The new (still proposed) national gift card rules won't have a material impact on EML as longer expiries don't mean people spend more on the card given EML only collects the last few $ on a card (typical revenue margin is 5% on non-reloadable). In addition, EML is a specialist in corporate gift cards which are not in the purview (as was the case in the SA and NSW laws that made cards with 3 yr expiry) given its not consumers money on the cards. In addition the main impact of this regulation is that there will be a 2 year reset in the accrual vs cash receipt in the accounts as breakage takes longer to collect. In the EU and US businesses, expiries are multiyear or perpetual but this hasn't impacted the P&L rates of this business. The aussie NR business is now such a small part as per the chart attached (AU business from pg 11 of the FY18 report). EML is all about the reloadables in Australia.