Announcement PDF 26 August 2024 APPENDIX 4E – YEAR ENDED 30 JUNE 2024 Name of Entity: Raiz Invest Limited ABN: 74 615 510 177 Reporting period (“Current period”): Year ended 30 June 2024 Previous corresponding period: Year ended 30 June 2023 Results for announcement to the market % Key Information 2024 $000 20231 $000 Change Revenue from continuing operations 21,958 18,498 19% EBITDA from continuing operations 509 (3,322) 115% EBITDA from Australian operations 1,318 (2,383) 155% Total comprehensive loss for the year (2,777) (8,100) 66% Net Loss attributable to members of the parent entity (1,868) (6,897) 73% Dividends Paid and Proposed The Group did not recommend, declare, or pay a cash dividend during the financial year ending 30 June 2024 (2023: nil). Statement of Profit or Loss and Other Comprehensive Income with Notes to the Statement Refer to page 27 of the 30 June 2024 financial report and accompanying notes for Raiz Invest Limited and controlled entities (Group). Statement of Financial Position with Notes to the Statement Refer to page 28 of the 30 June 2024 financial report and accompanying notes for the Group. Statement of Cash Flows with Notes to the Statement Refer to page 31 of the 30 June 2024 financial report and accompanying notes for the Group. Statement of Retained Earnings Showing Movements 1 2024 $000 2023 $000 Balance at the beginning of the year (39,988) (33,091) Net loss attributable to owners of the parent entity (1,868) (6,897) Transaction with non-controlling interest (2,379) - Balance at the end of the year (44,235) (39,988) Comparative information has been restated to reflect discontinued operations in the current financial year. Please refer to Note 27: Discontinued Operations in the audited 30 June 2024 financial report. APPENDIX 4E – YEAR ENDED 30 JUNE 2024 Net Tangible Assets per Share 2024 $/share 2023 $/share 0.08 0.11 Net tangible assets per share Control Gained or Lost over Entities in the Year Following a comprehensive strategic review of its Southeast Asian operations, Raiz made the decision to close all overseas operations. The divestment of the Indonesian business was successfully completed in March 2024. Investment in Subsidiaries and Joint Ventures 2024 2023 % % Raiz Invest Australia Limited 100.0 100.0 Instreet Investment Limited 100.0 100.0 Instreet Acorns Pty Ltd 100.0 100.0 Raiz Malaysia SDN BHD 70.0 70.0 Raiz (Thailand) Limited 100.0 100.0 Raiz Home Ownership Pty Ltd 100.0 100.0 Superestate Pty Limited 100.0 100.0 Raiz Vietnam Ltd 100.0 100.0 PT. Raiz Invest Indonesia -* 80.0 PT Raiz Solusi Indonesia -* 79.2 Material investments in subsidiaries and joint ventures are as follows: * The divestment of the Indonesian business was successfully completed in March 2024. Commentary on the Results for the Period Refer to the commentary on the results for the period contained in the “Operating Results” included within the operating and financial review section of the annual report. Status of Audit The 30 June 2024 financial statements and accompanying notes for the Group have been audited and are not subject to any disputes or qualifications. Refer to page 73 of the 30 June 2024 financial report for a copy of the auditor’s report. Kelly Humphreys Brendan Malone Chair Managing Director/CEO Dated: 26 August 2024 Dated: 26 August 2024 Notes: 1. All the documents comprise the information required by listing rule 4.3A. The Information should be read in conjunction with the audited 30 June 2024 annual financial report and all ASX announcements made by the Company during the year. 2 Raiz Invest Limited ABN 74 615 510 177 and Controlled Entities FINANCIAL REPORT for the year ended 30 June 2024 Page 1 of 81 Contents CHAIR & CEO MESSAGE 3 OPERATING AND FINANCIAL REVIEW 4 CORPORATE GOVERNANCE STATEMENT 9 DIRECTORS’ REPORT 10 REMUNERATION REPORT – AUDITED 16 AUDITOR’S INDEPENDENT DECLARATION 26 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 27 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 28 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 29 CONSOLIDATED STATEMENT OF CASH FLOWS 31 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 32 DIRECTORS’ DECLARATION 72 INDEPENDENT AUDITOR’S REPORT 73 ASX ADDITIONAL INFORMATION 77 CORPORATE DIRECTORY 80 Raiz Invest Annual Report 2024 Page 2 of 81 CHAIR & CEO MESSAGE Dear Shareholders On behalf of the Board, it is a pleasure to present the Raiz Invest FY24 Annual Report. This past year has seen Raiz refocus on our core Australian operations. We have delivered revenue growth, four consecutive quarters of positive operating cash flow and achieved a stable cost base whilst undertaking the restructure of operations and the move out of SE Asia. Despite the significant tightening of economic conditions, particularly in the discretionary spend of millennials, due to cost-of-living pressures and higher interest rates, we are pleased that Raiz has successfully