This submission was prepared by ARTC pursuant to Schedule 3, clause 5(a) of the NSW Rail Access Undertaking. It is comprised of material pertaining to ARTC’s compliance during 2005/06 with the Asset Valuation Roll Forward Principles (roll forward of the regulatory asset base) and ceiling test, including operation of the unders and overs account. This version of ARTC’s submission omits some material submitted as confidential.