Ann: COVID-19 Trading Update 45 - Week Ended 22 January 2021, page-9

You can't compare January and December as you don't know where and what mix of merchants they have acquired to achieve the growth.

For instance:

• Retail spending in January is a low lower compared to December.
• Entertainment spend (read coffee shops & restaurants) is higher in December compared to now. Part because recovery in Sydney and holidays.

I don't feel Sydney CBD has recovered from the North Beaches COVID outbreak (At least not where I am) Melbourne is only starting to return.

10% PCP is a great number as their largest segments in January, international travel & international uni students, is non-existent.