Growth Rate of Freeway Reviews, page-128

Nighthawk

SYT ARE focusing heavily in SEA; that is a given. NetN has nothing to do with why they did not list in the US. Sponsored data has already been approved by the US communications authorities.

There are several reasons for listing on the ASX: SEA time zone; ASX easy backdoor listing as opposed to US, including far cheaper costs; other successful US tech listings here including Aus government support. ASX was preference for these reasons before any Asian listing as well.

Dataflex will be launched in Europe soon. Freeway will not be launched in any developed countries in the near term other than the US.

India is the best test case for NetN, where it has been upheld. However, there are differences between NN and Sponsored D. Facebook's Free Basics that lost to NN in India is an overarching and somewhat a blanket approach to providing the internet where the user has no control over what is provided; whereas SD is only providing a free service for what is already available without restricting content. I believe SYT have India in their sights.

But in my view the distinction between NN and SD are a little blurred, and you are absolutely right that it is mentioned as a threat in the prospectus. Eventually, as the argument is flogged out, hopefully the relevant distinctions will become clearer.