Ann: Q1/18 Market Update, page-5

Hi Patient - I'm not sure if you grasped the meaning of my comments.

"Commercial building revenue" is the term used by Spirit on p. 4 of their quarterly update - and that's how I'm using the term.

In Spirit's previous half-year presentation (27 February 2017), the slide on Strategy Snapshot says that the Phone Names acquisition is aimed at "cross selling" and "customer retention through product bundling". I gather that Spirit has been pursuing that strategy. But whether the commercial growth came via Phone Names customers or other customers - the most recent update is silent (hence my original comment).

According to telstraphonewords.com.au, Phonewords is still owned by Telstra, and is unrelated to the Phone Names entity acquired by Spirit.