Announcement PDF 28 August 2023 APPENDIX 4E – PRELIMINARY FINAL REPORT FOR THE YEAR ENDED 30 JUNE 2023 Name of Entity: Raiz Invest Limited ABN: 74 615 510 177 Reporting period (“Current period”): Year ended 30 June 2023 Previous corresponding period: Year ended 30 June 2022 Results for announcement to the market % Key Information 2023 $000 2022 $000 Change Revenue from ordinary activities 18,561 18,695 (1%) Loss for the year (8,053) (11,188) (28%) Net Loss attributable to members of the parent entity (6,897) (9,634) (28%) Dividends Paid and Proposed The Group did not recommend, declare, or pay a cash dividend during the financial year ending 30 June 2023 (2022: nil). Statement of Profit or Loss and Other Comprehensive Income with Notes to the Statement Refer to pages 27 of the 30 June 2023 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 2023 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 2023 financial report and accompanying notes for the Group. Statement of Retained Earnings Showing Movements 2023 $000 2022 $000 Balance at the beginning of the year (33,091) (23,457) Net loss attributable to owners of the parent entity (6,897) (9,634) Balance at the end of the year (39,988) (33,091) 2023 $/share 2022 $/share 0.11 0.19 Net Tangible Assets per Share Net tangible assets per share APPENDIX 4E – PRELIMINARY FINAL REPORT FOR THE YEAR ENDED 30 JUNE 2023 Control Gained or Lost over Entities in the Year There is no control gained or lost during the financial year. Investment in Subsidiaries and Joint Ventures 2023 2022 % % Raiz Invest Australia Limited 100.0 100.0 Instreet Investment Limited 100.0 100.0 Instreet Acorns Pty Ltd 100.0 100.0 PT. Raiz Invest Indonesia 80.0* 80.0 Material investments in subsidiaries and joint ventures are as follows: Raiz Malaysia SDN BHD 70.0 70.0 Raiz (Thailand) Limited 100.0 100.0 Raiz Home Ownership Pty Ltd 100.0 100.0 PT Raiz Solusi Indonesia 79.2 79.2 Superestate Pty Limited 100.0 100.0 Raiz Vietnam Ltd 100.0 100.0 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 2023 financial statements and accompanying notes for the Group have been audited and are not subject to any disputes or qualifications. Refer to page 68 of the 30 June 2023 financial report for a copy of the auditor’s report. Brendan Malone Managing Director/Group CEO Dated: 28 August 2023 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 2023 annual financial report and all ASX announcements made by the Company during the year. * The equity position of Raiz Invest Australia Limited in PT. Raiz Invest Indonesia (Joint Venture ) has changed since 30 June 2023. An EGM has been held approving a debt to equity conversion, resulting in an increase in the equity position of Raiz Invest Australia Limited, from 80% to 99% in the Joint Venture. Please refer to Note 22 of the 30 June 2023 financial report for more details. 2 Raiz Invest Limited ABN 74 615 510 177 and Controlled Entities FINANCIAL REPORT for the year ended 30 June 2023 Page 1 of 76 Contents CHAIR & CEO MESSAGE 3 GROUP RESTRUCTURE – MESSAGE FROM THE CHAIR 5 OPERATING AND FINANCIAL REVIEW 6 CORPORATE GOVERNANCE STATEMENT 9 DIRECTOR’S 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 67 INDEPENDENT AUDITOR’S REPORT 68 ASX ADDITIONAL INFORMATION 72 CORPORATE DIRECTORY 75 Raiz Invest Annual Report 2023 Page 2 of 76 CHAIR & CEO MESSAGE Dear Fellow Shareholders, We are pleased to report that Raiz has grown our customer base and funds under management (FUM) this past year, despite the very challenging environment. We believe this is testament to the attractiveness of our userfriendly platform and evidence that our product offer resonates strongly with our customers who continue to demonstrate loyalty and trust in the Raiz brand. Since launching in 2016 Raiz has achieved solid growth, with more than 3.4 million sign ups, over 685,000 active customers and $1.15B FUM at 30 June 2023. In this last year we have seen average balances grow to $3,823.42 (up 17.7%) and annual recurring revenue increase by 3%. The Board and management team have worked together refreshing and implementing our strategy to focus on building a sustainable and more profitable business model. The new strategy has seen us reposition the Southeast Asia operating model and increase our focus on the core Australian business. Our disciplined approach to executing this strategy was important both for capital management and for delivering the best outcomes for our shareholders, staff and customers. As a result, our financial performance has stabilised with a significant reduction of annual expenses and improved cash flow achieved during the year. Our Australian operations have remained operational cash flow positive, and we are now well positioned for continued growth and maintaining stronger positive operating cash flows in the current financial year. Throughout FY23 the team remained determined to deliver results, including: • • • • • • Significantly reduced the operating cash burn across the Group in the second half of FY23, achieving annualised cost savings of $4 million. Launched the Raiz Property Fund allowing all Australians access to invest in Australian residential property asset class. Combined Superestate into Raiz Invest Super and completing respective Successor Fund transfers in regard to Trustee and Administrators. Achieved a rating as the