Notice Corporations Act Subsection 259C(2)
Notice given in accordance with Corporations Act Subsection 259C(2) Exemption
To Market Announcements Office
Australian Securities Exchange
Level 4
20 Bridge Street
SYDNEY NSW 2000
1. Name of Company
Australia and New Zealand Banking Group Limited ABN 11 005 357 522 (“ANZ”) gives
notice of the aggregated percentage of voting shares in ANZ, in respect of which its
associated entities have (1) the power to control voting or disposal and voting shares
underlying derivatives and (2) a net economic exposure, in accordance with the terms
of an exemption granted by the Australian Securities and Investments Commission
pursuant to subsection 259C(2) of the Corporations Act.
Date of present notice: 19 January 2018
The previous notice was given to the ASX on: 5 January 2018
The previous notice was dated: 5 January 2018
2. Issued Share Capital
2,937,634,096 fully paid Ordinary Shares in the capital of ANZ have been issued as at
18 January 2018.
3(a). Previous and
present aggregated %
of Voting Shares
The aggregated number and percentage of shares in each class of voting shares in ANZ
in respect of which its controlled entities have power to control voting or disposal and
voting shares underlying derivatives, when last required, and when now required, to
give a notice to the ASX are:
Class of Shares
Previous Notice Present Notice
Total Number % of Total Shares Total Number % of Total Shares
Ordinary Fully Paid
19,285,382 0.66%
19,277,733 0.66%
3(b). Previous and
present net economic
exposure % of Voting
Shares
The aggregated number and percentage of shares in each class of voting shares in ANZ
in respect of which its controlled entities have a net economic exposure, when last
required, and when now required, to give a notice to the ASX are:
Class of Shares
Previous Notice Present Notice
Total Number % of Total Shares Total Number % of Total Shares
Ordinary Fully Paid
19,285,382 0.66%
19,277,733 0.66%
4. Details of Controlled
Entity Holdings
The following controlled entities are the holders in the Voting Shares referred to in
paragraph 3 above.
Registered Holder Controlled Entity entitled to be
registered
Number of Shares % of Total Shares
ANZEST Pty Ltd as Trustee
for ANZ Employee Share
Acquisition Plan
ANZEST Pty Ltd as Trustee for ANZ
Employee Share Acquisition Plan
24,031 0.00%
Reserve Bank of NZ
ANZ New Zealand Investments
Limited on behalf of various
investment funds and client
portfolios 43,134 0.00%
ANZ NZ Investments
Nominees / Reserve Bank of
NZ / Citicorp Nominees
ANZ New Zealand Investments
Limited on behalf of various
investment funds and client
portfolios 4,052 0.00%
JP Morgan Chase Bank
ANZ New Zealand Investments
Limited on behalf of various
investment funds and client
portfolios 540,725 0.02%
JP Morgan Chase Bank /
Reserve Bank of NZ
ANZ New Zealand Investments
Limited on behalf of various
investment funds and client
portfolios 295,110 0.01%
JP Morgan Nominees
Australia Limited
ANZ Custodial Services New Zealand
Limited as trustee for various private
clients 999,440 0.03%
JP Morgan Chase Bank
OnePath Funds Management Ltd as
responsible entity for OnePath
Wholesale Protected Aus 50 Trust 25,011 0.00%
ANZ Nominees Limited
OnePath Funds Management Ltd as
responsible entity for
ANZ Australian Industrial Equities
Fund 759,806 0.03%
ANZ Nominees Limited
OnePath Funds Management Ltd as
responsible entity for ANZ Select
Leaders Pool 284,784 0.01%
JP Morgan Chase Bank
OnePath Funds Management Ltd as
responsible entity for Tax Effective
Income Trust 226,524 0.01%
JP Morgan Chase Bank
OnePath Funds Management Ltd as
responsible entity for
OnePath Sustainable Investments -
Wholesale Australian Share Trust 34,415 0.00%
JP Morgan Chase Bank
OnePath Funds Management Ltd as
responsible entity for
Blue Chip Pool 934,956 0.03%
JP Morgan Chase Bank
OnePath Funds Management Ltd as
responsible entity for
OPTIMIX WHOLESALE AUSTRALIAN
SHARES TRUST ARNHEM 130/30 199,130 0.01%
JP Morgan Chase Bank
