Ann: FY19 Performance Summary, page-9

Now we’re getting into some really rubbery numbers ... I’d guessed at 10% on annuity TCV. This seems about right based on FY18 vs FY19 CAPEX and RDF’s comment that the difference in CAPEX was mainly related to that contract. Gut feel is that 10% is likely conservative (but it’s rubbery!).

Do you have any other ideas to estimate? Could be a good question for the AGM?

Cheers