maintained and expanded its customer base by consistently addressing their evolving needs and expectations. Total revenue was up 19% to $22m, Australian operations generated positive EBITDA of $1.3m, and our net loss after tax of $2.8m was a significant improvement on the prior net loss of $8.1m. Our customer base grew to 306,776 and funds under management increased by 23.4% to $1.4b. We also observed improved engagement from our existing customers, evidenced by higher average balances and the growth of Raiz Plus, Raiz Kids accounts and Raiz Invest Super customers. Throughout the year, we introduced new products and enhancements, including the Raiz Plus Portfolio for both Retail and Super and the automatic Raiz Rewards feature; providing our customers with greater investment choices and control and further solidifying our position in the market. Raiz accomplished significant achievements and earned notable industry recognition: • #2 top Performing Balanced Super Fund for the Raiz Invest Super Moderately aggressive portfolio as announced by SuperRatings for FY24 for 1 year • #1 Social responsible portfolio for performance for the Emerald portfolio as announced by SuperRatings for the FY24 1 year • Best Fintech App in the 2023 Fintech Australia Awards • Named in CNBC’s Top 200 Global Fintech companies • Finalist for best mobile experience WeMoney Investment Awards 2024 • AFR Shortlisted - Most innovative companies 2024 In line with our commitment to continued innovation, we are excited to share that we are advancing plans to further leverage AI and data analytics to enhance customer acquisition and retention, optimise portfolio management and increase efficiency whilst reducing costs. Most recently, the team developed an enhanced re-engagement campaign using AI driven analytics to analyse customer data, enabling us to deliver more targeted marketing campaigns and messages to our customer base. We are seeing immediate benefits of this work, with customer numbers growing by 3,177 to a total of 309,953 as of 23 August 2024. Our FUM has also grown to $1.46b. With AI capabilities and digital marketing driving strong organic growth and improving the customer experience our outlook for the coming year is positive. We are well-positioned to expand our market reach through strategic partnerships and are in the final stages of testing, preparing to pilot a white-label solution for the wealth management industry. Simultaneously, we continue to identify and review opportunities for strategic acquisitions that will deliver value for all stakeholders. To our dedicated staff who continue to work hard for Raiz and our customers - thank-you for all that you do. On behalf of the Board we extend our sincere thank-you for your continuing support. Kelly Humphreys Brendan Malone Chair of the Board Managing Director/Group CEO 26 August 2024 26 August 2024 Raiz Invest Annual Report 2024 Page 3 of 81 OPERATING AND FINANCIAL REVIEW Principal Activities The Company offers financial services products through its mobile first micro-investing platform. This platform provides customers with a seamless and convenient way to invest both small or large amounts of money regularly, utilising the Raiz mobile application or the Raiz website in Australia. Significant Changes to Activities On 1 August 2023, Raiz successfully launched Raiz Plus Portfolios in Australia. This innovative feature allows customers to add selected ASX-listed stocks to their portfolios alongside ETFs, Bitcoin and the Australian Residential Property Fund. In March 2024, Raiz completed the transaction to transfer its Indonesian operations to senior local management, marking its exit from the Indonesian market. During the financial year 2024 (FY24), a strategic review of the Malaysian business was conducted. Following this review, the joint venture partners agreed to close the business. Upon successful closure, the Malaysian operations will be classified as discontinued operations. The divestment of the Malaysian business is expected to be completed in the financial year 2025 (FY25). Raiz Thailand and Raiz Vietnam are non-operational. The decision has been made to close both legal entities, with the expected completion date in FY25. There were no other significant changes in the nature of the principal activities during the financial year. Our Business Model and Objectives The Group operates a recurring revenue model, deriving income by offering financial services. We also offer products to customers on the Raiz platform. Additionally, the Group earns commission revenue through highly targeted advertising, leveraging the data and metrics stored in the Raiz database. In Australia, Raiz’s revenue is categorised into four main streams, as detailed below. Maintenance fees Raiz charges a monthly maintenance fee to active customers with account balance below $20,000 for the Standard Portfolios, below $25,000 for Plus