. I appreciate those comments and the good question. Why don't we just go online for a little while, and then we'll come back to the room. Hayden, have we got questions, any questions online? We do. Your first online question comes from Stephen Mayne. "Dean Hamilton appears to be in breach of the Australian Shareholders' Association workload guidelines, sitting on four major boards and chairing two of them, Ryman and Fulton Hogan. Was this issue raised during the pre-AGM governance roadshow with investors and proxy advisors, and what is the response to this? Has there been a protest vote against his re-election today based on over-boarding concerns?" No. When we met with all the major shareholders, and we went through all the proxy advisors, which is ISS, Glass Lewis, New Zealand Shareholders' Association, no one had an issue with that. Fulton Hogan is unlisted, which is less of a workload than a listed business. No, there has been no issues raised, Stephen, about the level of my directorships. The next online question comes from Stephen Mayne. "New Zealand is becoming a governance backwater as it continues to resist mandating annual voting on remuneration reports, which is standard in many countries. Will the Chair undertake to consult with major shareholders and lead a board discussion on the issue of whether you will voluntarily put up a rem report resolution for an advisory vote at next year's annual meeting? This is the law in Australia, and we are dual-listed on the ASX, why don't we step up and respect shareholders by adopting Australian market practice?" Yeah, we're a New Zealand company at the end of the day. We don't abide necessarily by Australian law. We do list on that exchange, but we are a New Zealand company, and that doesn't require remuneration up for votes. If you think about what that's really doing, it's talking about disclosure, the ability to question, the ability to review. I think shareholders in New Zealand get all of that. When we go to see the major shareholders, we go through all the rem, how we set our STIs, how we set our LTIs. You will see in our annual report incredibly increased disclosure. I think New Zealand's come a long way in that, and I think Ryman is right at the forefront of that. If you look in the remuneration section, the way we look at our STIs, we're breaking it down right by every area for the short-term incentive. What our targets were, what the outcomes were. We'll even look forward to next year. These are the new areas in terms of what we're going to focus on. We disclose our LTIs in terms of the share performance and relative to the benchmark. I think essentially the ability for you to ask questions today about remuneration, the questions for shareholders to ask it in our roadshow at any stage, I think achieves what you're trying to deliver in those things. At the moment, we're going to abide by New Zealand rules. The NZX does not require that, we don't have the intention of putting the remuneration report up for vote. As to whether New Zealand's becoming a backwater, I'm not convinced. Sorry. You just said when you go to major shareholders. When [inaudible] That's in a governance roadshow, which we publish on the website for everybody to see. There's a presentation that would have been released in early June, that we go to see the major shareholders, and we discuss. Sorry? [inaudible] To get their direct feedback. They're major investors in the business. We probably saw people that own collectively 50% of the shares. We stand here today in front of people who might own one share to 5,000 shares. You've got the equal ability to communicate, and have input. Excuse me, sir. Would you mind stepping up to the microphone? The l isteners online can't hear your question. Okay. Other questions online? Your next question online comes from Stephen Mayne. "Well done for the strong sales performance at Bert Newton Village in the latest quarter. How much, if anything, are we paying Bert Newton's family for the naming rights to our Bert Newton Village project in the southeast Melbourne suburb of Highett? What is the history of this naming arrangement, and do we have any other residential facilities which are named after individuals, apart from Richard Hadlee Village and Patrick Hogan Village?" Well, Stephen, we've got 47 villages named after individuals. I think it's a fabulous thing that people, famous New Zealand and famous Australians, trust Ryman to have their name on our door. I think it's a fabulous piece. In terms of the payments, they're different by individual. They're relatively minor, and they're all about kind of trusted relationships over time and legacy for these people in physical buildings. Yes, they've all got names of famous New Zealand and famous Australians. We're very proud of it. Your next online question comes from Stephen Mayne. I think we might just pause. I think we're having about four or five from him. Why don't we come back to the room briefly, and then we'll go back. I think, let's—m aybe not go back to Stephen. We might go back to somebody else. I think in fairness, I think we've answered four of those questions. Why don't we come back into the room? [Kevin Aldworth]. I'm a shareholder. Welcome, Kevin. I've been a shareholder since 2022, I came to the AGM in 2023. I was a little bit apprehensive with what was going on, how the company was being operated, what the directors were doing, what the executives were doing. The minute I heard Dean Hamilton speak, it turned my head, and I knew we had the right person. The last three years have shown that that decision was correct. I think the current directors and the executives are doing a fantastic job with this company, and you're only halfway through. Like Dean said, you're halfway, you're at halftime. Play the second half really well, is all I can say. Thank you very much. Any other questions in the room? There are different questions online. Hayden, I'm conscious of time. I'm looking over at a sausage roll, which I love. I'm very conscious of my obligations here. Have we got other questions, Hayden, online? We do. Your next online question comes from Andrew Ott. "On debt levels. New Zealand political environment is increasingly focused on the timeframe within which existing residents must be repaid. Whilst Ryman has reduced its debt levels, the obligations owing to residents is very substantial. We have seen how quickly Ryman's balance sheet can deteriorate if the selling and reselling of units slows. I believe Ryman needs to have a very strong balance sheet to cater for such an environment. I would like to see Ryman target