Ann: Appendix 3B, page-6

If you note my peer analysis based on Syrah, i’ve actually taken into account known dilution. See highlighted line below.

Hence for my 2019 estimate it includes all of the 10c options, all 334,141,821 of them

You will also see i’ve included dilution from performance rights, employee options, etc. This is reflected in the projected share issue numbers through to 2022.