Ann: Macquarie Australia Conference Investor Presentation, page-16

On 23 February 2022 L1 ceased to be a substantial holder. From then on there's no requirement for them to report sales. Presumably they no longer hold a position or are not worth mentioning in the pie chart.

In terms of management ownership, need to look at the absolute numbers of shares rather than the percentage since they did the Kiaka dilution in November 2021. In absolute terms it seems about 3M shares were sold, mostly by Richard Hyde and also by Lyndon Hopkins.

Richard Hyde still has 16.5M shares. I think it's hard to make a case that he isn't aligned with shareholders. Performance of the company at an operational level has been very solid compared to the rest of the sector and its share price outperformed most in 2022. The company can only do so much in the face of geopolitical challenges and the gold price.