Ann: Appendix 4C - quarterly, page-3

Probably a highlight of the quarter - active clients rose by 4200, compared to a steady 2200-2400 for the previous 4 quarters. And that is on the back of reduced advertising, so it's mostly organic growth.

I'm not sure exactly why it rose faster. Like greater exposure due to advisor platform news, or simply greater word of mouth etc.

Then client balances rose in line with that. Active Clients up 30.4%, client balances up 31.1% (and trades +39%). That's a positive.

On average, you'd expect revenue to rise at the mid point between trades growth and client balances growth. So if not for last quarter's upward skewing (from EOFY sale on pre-payed subscription fees), revenue growth this quarter would have been more like +34% (vs +16.2% actual), which is roughly the mid point between 31.1% client balances growth and 39% trades growth.

So the largest contributing factors for future quarters:

- Client growth and client balances growth (went well this quarter).
- Trades growth (went well this quarter).
- Whether future RBA cuts means that ANZ will be paying less interest to SWF (it's a negative, but I expect it to happen).
- Whether ETF/advisor platform start contributing to revenue/cashflow (I'm guessing this will be a positive, starting to contribute in the December quarter).

The December quarter will be seasonally low like last year, but hopefully showing some small growth anyway. Then the March quarter is the one which you'd expect to see some big numbers. Potentially ETF etc can make the December quarter look a little stronger, offsetting some of the brokerage seasonality.