Hi Mathew,
In return slide 5 you emphasized that Nominal Return is sum of all the components, but afterward calculations describes that Nominal Return calculated, subtracting from Dividend of financial year to Index (+-appreciation/ depreciation) ,
What I preceived that as real return is the sum of all components cause using Nominal return, subtracting CPI (so in this way it has the extract of nominal return and CPI).
Regards,
Aisha.