Ann: Q1 FY22 Quarterly Activities Report and Appendix 4C, page-33

"Based on the following, your comment doesn't seem to hold true.

	SQ17	SQ18	SQ19	SQ20	SQ21
	1.5	5.1	4.8	6.4	6.6	CAGR	34%
	11%	229%	-5%	34%	2%	Average	54%

Mate, I total agree with the concern for the soaring costs. But the quarterly report disclosed the reasons, which is persuasive for me.

The disagreement between us is that your CARG is really biased by your sampling while ignoring the "regime switch". As MKM Health and Patientrack was acquired by Alcidion on 24/04/2018, literally they are distinct entities, while the new one would be much larger. My point is then if you want to calculate CARG, in my opinion, the start point should be from Sep quarter 2018 as the incorporation had a full fledged impact on the financial performance of the new entity. If we start from SQ 18, following your calculation, your conclusion has to be revised down largely, from 34% to 10.33%.

I believe your inclusion of SQ 17 biased and over estimate the CARG therefore leads to your argument.

If we look back at the share price, the first wave of price appreciation was started from April 2019, which is why i highly doubt that your SQ 18 229% lagged its contribution to more than six months.

I am very patient on this one and would like to take a much longer horizon to include seasonality and company make event which could lead to an prediction model shift.

All in my opinion.