number 1 SRI themed Superannuation portfolio over the last 12 months by SuperRatings for our socially responsible themed Emerald portfolio. Being named in the CNBC’s Top 200 global fintech companies (one of only seven in Australia) for 2023. Restructuring the equity ownership in Indonesia and ongoing engagement with our partners in Malaysia to shift operational functions to local providers. Since the end of the financial year we have also seen the Plus portfolio rollout in Australia. What’s next? We will continue to focus on our strategy of delivering growth and stability and maintaining our brand as a leading fintech. Australia We are committed to continual improvement in innovation and design for the benefit of our customers. We look forward to delivering exciting new products, as well as operational and system improvements to enhance the customer experience on the platform. Southeast Asia We have de-risked and neutralised the capital outlay required for the SE Asian operations. This change in our strategy reflects our recognition of the importance of having local on the ground partners in this region and we look forward to growing the Raiz brand in collaboration with our local partners. Raiz Invest Annual Report 2023 Page 3 of 76 Raiz today is a fundamentally different company with an incredibly bright future. We will continue to evolve the way we work and build on what we have created with our agile approach, making us faster to market, more efficient and even more customer centric. We are laser focussed on creating innovative products and services, supporting customers to build financial security and delivering a world class product with an exceptional customer experience. Our hybrid workplace offers our staff and our operations the flexibility demanded in today’s world. We continue to ensure our teams have all the learning opportunities and tools they need to grow so that Raiz remains a great place to work. The Board and team are committed to the governance framework and policies that we have in place and regularly discuss improvement opportunities. We are actively discussing the development of an ESG framework to further enhance the long-term sustainability of the business. We are excited to explore and support new innovations and opportunities as we continue to deliver on our plan. Thank you The Raiz Board and staff would like to sincerely thank our hundreds of thousands of loyal customers for your ongoing support during the year because ultimately without you, there would be no Raiz. Thank you also to every Raiz employee for the great work you have done and for your constant willingness to step up and do what’s needed for the benefits of our customers. And most importantly thank you to our shareholders for your continued support of Raiz Invest. We are looking forward to a new era of growth and stability. Kelly Humphreys Brendan Malone Chair of the Board Managing Director/Group CEO 28 August 2023 28 August 2023 Raiz Invest Annual Report 2023 Page 4 of 76 GROUP RESTRUCTURE – MESSAGE FROM THE CHAIR Dear Fellow Shareholders, Throughout FY23 Raiz made announcements about Board and Managing Director changes. Along with building capacity and capability across the team, a key change in our management structure saw Brendan Malone assume the role of Managing Director/Group CEO. Brendan has been with RAIZ since 2015, is passionate about delivering value to our investors and customers, has a deep understanding of the business and is committed to building the depth and capability of the management team to deliver great outcomes. I would like to take this opportunity to acknowledge and thank Stuart Grimshaw and Harvey Kalman, our previous Chairs and George Lucas, our previous Managing Director and Joint Group CEO International for their commitment and dedication to RAIZ and wish them every success. On your behalf and that of the Board, I would also like to thank our Managing Director/Group CEO, Brendan for leading the strategy implementation and maintaining an unwavering focus on improving outcomes for Raiz. Together with the support of his fellow executives and the entire Raiz team we are confident that Raiz will maintain and improve our position as a leading retail wealth platform. Kelly Humphreys Chair of the Board 28 August 2023 Raiz Invest Annual Report 2023 Page 5 of 76 OPERATING AND FINANCIAL REVIEW Principal Activities The Company provides financial services and products through its mobile first micro-investing platform which offers its customers an easy way to regularly invest either small or large amounts of money using the Raiz mobile application or through the Raiz website in Australia, Indonesia and Malaysia. Significant Changes to Activities There were no significant changes in the nature of the principal activities during the financial year. Our Business Model and Objectives The Group has a recurring revenue model, generating revenue from offering financial services and products to the customers on the Raiz platform. Revenue is received monthly. Additionally, revenue is generated through highly targeted advertising using the metrics stored in the Raiz database. Raiz’s revenue falls under five main categories, and has two operating segments, which are further explained below. Maintenance fees In Australia, Raiz charges a monthly maintenance fee of $3.50 ($4.50 