Ann: Quarterly Activities Report and Appendix 4C, page-67

My estimate for the current quarter cash flow is…..

First up my assumptions, let’s keep all expenses the same as last Q(even though there were a few one-off expenses in Q4/22). The contribution of revenue from subscriptions, trades stays the same as the previous Q.

Now the only difference would be interest earned from client cash. Last Q I assumed an average interest rate of 0.43% then add 0.8% as per ANZ agreement, and assumed about $700M so last Q, $700M x 1.23% divided by 4 (due to 1/4 year) = $2.15M interest for Q4/22.

This Q1/23 we have average interest rate of 1.85% (assuming we go 2.35% at Sept RBA meeting) + the 0.8%. We are likely to have flat line $750M in client cash. Thus $750m x 2.65% divided by 4 = $4.97M.

The difference in interest earned is $2.82M, which is way more than the cash outflow of $1.8M last Q. Cash flow is likely to be about POSITIVE $1M.