A CRO at an investment bank has asked the risk department to evaluate the bank's derivative position with a counterparty over a 3-year period. The risk department assumes that the counterparty's default probability follows a constant hazard rate process. The table below presents trade and forecast data on the CDS spread, the expected exposure, and the recovery rate of the counterparty:

	Year 1	Year 2	Year 3
Expected positive exposure (AUD million)	14	14	14
CDS spread (bps)	200	300	400
Recovery rate (%)	80	70	60

Additionally, the CRO has presented the risk team with the following set of assumptions to use in conducting the analysis:

• The investment bank and the counterparty have signed a credit support annex to cover this exposure, which requires collateral posting of AUD 11 million.
• The current risk-free rate of interest is 3% and the term structure of interest rates remains flat over the 3-year horizon.
• The collateral and the expected positive exposure values remain stable as projected over the 3-year life of the contract.
• The expected positive exposure and the collateral are assessed by using the same discount factors.
• The probability of default of the bank is 0% per year.

Given the information and the assumptions above, what is the correct estimate of the unilateral CVA for this position?