Yes, so if I have had 100 tokens at the beginning of a year, then I will have 190 tokes of 50% base value at the end of the year. Therefore, I "lost" 5%, that went to the contributors.

E.g. (assuming that only the amount of money influences the price)
If total tokens amount is equal to 1000, and value of each is $1, then the market cap is 1000$.
Let's assume that I have 100 tokens x 1$ = $100 of value on January. Then, after 12 months, there will be 2000 tokens with the same total value o 1000$, i.e. each costs $0.5. In that situation I, as a stakeholder, will end up having 190 tokens x $0.5 = $95 value. The missing 5$ of the value is what was redistributed to the content creators, curators, etc. $5 is 5% of my initial value, that went to support the system.

This is true for each and every stakeholder, 5% of this value goes to funding the Steem platform.

The fragment from Whitepaper document:
"90% of non-SMD inflation is distributed back to existing holders of STEEM proportional to the STEEM value of their SP balance, making inflation more of a “split”"
Right now, we are discussing the remaining 10% of the inflation (which I must assume is 5% of market cap value).