from 1 August 2023) (including GST) to active customers in Raiz Standard Portfolio with account values of less than $15,000 ($20,000 from 1 August 2023) at the end of each month. The maintenance fee is direct debited from the customer’s funding account, rather than from their Raiz Investment Account, which means that the maintenance fee does not impact upon the balance of a customer’s Raiz Investment Account. Raiz also offers Raiz Plus Portfolio (formerly known as Raiz Custom Portfolio) in Australia and Raiz Custom Portfolio in Malaysia. In Australia customers pay a monthly maintenance fee of $4.50 ($5.50 from 1 August 2023) (including GST) with account values of less than $20,000 ($25,000 from 1 August 2023) at the end of each month. Customers in the Raiz Sapphire or Property Portfolio pay both a maintenance fee of $3.50 ($4.50 from 1 August 2023) (including GST) and an account fee (0.275% including GST per annum charged monthly, computed daily) on any balance. In Malaysia, Raiz charges a monthly maintenance fee of RM1.50 (including SST) to active customers with account values of less than RM6,000 at the end of each month. In Indonesia, Raiz charges a transaction fee of IDR3,600 on each transaction and there is also a “Bundling Subscription” where users can choose a subscriptions payment method instead of a one-off transaction fee. Account fees If a Raiz Investment Account in Australia has a value equal to or greater than $15,000 ($20,000 from 1 August 2023) at the end of the month for Raiz Standard Portfolio or $20,000 ($25,000 from 1 August 2023) for Raiz Plus Portfolio or SMSF Accounts, no maintenance fee will be payable for that month as an account fee will be charged. For account balances equal to or greater than $15,000 ($20,000 from 1 August 2023) for Raiz Standard Portfolio or $20,000 ($25,000 from 1 August 2023) for Raiz Plus Portfolio, Raiz applies an account fee of 0.275% (including GST) per annum charged monthly, computed daily. Customers in the Raiz Sapphire or Property Portfolio pay both a maintenance fee of $3.50 ($4.50 from 1 August 2023) (including GST) and an account fee (0.275% including GST per annum charged monthly, computed daily) on any balance. In Malaysia, for account balances equal to or greater than RM6,000, Raiz applies an account fee of 0.30% (including SST) per annum charged monthly, computed daily. In both Malaysia and Indonesia, Raiz received revenue from fees linked to funds under management, but these were not material. Raiz Invest Annual Report 2023 Page 6 of 76 OPERATING AND FINANCIAL REVIEW Netting Where the acquisition or disposal of Exchange Traded Fund (ETF), Bitcoin (BTC) units, Property Fund units or Listed Stocks on behalf of a Raiz customer in Australia does not require a transaction on-market, Raiz applies a buy sell spread (at market or below), also known as netting. Raiz earns revenue from applying a buy sell spread rather than paying away the spread on the market. By netting, Raiz can absorb brokerage fees rather than passing this fee on to its customers. Advertising Raiz receives revenue from highly targeted advertising by utilising its aggregation of data from various sources including rich data from the Raiz smartphone application and external providers. The revenue amount varies depending on the partner and commercial arrangements. Other Raiz received income from other activities such as sub-leasing its office space, recovering expenses and authorised representative fees from Instreet Investment Australia Limited for use of its AFSL held by the Group. Raiz no longer receives income from these activities from 1 July 2023. Operating Results The consolidated loss attributable to owners of the parent entity amounted to $6,897,000 for the year ending 30 June 2023 (2022: $9,634,000 loss, a $2,737,000 or 28% decrease), after providing for income tax and eliminating non-controlling interests. The consolidated loss attributable to owners of the parent entity after adding back the amortisation and depreciation expenses and share option expenses amounted to $3,365,000 (2022: $5,902,000 loss, a $2,537,000 or 43% decrease). The decrease in loss was driven by marketing expenses $4,685,000 (2022: $8,275,000, a $3,590,000 or 43% decrease), and professional fees $1,918,000 (2022: $2,380,000, a $462,000 or 19% decrease). Employee benefits expenses increased by $330,000 or 5% to $6,987,000 (2022: $6,657,000) and these included $681,000 termination benefits payment to the former Managing Director/Joint Group CEO. The ongoing review to streamline operations has delivered significant cost reductions. The benefits of these internal restructures can be seen in second half of FY23. Loss from operations before income tax in second half of FY23 (2HFY23) decreased by $1,909,000 or 39% to $3,005,000 comparing to $4,914,000 in first half of FY23 (1HFY23). Net cash used in operating activities also decreased by 83% to $431,000 in 2HFY23 compared to $2,569,000 in 1HFY23, a reduction of $2,138,000. At the same time, the Group has achieved a 27% reduction in total trade and other payables (both current and non-current) from $5,025,000 at 30 June 2022 to $3,645,000 at 30 June 2023, a reduction of $1,380,000. Financial Position The net assets of the consolidated Group are $38,582,000 as at 30 June 2023 (2022: $46,031,000). The Group’s working capital after deducting regulatory capital, being current assets less both current liabilities and regulatory capital, is $5,161,000 as at 30 June 2023 (2022: $13,444,000). The Group is currently holding approximately $5,700,000 in regulatory capital, which is what the Group is required to hold as a maximum. 