Ann: Quarterly Activity Report and Appendix 4C, page-12

i normally agree with you, but it is incorrect to say that XPL is just a niche MDA. Netwealth is a broad wrap, HUB24 is also an example of an MDA except its structured as IDPS-like, super and ordinary, whereas XPL adopted the broker model of an ASIC MDA. The legal structure is easy to modify. XPL now have added wrap and super, and starting to roll it out jnder the one platform, so its on the same track, just in the slow lane. But the MC recognises that.