Ann: Appendix 4C - quarterly, page-28

You guys realise that if something is growing rapidly initially and its base doubles triples quadruples then even if growth rates slow in % terms real growth is still larger

I'll put it in simple terms

Year 1 Revenue $10
Year 2 Revenue $30
Year 3 Revenue $60
Year 4 Revenue $110
Year 5 Revenue $180
Year 6 Revenue $290


See how the growth rate in % terms is dropping but in real $ terms the revenue growth from year to year is greater
This is because the base is bigger

1c is the floor just need some buyers to come in and SMA should move higher in line with peer comparison to NNW