Ann: Cont Disclosure Independent Expert Report & Supplementary, page-4

Only thing relevant from the initial peruse lol

As such, based on our review of the Additional Materials, we have identified a delay of 1 to 2
business days between ISX receiving a formal response from the European regulator to ISX's
notification of the termination of the Visa arrangements (on Thursday, 21 May 2020
(Melbourne time)) and ISX seeking to formally announce the termination to the market (via the
letter to shareholders dated Sunday, 24 May 2020, which was released by ASX to the market
on 25 May 2020).

2.7 We therefore consider that there was a technical breach of ASX Listing Rule 3.1 arising from
this delay. In particular, once ISX had formed the view that termination was going to occur
and had made its initial notification to the European regulator, it would have been appropriate
for ISX to have prepared a draft announcement. This would have ensured that ISX was in a
position to be able to immediately announce the termination of the Visa arrangements to the
market immediately upon receiving the response from the European regulator.

2.8 However, we also observe that given trading in ISX's shares was suspended during this
period, ISX did not have the ability to use a trading halt to assist it to manage its continuous
disclosure obligations, which it may have otherwise done in the circumstances and which
would have been sufficient to cover the period of the delay