Growth on an annual base?

I realise this question is probably a bit retarded but sure...

When I look at a fund performance and it says:

Growth on an annual base 27/03/2007
1 year3 years5 years10 years
10.49 18.11 9.70


Does this mean that over the past 5 years it has earned on average 9.7% a year? Or 9.7% for the full 5 years?

Presumably those are the annualised returns - i.e. over 5 years it earned 9.7% p.a.?