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. Raiz Invest Annual Report 2023 Page 7 of 76 OPERATING AND FINANCIAL REVIEW Events after the Reporting Period The Australian business released the Raiz Plus Product and also increased the fee for its members from 1 August 2023. Please refer to ASX announcements found on the company investor centre website. The equity position of Raiz Invest Australia Limited in PT. Raiz Invest Indonesia (Joint Venture ) has changed since 30 June 2023. An EGM has been held approving a debt to equity conversion, resulting in an increase in the equity position of Raiz Invest Australia Limited, from 80% to 99% in the Joint Venture. This is part of the planned restructure of the Indonesian Joint Venture. The next steps in the restructure are being progressed including finalising the terms (including equity position) upon which a new local third party will participate in the Joint Venture. Harvey Kalman has resigned as Non-Executive Director effective 31 August 2023. 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 current areas of strategic focus of the Group include the following: • • increase the ‘Lifetime Value of Customers’ through new products and services, reduced ‘churn’ and improved conversion; accelerating the Group’s revenue growth; • strategic repositioning of the Raiz Group’s expansion and operations into Southeast Asia; and • developing and distributing new financial services and products to meet the needs of our customer base. Business Risks The Company has implemented an enterprise risk framework which include risk registers, a risk appetite statement and management committees to assist in managing the Company’s financial and operational risks. In summary the Company has identified the following financial and operational risks as the highest risks that affect the Group: • loss of key management personnel; • damage to the brand; • failure to attract and retain customers; • loss of key vendors; • failure to execute on formulated strategy; • privacy, data and cybersecurity; and • regulatory and compliance risk. The Company has developed appropriate risk management strategies for each of these key risks and has implemented a robust monthly reporting dashboard to monitor these risks together with emerging risks. Environment Regulation Raiz is not subject to any significant environmental regulation under Australian Commonwealth or State law. Raiz Invest Annual Report 2023 Page 8 of 76 CORPORATE GOVERNANCE STATEMENT Raiz Invest Limited’s Corporate Governance Arrangements The objective of the Board of Raiz Invest Limited is to create and deliver trusted financial services to its customers which will create value for shareholders in the long term. While the Company’s business activities hold significant value and makes a substantial contribution towards achieving the Board’s objective, management of the synergies arising from the interrelations between the various stakeholders and partners is critical to achieving the objective of creating and delivering long-term shareholder value. 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 objective, the Board has committed to corporate governance arrangements that strive to foster the values of integrity, trust and openness among and between board members, management, employees, members of the Fund 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) and is the parent entity of Instreet Investment Limited, a holder of an 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 (including the 2014 amendments) 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://raizinvest.com.au/investors/governance. Raiz Invest Annual Report 2023 Page 9 of 76 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 2023. The information in the preceding operating and financial review forms part of this report for the financial year ended 30 June 2023 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: • Kelly Humphreys - Independent Non-Executive Chair (Appointed as Interim Chair on 1 June 2023 and confirmed as the Chair on 30 June 2023) • Harvey Kalman - Independent Non-Executive Director (Resigned from Chair on 26 September 2022 and resigned as Non-Executive Director effective 31 August 2023) • Philippa Taylor - Independent Non-Executive Director • Brendan Malone - Managing Director/Group CEO (Appointed on 26 September 2022)* Previous Directors in FY23: • Stuart Grimshaw - Independent Non-Executive Chair (Appointed to Chair on 26 September 2022 and resigned on 31 May 2023) • George Lucas - Managing Director/Joint Group CEO (Resigned on 26 September 2022) * Prior to Brendan’s appointment as the Managing Director/Group CEO, Brendan was Executive Director/Joint Group CEO. Director’s experience and qualifications are set out below. Information Relating to Directors and Company Secretary as at 30 June 2023 Kelly Humphreys Independent Non-Executive Chair (Appointed as Interim Chair on 1 June 2023 and confirmed as the Chair on 30 June 2023) Qualifications and Experience Kelly Humphreys is the Chair of the