BUTN LIMITED

• Price-triggered19.5M · 5.1% of shares

  Options and warrants — they convert when the share price clears their exercise price.

  At least 5.2M of it states no exercise price — that much cannot be called in or out of the money.
• Condition-triggered677k · 0.2% of shares

  Performance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.

Exercise price on record: 14.3M priced, 5.9M where the filing never states one. A security with no exercise price is never counted in the money — nothing is paid to convert it, so there is no price for it to be above.

Each figure is the filing’s own count of securities, not a share count — a 2A never states what one security converts into.

At $0.011 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 10× today’s price, which takes it to 5.5M (1.4% of shares).

• Priced supply in the money at the price on the axis — the curve, and the only thing on it. Ten prices, sampled: between two of them the true figure lies between the two.
• 5.9M (29.1% of the supply above) states no exercise price at all. It cannot be called in or out of the money at any price, which is why it is hatched rather than plotted.
• 8.8M more carries an exercise price above ten times today’s — off the right of this axis, and in every total on this page.