Ann: Investor Presentation May 2018, page-21

Had been reluctant to post a peer analysis but it's not really that bad.

Important and perhaps put this in context by saying that Syrah share price dropped into the toilet. Sentiment impacted by both the dip in the Dow, construction hicups and the failure to get their Spherical Plant approved in Louisiana. Can easily see SYR share price lifting once they settle into steady state production and any issues are ironed out.

A SYR chart will put this in context, some of my previous peer analysis was when Syrah was at $4+. A lift in SYR sentiment and the sector will be good for us. Not inconceivable for them to lift 25%.

DYOR. Not Advice.

This is a peer analysis derived from production capacity and MCAP for Syrah. Essentially I work out the proportional $ value of 1 kt of production ( as a proportion of MCAP ) and use that to derive MCAP estimates for BAT.​

You will see below I've taken into account a fair amount of dilution in the estimates below. This is derived from data in the 3B. I've included the RCP options and also dilution from an assumed cap raise.