Ann: Capricorn Initiatives Update, page-76

I understand that.

The issue with TPV that is being projected is the assumption that SPX receives a % for all payments made. This assumption is simply incorrect.
SPX will receive a % of payments made via credit card (whether those credit cards be via AirPlus virtual cards, Visa or Mastercard). What was made clear last year was this is simply not the case. SPX also allows for and processes various payment types - any payment type such as EFT or cheque used to make payments within the ecosystem will not be passing on a % of the value those invoices (regardless of value) or batches of invoices (again regardless of value of the batch total) to SPX and can only incur a 26 cent revenue to SPX as identified at the AGM.

Therefore without knowing the % of invoices paid via Credit card versus the % of invoices paid by other methods it is not possible to identify the potential revenue streams received by SPX TPV at this point. Is my understanding

All that can be estimated is SaaS, Loan Facility Revenue and a guesstimate based on previous quarters %'s in relation to TPV. This is part of the reason for as some say the "disappointing numbers in the cash receipts" QoQ for the last 3 quarters, because the reality is if 90+% of payments made against the TPV for are EFT or cheque than SPX see next to nothing vs the increase in flow so to speak.

Don't believe me, no worries, ask the question at the webinar whether my understanding is true or not and that other payments types are 1 supported in the SPX environment and 2 can only be charged at 26 cents per invoice not a % of value of invoice or transaction. But I can you tell right now - if 3.2B is flowing through from Capricorn alone B2B in 2026 at say 0.01% SPX will not see 32 mill in revenue from that because of the payment types that will not attract the %.