In order to determine whether or not potential ordinary shares are dilutive, AASB 133 requires:

Select one:

a.

Each issue to be considered separately and ranked from greatest dilution to least dilution

b.

That all the issues are to be considered on an aggregate basis

c.

Each issue to be included in the calculation on the basis of date of issue, i.e. earliest to the latest issue

d.

Each issue to be considered separately and included in the calculation in the order of the number of ordinary shares to be potentially issued, from highest to lowest