OnePath Funds Management Ltd as
responsible entity for OPTIMIX
WHOLESALE AUSTRALIAN SHARES
TRUST - VINVA 604,219 0.02%
JP Morgan Chase Bank
OnePath Funds Management Ltd as
responsible entity for Optimix
Wholesale Australian Share Trust 1,015,990 0.04%
JP Morgan Chase Bank
OnePath Funds Management Ltd as
responsible entity for
OnePath Australian Shares Index Pool 11,356,225 0.39%
JP Morgan Chase Bank
OnePath Funds Management Ltd as
responsible entity OnePath
Australian Shares – Imputation Index
Pool 777,698 0.03%
OnePath Custodians Pty Ltd
OnePath Custodians Pty Ltd as
responsible entity for Grow Wrap
Aligned Dealer Group 48,330 0.00%
OnePath Custodians Pty Ltd
OnePath Custodians Pty Ltd as
responsible entity for Dominion 13,299 0.00%
OnePath Custodians Pty Ltd
OnePath Custodians Pty Ltd as
responsible entity for FSP 52,011 0.00%
OnePath Custodians Pty Ltd
OnePath Custodians Pty Ltd as
responsible entity for Mentor 7,850 0.00%
OnePath Custodians Pty Ltd
OnePath Custodians Pty Ltd as
responsible entity for Matrix 11,622 0.00%
OnePath Custodians Pty Ltd
OnePath Custodians Pty Ltd as
responsible entity for Voyage 372,819 0.01%
OnePath Custodians Pty Ltd
OnePath Custodians Pty Ltd as
responsible entity for Wealthtrac 114,626 0.00%
OnePath Custodians Pty Ltd
OnePath Custodians Pty Ltd as
responsible entity for Portfolio One 531,926 0.02%
Aggregation
19,277,733 0.66%
5. Changes in Voting
Shares
Particulars of change in voting shares in ANZ in respect of which its controlled entities
are or were entitled since ANZ was last required to give a notice to the ASX are:
Date of
Change
Controlled
Entity entitled
whose
shareholding
changed
Nature of Change
Consideration
given in relation to
change ($)
Class of Share
Number of
Shares
5/01/2018
ANZEST Pty Ltd
as Trustee for
ANZ Employee
Share
Acquisition Plan
(the “Plan”)
The change in
holding occurred as
a result of shares
under the Plan
being forfeited due
to cessation of an
individual’s
employment or
vesting conditions
not being met and
/ or shares being
allocated under the
Plan
Not applicable
Ordinary fully
paid
1,340
5/01/2018
OnePath Funds
Management Ltd
as responsible
entity for
OnePath
Wholesale
Protected Aus
50 Trust
On-market sale 5,461.30
Ordinary fully
paid
-190
5/01/2018
OnePath
Custodians Pty
Ltd as
responsible
entity for
Wealthtrac
On-market sale 104,865.92
Ordinary fully
paid
-3,666
8/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market sale 314.89
Ordinary fully
paid
-10
8/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market sale 1,385.49
Ordinary fully
paid
-44
8/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market sale 94.47
Ordinary fully
paid
-3
8/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market sale 976.14
Ordinary fully
paid
-31
8/01/2018
OnePath Funds
Management Ltd
as responsible
entity for
OnePath
Wholesale
Protected Aus
50 Trust
On-market
purchase
7,295.60
Ordinary fully
paid
253
8/01/2018
OnePath
Custodians Pty
Ltd as
responsible
entity for
Voyage
On-market sale 3,059.10
Ordinary fully
paid
-107
8/01/2018
OnePath
Custodians Pty
Ltd as
responsible
entity for
Voyage
On-market sale 15,287.01
Ordinary fully
paid
-530
8/01/2018
OnePath
Custodians Pty
Ltd as
responsible
entity for
Voyage
On-market sale 7,190.01
Ordinary fully
paid
-250
9/01/2018
OnePath
Custodians Pty
Ltd as
responsible
entity for Grow
Wrap – Aligned
Dealer Group
On-market
purchase
8,234.16
Ordinary fully
paid
283
9/01/2018
OnePath
Custodians Pty
Ltd as
responsible
entity for Grow
Wrap – Aligned
Dealer Group
On-market
purchase
12,957.24
Ordinary fully
paid
445
9/01/2018
OnePath
Custodians Pty
Ltd as
responsible
entity for
Mentor
On-market sale 9,717.37
Ordinary fully
paid
-336
9/01/2018
OnePath
Custodians Pty
Ltd as
responsible
entity for
Voyage
On-market sale 3,453.61
Ordinary fully
paid
-120
10/01/2018
ANZEST Pty Ltd
as Trustee for
ANZ Employee
Share
Acquisition Plan
(the “Plan”)
The change in
holding occurred as
a result of shares
under the Plan
