Ann: Appendix 4C - quarterly, page-10

The attached 4C is one of the more balanced/rational less emotional responses written - reads well. Reads like they have spent time reflecting on their business long term.

Whilst 2020 has been a challenging year for ISX, the Company has reflected on the Group’s
role in the European and UK financial services sector and the social contract attached to its
position. Accordingly, the Company has tightened its operational risk controls which
involved reviewing its entire book of customers. This has led to both an increase in
compliance costs in the quarter as well as the voluntary culling of a small number of nonmaterial merchants to ensure that the Company's standards are reflected in its customer
exposures. This has contributed to a decline in revenues this quarter, but we feel it positions
the business well over the longer term.