Portfolio, and for any balance with the Sapphire or Property Portfolio. Account fees Raiz applies a monthly account fee to active customers with account balances above $20,000 for the Standard Portfolios, above $25,000 for the Plus Portfolio, and for any balance within the Sapphire or Property Portfolio. Netting When acquiring or disposing of financial assets or Bitcoin (BTC) units on behalf of a Raiz customer in Australia without requiring an on-market transaction, Raiz applies a buy-sell spread (at or below market rates), a process known as netting. Raiz earns income from this buy-sell spread instead of paying the spread on the market. Through netting, Raiz absorbs brokerage fees, rather than passing them on to its customers. Advertising Raiz earns commission income through highly targeted advertising by leveraging aggregated data from multiple sources, including comprehensive data from the Raiz application and external providers. The revenue amount varies depending on the partner and specific commercial arrangements. Raiz Invest Annual Report 2024 Page 4 of 81 OPERATING AND FINANCIAL REVIEW Operating Results The consolidated loss attributed to the owners of the parent entity amounted to $1,868,000 for FY24, a significant improvement from the $6,897,000 loss in FY23, representing a decrease of $5,029,000 or 73%. This figure is after accounting for income tax and eliminating non-controlling equity interests. The loss from continuing operations before income tax was $1,809,000 for FY24, compared to a $6,281,000 loss in FY23, a decrease of $4,472,000 or 71%. The loss from Australian operations before income tax was $905,000 for FY24, down from $5,241,000 loss in FY23, which is a reduction of $4,336,000 or 83%. Additionally, EBITDA from Australian operations showed a positive turnaround, amounting to positive $1,318,000 for FY24, compared to a $2,383,000 loss in FY23, an increase of $3,701,000 or 155%. Revenue from Australian operations increased by 19% to $21,016,000 for FY24, up from $17,663,000 in FY23. Total expenses for Australian operations decreased by $951,000 or 4% in FY24, with reductions in professional fees (25%), depreciation and amortisation expenses (22%), employee benefits expenses (14%), and other expenses (21%). Marketing expenses for Australian operations increased by 30% to $4,721,000 in FY24, compared to $3,635,000 in FY23. This rise was driven by increased spending on Seven West Media (SWM) campaigns, which amounted to $2,732,000 in FY24, up from $1,887,000 in FY23. These campaigns utilised advertising credits from SWM (a non-cash expense) that are set to expire in January 2025. The divestment of the Indonesian business was completed in FY24, and the operations are classified as discontinued operations for that fiscal year. The net loss from discontinued operations in FY24 was $1,269,000, which includes $657,000 in costs related to divesting the business and transferring operations to the senior management of the Indonesian business. Please refer to Note 27 for more information about discontinued operations. Raiz anticipates the divestment of the remaining Southeast Asia businesses to be finalised in FY25. Below is an overview of the operating results for continuing operations - categorised by geographical locations. FY24 $’000 FY24 $’000 FY24 $’000 FY24 $’000 FY24 $’000 Australia1 Malaysia1 Thailand1 Vietnam1 Total Revenue 21,016 942 - - 21,958 Other income 640 - - - 640 Employee benefits expenses (5,189) (350) (13) - (5,552) Sales and administrative expenses (6,755) (440) - - (7,195) Professional fees (1,284) (19) (15) (33) (1,351) Marketing expenses (4,721) (250) - - (4,971) Other expenses (excluding interest expense) (2,389) (592) (34) (5) (3,020) EBITDA from continuing operations 1,318 (709) (62) (38) 509 Depreciation and amortisation expenses (2,187) (91) - - (2,278) Interest expense (36) (4) - - (40) Loss before income tax from continuing operations (905) (804) (62) (38) (1,809) 1 Please refer to Note 20: Operating Segments for more information. Raiz Invest Annual Report 2024 Page 5 of 81 OPERATING AND FINANCIAL REVIEW Financial Position Below is an overview of the financial position of continuing operations in different regions as of 30 June 2024. $’000 $’000 $’000 $’000 $’000 Australia Malaysia1 Thailand1 Vietnam1 Total Cash and cash equivalents 8,484 1,254 - - 9,738 Trade and other receivables 2,128 32 - - 2,160 Other financial assets 513 - - - 513 Other assets 1,664 35 - - 1,699 TOTAL CURRENT ASSETS 12,789 1,321 - - 14,110 Right-of-use assets 100 34 - - 134 Deferred tax assets 376 - - - 376 Intangible assets 28,260 - - - 28,260 TOTAL NON-CURRENT ASSETS 28,736 34 - - 28,770 TOTAL ASSETS 41,525 1,355 - - 42,880 Trade and other payables 3,572 98 16 - 3,686 Current lease liabilities 104 38 - - 142 Financial liabilities - 9732 - - 973 Provisions 511 4 - - 515 TOTAL CURRENT LIABILITIES 4,187 1,113 16 - 5,316 Deferred tax liabilities 944 - - - 944 Provisions 262 - - - 262 TOTAL NON-CURRENT LIABILITIES 1,206 - - - 1,206 TOTAL LIABILITIES 5,393 1,113 16 - 6,522 NET ASSETS 36,132 242 (16) - 36,358 1 Please refer to Note 20: Operating Segments for more information. 