Ann: Response to ASX Query Letter, page-22

Basically, they are saying the client does ‘x’ gross transactions per year.

ISX has the expertise/technology to potentially service % of ‘x’ and hence we annualised that.

That is dodgy as heck.

That’s like me saying Coles sell $50m worth of cakes a year. I have the capability to produce $50m worth of cakes (although now only selling $1m to Coles) but we will state $50m anyways.

I actually thought GPTV was meant to be the amount of transactions (of which ISX takes a cut) which actually took place and ISX annualised that.