being forfeited due
to cessation of an
individual’s
employment or
vesting conditions
not being met and
/ or shares being
allocated under the
Plan
Not applicable
Ordinary fully
paid
3,287
10/01/2018
OnePath
Custodians Pty
Ltd as
responsible
entity for
Wealthtrac
On-market sale 43,214.60
Ordinary fully
paid
-1,490
10/01/2018
OnePath
Custodians Pty
Ltd as
responsible
entity for
PortfolioOne
On-market sale 90,881.98
Ordinary fully
paid
-3,158
11/01/2018
ANZEST Pty Ltd
as Trustee for
ANZ Employee
Share
Acquisition Plan
(the “Plan”)
The change in
holding occurred as
a result of shares
under the Plan
being forfeited due
to cessation of an
individual’s
employment or
vesting conditions
not being met and
/ or shares being
allocated under the
Plan
Not applicable
Ordinary fully
paid
2,046
11/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market sale 94,461.55
Ordinary fully
paid
-3,005
11/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market sale 50,295.67
Ordinary fully
paid
-1,600
11/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
220.82
Ordinary fully
paid
7
11/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
20,766.73
Ordinary fully
paid
656
11/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
126.18
Ordinary fully
paid
4
11/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
13,485.72
Ordinary fully
paid
426
11/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
31.55
Ordinary fully
paid
1
11/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
4,526.89
Ordinary fully
paid
143
11/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
63.09
Ordinary fully
paid
2
11/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
7,217.70
Ordinary fully
paid
228
11/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
220.82
Ordinary fully
paid
7
11/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
21,969.68
Ordinary fully
paid
694
11/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market sale 1,009.48
Ordinary fully
paid
-32
11/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market sale 1,104.11
Ordinary fully
paid
-35
11/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
854.73
Ordinary fully
paid
27
11/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
1,451.12
Ordinary fully
paid
46
11/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
144,987.24
Ordinary fully
paid
4,580
11/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
1,646.15
Ordinary fully
paid
52
11/01/2018
OnePath Funds
Management Ltd
as responsible
entity for
OnePath
Wholesale
Protected Aus
50 Trust
On-market sale 20,910.84
Ordinary fully
paid
-728
11/01/2018
OnePath
Custodians Pty
Ltd as
responsible
entity for
PortfolioOne
On-market sale 48,561.66
Ordinary fully
paid
-1,700
12/01/2018
OnePath Funds
Management Ltd
as responsible
entity for
OnePath
Wholesale
Protected Aus
50 Trust
On-market sale 10,949.27
Ordinary fully
paid
-384
12/01/2018
OnePath
Custodians Pty
Ltd as
responsible
entity for
Voyage
On-market sale 4,821.81
Ordinary fully
paid
-170
12/01/2018
OnePath
Custodians Pty
Ltd as
responsible
entity for
PortfolioOne
On-market
purchase
617.52
Ordinary fully
paid
18
12/01/2018
OnePath
Custodians Pty
Ltd as
responsible
entity for
Voyage
On-market sale 18,569.08
Ordinary fully
paid
-651
15/01/2018
OnePath
Custodians Pty
Ltd as
responsible
entity for
Voyage
On-market sale 11,868.06
Ordinary fully
paid
-415
16/01/2018
ANZEST Pty Ltd
as Trustee for
ANZ Employee
Share
Acquisition Plan
(the “Plan”)
The change in
holding occurred as
a result of shares
under the Plan
being forfeited due
to cessation of an
individual’s
employment or
vesting conditions
not being met and
/ or shares being
allocated under the
Plan
Not applicable
Ordinary fully
paid
-5,117
16/01/2018
OnePath Funds
Management Ltd
as responsible
entity for
OnePath
Wholesale
Protected Aus
50 Trust
On-market
purchase
5,435.15
Ordinary fully
paid
191
17/01/2018
OnePath Funds
Management Ltd
as responsible
entity for
OnePath
Wholesale
Protected Aus
50 Trust