2 On 30 November 2023, 3 million preference shares were issued to Jewel Digital Ventures Sdn Bhd (JDV) by RAIZ Malaysia Sdn Bhd for 1 Malaysian Ringgit per share (equivalent to $973,000 in total). These preference shares are classified as current financial liabilities. The Malaysian entity has sufficient capital to fund the expenses relating to the closure, with the JV partner having previously committed a further RM3m to ensure a structured, coordinated and timely wind down process. For more information, please refer to Note 19. The net assets of the consolidated Group were $36,358,000 as at 30 June 2024 (2023: $38,582,000). As of 30 June 2024, the Group's working capital (current assets minus current liabilities) was $8,794,000, compared to $10,861,000 as of 30 June 2023. As of 30 June 2024, cash and cash equivalents for Australian operations were $8,484,000, an increase of $1,666,000 from 30 June 2023. The Group’s total cash balance was $9,738,000 as of 30 June 2024. The Group is currently required to hold approximately $5,700,000 in regulatory capital. This requirement will decrease to around $5,000,000 upon the closure of Malaysian operations. Raiz Invest Annual Report 2024 Page 6 of 81 OPERATING AND FINANCIAL REVIEW The Directors believe the Group is in a strong and stable financial position to expand and grow its operations based on the Company’s current business strategy. Events after the Reporting Period On 5 July 2024, Raiz announced its decision to exit the Malaysian market. This decision was made jointly by the venture partners after a comprehensive review of Southeast Asian operations. As part of this process, customer accounts will be closed, with remaining balances automatically withdrawn and transferred to their designated withdrawal accounts on 20 September 2024. Raiz expects to finalise the divestment of its Malaysian entity in FY25. On 26 August 2024, Raiz announced its plans to raise up to $2 million through a non-underwritten placement of fully paid ordinary shares at an issue price of $0.41 per new share. In addition, a non-underwritten share purchase plan (SPP) will be undertaken for eligible shareholders to raise up to $2 million. The SPP Shares will be priced at the lower of $0.41 per SPP Share, being the same as the Placement Price and a 2.5% discount to the VWAP of Raiz shares traded on ASX during the five trading days up to, and including, the SPP closing date. No other matters or circumstances have arisen since the end of the financial year which significantly affected or could significantly affect the operations of the consolidated Group in future financial years. Future Developments, Prospects and Business Strategies The Group’s current strategic focus encompasses the following areas: o o o o o o enhancing the ‘Lifetime Value of Customers’ by introducing new products and services, minimising churn through cross-promotion, and improving the conversion rate of active customers; accelerating revenue growth through organic expansion, cross-sell, re-engagement, strategic partnerships and seizing new opportunities; deepening trust and brand loyalty with exceptional customer service, and developing strong and robust systems and infrastructure; developing and distributing innovative financial services and products tailored to meet the evolving needs of our customer base; leveraging artificial intelligence to improve customer insights, optimise operational efficiency, and enhance personalised customer experiences; and efficient use of capital, focus on talent retention and developing team capabilities. Business Risks The Company has established a comprehensive enterprise risk framework, incorporating risk registers, a risk appetite statement, risk and technology committee and management committees to effectively address financial and operational risks. The primary financial and operational risks identified as the most significant to the Group include: o privacy, data and cybersecurity; o damage to the brand; o failure to meet customer needs and expectations; o business continuity management; o failure to execute on formulated strategy; o loss of key management personnel; o regulatory and compliance risk; o technical disruptions and innovation challenges; and o environmental, social, and governance (ESG) risks. Raiz Invest Annual Report 2024 Page 7 of 81 OPERATING AND FINANCIAL REVIEW To mitigate these key risks, the Company has formulated and implemented targeted risk management strategies. Additionally, a robust monthly reporting dashboard has been developed to continuously monitor these risks along with any emerging risks. This proactive approach ensures that the Company