debt levels of around NZD 500 million or even, in fact, lower." I think that's an observation. Is that a question? I think, as we've said, our current debt is around NZD 1.5 billion. As Naomi talked about, we have a goal of another NZD 500 million of cash coming out of the balance sheet, which we're very confident we can achieve. We've got, as we talked about earlier, some excess land that we think we owned too much land at a point in time. We've built some lovely villages, and we've got the opportunity to sell those units down now. We can clearly see a path to NZD 1 billion of, we think that would, lowest leverage in the industry, gives us great flexibility. You never know what's around the corner, and you can't live with high leverage. We don't want to be back in that position again. I'd agree with Andrew. Your next question online comes from Monica [Bin] Chang. "I'm very concerned on the media report incident of an elderly lady and the difficulties of the daughter to get the video of what happened. My mother is also in the same village. I would like to hear what has been learned and addressed since such an event occurred." Yeah, I think just we reiterate, that was a very regretful event. Management, we even got an independent review of processes. We've made changes. That's been very visible from day one to the Board. We've apologized. As I said, it's a rare event, but one event is one too many. We have certainly learned from that. I empathize, and I think we've made definite progress. Your next online question comes from John Boscawen. "Congratulations on your achievements to date. As part of your restructuring, you stopped works on sites at Takapuna and Ringwood in Victoria. In each case, you invested a significant sum of money. Are you satisfied that sufficient preventative maintenance is being done on each site to enable work to be recommenced should you wish to do so? If so, what are you doing?" Yes, we are. I've been to both sites personally. In the Ringwood one, we were quite well underway. Massive big bit of concrete there with an underground car park that we've had to fence off. We're optimistic we will get back to both of those places. The property team's in charge of making sure that those don't deteriorate to the point where we can't go back. Yeah, I think we are very aware of that opportunity, and we want to create and maintain the option that we can go back. They're two good sites. Hayden, any more? The last online question comes from Stephen Mayne. It's the last one. Let's give it a whirl, and then we'll go. Thank you to Paula for her nearly seven years of service on the Board. It is always helpful for investors to have access to some exit perspectives from retiring independent directors. In her final contribution as a Ryman director, could Paula please comment on what she regards as the two best decisions Ryman made during her time on the Board, and does she have any regrets? Look, I actually personally don't think that's a question that will go there. Paula's chosen to retire, thinks it's the right time after six to seven years and focusing on other commitments. I've really appreciated your time, Paula. Hearing whether you've got regrets or not, I'm not quite sure is particularly helpful. With due respect, I don't think we'll ask Paula to come to the microphone for that. There are no further questions online. Come back into the room. Any further questions before we adjourn? Yeah, I'm [Bill Williams]. I've been a shareholder for a long time, myself and also my company. Welcome, [Bill]. We see a picture here which we've been looking at for quite a long time, that would be pretty up-market, trendy sort of, probably one of the best pictures you could display of what Ryman has to offer, wherever that might be. I'm also aware of how old a lot of our Ryman villages are. We're one of the first in the marketplace in a big capacity. Evolved quickly and grew rapidly. A lot of the villages are quite secondhand now. They don't represent today. They don't represent anything like that. I wonder what the Board has to say about how you're going to keep up with the play and what we can do with some of these older, less attractive, less with the times villages, rooms, facilities, the whole package? That's a very good question. We've got a portfolio. We've got 47 villages of various ages and stages, so we're very conscious of that. I think if you weight it by village age and by unit age, it's roughly around 10 years old, if you look across the average. Some brand new, some 30, 40 years old, dating back. They all have their own programs of reinvestment. Obviously, the advantage of a brand new one, you don't have to do too much to it. If you think about every time we have a new resident coming, those rooms are all redone. Every single room will get a new kitchen and those things. Actually, on an individual room, it'll look more modern than potentially the shared amenity because those rooms are new. We're conscious that we had two villages in Christchurch that were small, were old, and we actually didn't think we could bring them back up to a Ryman standard. We've moved the residents to other villages in Christchurch, and we'll sell those two sites, one in Hornby and one in Riccarton. I think that's at the extreme of the portfolio. In the other extreme, you've got a brand new village. I think we've got to be very conscious of those. They are 50-year-plus assets. How do we keep them fresh, competitive when someone opens a flash one two doors down? We are very conscious of that. A program of maintaining modern facilities, adding cafes and those things that a modern retiree is expecting in those places. Not all of our villages have had those. Doing great refurbishments when people leave. It's a very good question and a key thing that we have to get right in terms of maintaining those villages. Do you think the buildings get to the stage where all the houses and old buildings get to the same not fit for purpose anymore? Yeah, I think potentially those two that we dealt with would fall into that category. We do have a review of all 47, and we have plans with all 47. I think they sat as obviously unsuitable for future Ryman work. I don't think there's 20 of those. Okay. With no further questions at this time, I now bring the 2026 ASM to a close. I'd really like to thank you for your attendance here today and invite those of you present to enjoy light refreshments with the Board and the executive. Please feel free to ask more questions or get elaborations if I wasn't clear. My apologies. Thank you very much for attending, and safe travels home. Thank you.