Ann: Response to Price Query Letter, page-9

I disagree. The margins for Advertising are much less. A surprise in revenue from advertising doesn't translate into the same surprise in EBITDA or NPAT that m-payments does. I think the growth of the Advertising market has been factored into the forecasts also. I think any surprise in EBIDTA or NPAT will be down to the UK and maturing of Singapore (Singtel, M1) and Swizterland businesses.