My fund: Assuming my fund decides to maintain its existing percentage ownership by making an addition cash infusion as described in my answer to Question 13, my fund ' s ownership is of 44.6691% as of the beginning of Year 3. Nice Guy Ventures: my additional cash infusion of £ 1,340,073.53 bumps up my ownership percentage from 41.2054% to 44.6691% ( 3.4637%). This will in turn dilute Nice Guy Ventures original ownership of 7.7541% to 7.4855% as follows: ???? ??? ???????? ??????ℎ?? = 7.7541 ∗ [1 − (0.446691 − 0.412054)] = ? . ????% as of the beginning of Year 3 Senior Management: Their stock option pool only vests at the end of Year 3. Since we want to know their ownership percentage at the beginning of Year 3, they own 0% at the moment. Nigel Smith: Nigel owns the difference from all ownerships mentioned above → 100 - 44 .6691% - 7.4855% - 0% = 47.8453% as of the beginning of Year 3. Richard Axa