can swiftly adapt to changes and maintain resilience in a dynamic business environment. Environmental Regulation Raiz is not subject to any significant environmental regulation under Australian Commonwealth or State law. Raiz Invest Annual Report 2024 Page 8 of 81 CORPORATE GOVERNANCE STATEMENT Raiz Invest Limited’s Corporate Governance Arrangements The Board of Raiz Invest Limited is committed to ensure the Company is creating and delivering trusted financial services to its customers, maximising performance and sustaining the Company’s long-term growth and success. The Board seeks to protect and enhance stakeholder interests, including shareholder value in the long-term. While the Company’s business activities hold significant value and make a substantial contribution towards achieving these objectives, creating and managing the governance environment in which the Company’s stakeholders operate, is viewed as critical to maximising potential and sustainability. The Board considers there to be an unambiguous and positive relationship between the creation and delivery of long-term shareholder value and high-quality corporate governance. Accordingly, in pursuing its business objectives, the Board has committed to corporate governance arrangements that strive to foster the values of integrity, trust and openness among all stakeholders including Directors, management, employees, customers, shareholders and the investment community, regulators and suppliers. Raiz Invest Limited and its subsidiaries operate as a single economic entity with a unified board and management. As such, the Board’s corporate governance arrangements apply to all entities within the economic Group. Raiz Invest Limited is listed on the Australian Securities Exchange (ASX Code:RZI) and is the parent entity of Instreet Investment Limited, a holder of Australian Financial Services Licence (AFSL 434776). Accordingly, unless stated otherwise in this document, the Board’s corporate governance arrangements comply with the recommendations of the ASX Corporate Governance Council’s Governance Principles and Recommendations, as well as ASIC requirements for a Responsible Entity. The corporate governance statements have been approved by the Board and can be found on our website at https://investorhub.raizinvest.com.au/corporate-governance. Raiz Invest Annual Report 2024 Page 9 of 81 DIRECTORS’ REPORT Your Directors present their report on the consolidated entity (referred to herein as the Group) consisting of Raiz Invest Limited and its controlled entities for the financial year ended 30 June 2024. The information in the preceding operating and financial review forms part of this report for the financial year ended 30 June 2024 and is to be read in conjunction with the following information: GENERAL INFORMATION Directors The following persons were Directors of Raiz Invest Limited during or since the end of the financial year up to the date of this report: Current Directors: o Kelly Humphreys - Independent Non-Executive Chair o Jon Brett - Independent Non-Executive Director (Appointed on 28 November 2023) o Robert Hines - Independent Non-Executive Director (Appointed on 28 November 2023) o Brendan Malone - Managing Director/Group CEO Previous Directors in FY24: o Harvey Kalman - Independent Non-Executive Director (Resigned on 31 August 2023) o Philippa Taylor - Independent Non-Executive Director (Resigned on 28 November 2023) Directors’ experience and qualifications are set out below. Information relating to Directors and Company Secretary as at 30 June 2024 Kelly Humphreys Independent Non-Executive Chair Qualifications and Experience Kelly is an experienced non-executive director and accomplished financial services professional with current board roles across diverse sectors including health, financial services and ecommerce. Kelly has extensive senior executive experience in insurance and lending and a depth of technical expertise in operations, risk management and governance. She brings a strong commercial approach to achieving objectives in complex regulatory environments and demonstrated ability in engaging stakeholders and working effectively to deliver business growth and improved performance. Kelly holds a Master of Management, a Diploma of Financial Services and is a graduate member of the Australian Institute of Company Directors. Interest in Shares and Options 140,000 ordinary shares in Raiz Invest Limited (including related entities) and options to acquire a further 175,000 ordinary shares. Special Responsibilities Independent Chair, Chair of the Risk & Technology Committee, Member of the Audit Committee, and Member of the Nomination, Remuneration & Culture Committee. Directorships held in other listed entities during the three years prior to the current year Non-Executive Chair of Toys “R” Us Limited (ASX: TOY) Raiz Invest Annual Report 2024 Non-Executive Director of