Ann: Appendix 4C - quarterly, page-11

I would say that over 30% annualised growth in recurring revenue is a good result. And there is a reasonable growth in customers and assets. Very high growth rates are not necessarily a good thing, and I would prefer consistent growth over a long period in comparison to sudden expansion and going insane over trying to sign on new customers. This way they can improve their services and invest in new ports in a reasonable manner that suits demand. Quality over quantity is not a bad thing. It has happened before that businesses which grow too quickly make mistakes that end up hurting them.

Also I don’t think the vaccine negatively affects megaport. I am quite certain the future workplace includes a 50/50 work at home and office split. Covid in Australia has been controlled quite well but you don’t see offices full with workers, instead some come in some days and work from home on others. That trend makes me think megaport has a long runway of growth ahead.