Board. Kelly is an experienced non-executive director and accomplished financial services professional with current board roles across diverse sectors including building regulation, health, financial services and education. She is also Chair of the Risk & Technology Committee. Kelly has extensive 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 demonstrates 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 and 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 Director of NSX Limited (ASX: NSX) Raiz Invest Annual Report 2023 Non-Executive Director of Victory Offices Limited (ASX: VOL) (Appointed on 1 December 2021 and resigned on 24 May 2022) Page 10 of 76 Philippa Taylor Independent Non-Executive Director Qualifications and Experience Philippa Taylor is an experienced non-executive director with over two decades on boards, including as Chair of Remuneration & Nominations Committees. Philippa has an extensive executive career with over 30 years as a professional human resources expert and board advisor to ASX-listed, commercial, government and not-for-profit organisations in financial services, professional services, tourism and recreation. Philippa brings a wealth of experience in workforce and executive governance, organisational culture and engagement. Current positions include Board Member for Apollo League, and Board Member for We Make A Difference Pty Ltd. Previous Board Member and Chair of Remuneration & Nominations Committees for the International Women’s Development Agency, and Board Member and Member of the Finance, Audit and Risk Committee for Western Leisure Services. Philippa has a Master of Business Administration, a Bachelor of Administration (Human Resource Management), a Graduate Diploma in Adult Education and is a graduate of the Australian Institute of Company Directors. Interest in Shares and Options 58,500 ordinary shares in Raiz Invest Limited (including related entities) and options to acquire a further 175,000 ordinary shares Special Responsibilities Independent Non-Executive Director and Chair of the Nomination, Remuneration & Culture Committee, Member of the Risk & Technology Committee and member of the Audit Committee. Directorships held in other listed entities during the three years prior to the current year Nil Brendan Malone Managing Director/Group CEO (Appointed on 26 September 2022) Qualifications and Experience Brendan is the Managing Director/Group CEO of Raiz Invest Limited. Brendan Malone has over 25 years’ experience in financial institutions including The Royal Bank of Scotland (RBS) and ABN AMRO (AMRO). Brendan has extensive experience across all aspects of investment banking, client coverage and strategy, along with compliance and all operational functions. Brendan is known for his ability to innovate and operate at a highly strategic level, whilst driving operational excellence with a strong attention to detail. He has led large scale workforces across most front- and back-office functions. He has delivered transformational agendas resulting in significant synergies through mergers, acquisitions, restructuring and downsizing. Brendan has experience working across various continents, jurisdictions, legislations and regulatory environments as well as cultures in both developed and emerging economies. Brendan’s previous roles have consisted of both front and back office functions across key financial hubs including London, Hong Kong, Singapore and Sydney. Brendan graduated from the University of Newcastle with a Bachelor of Commerce, majoring in accounting and finance. Brendan is a member of both The Chartered Institute of Management Accountants and the Australian Institute of Company Directors. Interest in Shares and Options 335,400 ordinary shares in Raiz Invest Limited (including related entities) and options to acquire a further 3,141,518 ordinary shares Special Responsibilities Managing Director and Group CEO Raiz Invest Annual Report 2023 Page 11 of 76 Directorships held in other listed entities during the three years prior to the current year Nil Harvey Kalman Independent Non-Executive Director (Resigned from Chair on 26 September 2022 and resigned as Non-Executive Director effective 31 August 2023) Qualifications and Experience Harvey is a senior executive and board member with over 30 years in financial services, having provided leadership and strategic advisory across business growth, risk management, funds management, service provision, operations, and innovation. Harvey oversaw the setup and success of Equity Trustees Corporate Trustees Services (ASX: EQT), increasing funds under supervision from $0.5m in January 2000 to over $100bn in July 2021. Current positions include Board Member and Chair of the Audit and Investments Board Committee for the Menzies Foundation and Chair of the Financial Planning Advisory Board at Deakin University, Board member and Chair of Arbitrium Capital Partners and its Credit Risk Committee, Group Chair at MSC Group, and Chair of Connexian. Previous board appointments include Victorian Legal Services Board and executive positions at KPMG, ANZ and Ford Credit. Interest in Shares and Options 62,000 ordinary shares in Raiz Invest Limited (including related entities) and options to acquire a further 200,000 ordinary shares Special Responsibilities Independent Non-Executive Director and Chair o