Ann: Capricorn to Launch Spenda's Statement technology to Members, page-372

I know it's a really big number that seems crazy but the flows are there that make it possible. That number is also in the ballpark of what I was calculating all those years ago when I first linked Adrian to Capricorn. It's going to take time no doubt but it gives you an idea on the great long term growth that just the Capricorn deal should provide.

Here's a reminder of the B2C flows. The average Cap member turnovers over about $950,000 per annum. There are now about 28,000 members. That equates to a total of around $26,600,000,000. Deduct around 5-10% for cash payments so let's say 7.5% equals $24,605,000,000. Assume 50% take up of POS terminals leaves us with $12,302,500,000. Assuming Spenda takes a clip of 0.5% gives $61,510,000, a clip of 1% gives $123,020,000. This is just POS.

Add in other features like Airplus and whatever else and you start to see the picture.

This is not a ramping post just my best effort to define some of the growth runway for just Capricorn. It's obviously not going to happen overnight but it gets underway at least from this quarter but really through next year.