Structural Transfer Volume Baseline Is Unchanged for Pexa

We expect Pexa’s strategic focus in the near term will be on convincing the regulator to allow it to earn a return on a larger capital base than is currently proposed by the Independent Pricing and Regulatory Tribunal of New South Wales. Ipart has suggested Pexa may only earn a return on a capital base of less than AUD 400 million, which we believe is half of what is a reasonable assessment of Pexa's asset base. Specifically, we believe Ipart unduly discards setup costs related to the technological infrastructure and onboarding of market participants.