NSX Limited (ASX: NSX) Non-Executive Director of Victory Offices Ltd (ASX: VOL) from 1 December 2021 to 25 May 2022 Page 10 of 81 DIRECTORS’ REPORT Jon Brett Independent Non-Executive Director (Appointed on 28 November 2023) Qualifications and Experience Jon Brett has extensive board and management experience with a background in finance, technology and corporate advisory. Jon was formerly an executive director of Investec Wentworth Private Equity Limited, and an executive of Investec Bank (Australia) Limited. He was also the CEO of Techway Limited which pioneered internet banking in Australia. His former directorships include Deputy President of the NRMA and Vocus Group Limited from its listing on ASX. Jon holds a Bachelor of Commerce, a Bachelor of Accounting, a Master of Commerce and a CA(SA). Interest in Shares and Options No ordinary shares in Raiz Invest Limited (including related entities) and no options to acquire a further ordinary share. Special Responsibilities Independent Non-Executive Director, Chair of the Remuneration, Nomination & Culture Committee, Member of the Audit Committee, and Member of the Risk & Technology Committee. Directorships held in other listed entities during the three years prior to the current year Non-Executive Chair-elect of Infomedia Limited (ASX: IFM) Non-Executive Director of Corporate Travel Management Limited (ASX: CTD) Non-Executive Director of Mobilicom Limited (ASX: MOB) from 2018 to 2023 Robert Hines Independent Non-Executive Director (Appointed on 28 November 2023) Qualifications and Experience Mr Hines has over 35 years’ experience in banking, finance and funds management services, agriculture and energy sectors with senior executive roles focused on finance, retail and operations. His breadth of experience covers mergers and acquisitions, capital funding, strategic financial advice, liquidity management and corporate and financial risk management. Robert has held executive positions of Chief Financial Officer and Chief Operating Officer at some of Australia’s leading companies including Queensland Sugar Limited, Queensland Investment Corporation, Bank of Queensland Limited and Suncorp Group Limited. Robert holds a Bachelor of Financial Administration, a Graduate Diploma in Advanced Accounting, and a Graduate Diploma in Applied Finance. He is also a Fellow of the Australian Institute of Company Directors, a Senior Fellow of the Financial Services Institute of Australasia (FINSIA), and a Fellow of both CPA Australia and the Institute of Chartered Accountants. Interest in Shares and Options 250,000 ordinary shares in Raiz Invest Limited (including related entities) and no options to acquire a further ordinary share. Special Responsibilities Independent Non-Executive Director, Chair of the Audit Committee, Member of the Risk & Technology Committee, and Member of the Nomination, Remuneration & Culture Committee. Directorships held in other listed entities during the three years prior to the current year Non-Executive Director of Cash Converters International Limited (ASX: CCV) Raiz Invest Annual Report 2024 Non-Executive Director of Humm Group Limited (ASX: HUM) Page 11 of 81 DIRECTORS’ REPORT Brendan Malone Managing Director and Group CEO Qualifications and Experience Brendan Malone is the Managing Director and Group CEO of Raiz Invest Limited and brings a depth of experience in the financial services industry to the role. Brendan’s areas of expertise include strategic leadership, investment banking, client relations, compliance and operations. Brendan has led large-scale teams and delivered transformational outcomes through mergers and acquisitions and restructuring initiatives in complex regulatory environments. Brendan has previously held senior executive roles at The Royal Bank of Scotland and ABN AMRO with global experience in London, Hong Kong and Singapore. Brendan holds a Batchelor of Commerce majoring in accounting and Finance, CIMA and MAICD. Interest in Shares and Options 2,360,429 ordinary shares in Raiz Invest Limited (including related entities) and options to acquire a further 1,116,488 ordinary shares. Special Responsibilities Managing Director and Group CEO Directorships held in other listed entities during the three years prior to the current year Nil Kamille Dietrich Company Secretary (Appointed on 26 March 2024) Qualifications and Experience Ms Dietrich is a governance and compliance professional and is currently Company Secretary for a number of ASX listed and unlisted public and private companies. She is a qualified lawyer and a Certified Mediator with over 3 years experiences in Company Secretarial. She is also an affiliated member of The Governance Institute of Australia. Dividends Paid or Recommended The Group did not recommend, declare, or pay a cash dividend during the financial year ending 30 June 2024 (2023: nil). Indemnity and Insurance of Officers During or since th