Ann: Appendix 3G, page-16

@T.E.P.
You are getting close to it. Use subscription revenue only and the increase will be from 4.5m to 5.9m , i.e. 1.4m. Now double it to annualise it (2.8m). In the same period 17.1m of organic ARR as added. So using a crude approximate ratio 2.8/17.1 = .164 , NA captured only 16% of the incremental organic ARR in 2019. That is a red flag, given it was around 62% prior to the acquisitions. Maybe the reduced spend on N3 is the reason, maybe there are other reasons as well.