Ann: Response to ASX Query Letter, page-127

No, absolutely not.

If they are on-boarding more clients while losing others the net effect would could be marginal. The specific clients themselves are not meaningful, it's a significant change in revenue or expected revenue on a net annualised basis that would constitute a responsibility to disclose, especially if ISX was providing GPTV estimates.

The impact as far as I can tell, was 25%, this loss was quickly recovered in 1st quarter of the following year. I don't believe ISX had an obligation to report this in the form of a revised guidance. If they had provided a GPTV estimate within that period without an expectation of on-boarding new clients they would certainly need to revise that guidance.

That's what I think the ASX and ASIC are trying to ascertain, in a very detailed way.