This report does not constitute a rating action. NSW Ports Finance Co. Pty. Ltd.'s performance is likely to remain strong. We expect the company's ratio of funds from operations (FFO) to debt to be 8%-9% over the next two to three years. The uncertainty from global trade tariffs is unlikely to immediately affect the trade volumes at NSW Port, given the very limited direct trade exposure to the U.S. secondary impacts, however, remain uncertain and are subject to how the U.S. trade tariff policy unfolds over the next six to 12 months, particularly for Asia. Our forecasts reflect steady state operations and approved capital expenditure projects. About 70%-80% of trade through NSW Ports is to or from Asia. Our sensitivity