On-market sale 20,329.64
Ordinary fully
paid
-717
17/01/2018
OnePath
Custodians Pty
Ltd as
responsible
entity for
PortfolioOne
On-market sale 4,469.80
Ordinary fully
paid
-160
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
373.52
Ordinary fully
paid
12
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
4,529.21
Ordinary fully
paid
145
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
466.90
Ordinary fully
paid
15
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
5,466.28
Ordinary fully
paid
175
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market sale 964.94
Ordinary fully
paid
-31
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market sale 6,381.02
Ordinary fully
paid
-205
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market sale 31.13
Ordinary fully
paid
-1
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
964.94
Ordinary fully
paid
31
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
11,869.64
Ordinary fully
paid
380
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
622.54
Ordinary fully
paid
20
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
7,402.91
Ordinary fully
paid
237
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
280.14
Ordinary fully
paid
9
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
3,842.02
Ordinary fully
paid
123
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
124.51
Ordinary fully
paid
4
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
1,717.97
Ordinary fully
paid
55
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
653.67
Ordinary fully
paid
21
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
7,808.98
Ordinary fully
paid
250
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
311.27
Ordinary fully
paid
10
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
4,279.32
Ordinary fully
paid
137
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
62.25
Ordinary fully
paid
2
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
999.55
Ordinary fully
paid
32
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
93.38
Ordinary fully
paid
3
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
1,436.85
Ordinary fully
paid
46
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
186.76
Ordinary fully
paid
6
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
2,530.11
Ordinary fully
paid
81
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
93.38
Ordinary fully
paid
3
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
1,405.62
Ordinary fully
paid
45
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
466.90
Ordinary fully
paid
15
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
5,622.46
Ordinary fully
paid
180
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
373.52
Ordinary fully
paid
12
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
4,435.50
Ordinary fully
paid
142
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
93.38
Ordinary fully
paid
3
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
1,593.03
Ordinary fully
paid
51
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
684.79
Ordinary fully
paid
22
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
8,371.22
Ordinary fully
paid
268
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
964.94
Ordinary fully
paid
31
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
11,900.88
Ordinary fully
paid
381
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
311.27
Ordinary fully
paid
10
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
3,998.20
Ordinary fully
paid
128
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
249.02
Ordinary fully
paid
8
18/01/2018
ANZ Custodial
Services New
Zealand Limited
as trustee for
various private
clients
On-market
purchase
3,373.47
Ordinary fully
paid
108
18/01/2018
OnePath Funds
Management Ltd
as responsible
entity for
OnePath
Wholesale
Protected Aus
50 Trust
On-market sale 19,453.18
Ordinary fully
paid
-682
18/01/2018
OnePath
Custodians Pty
Ltd as
responsible
entity for
PortfolioOne
On-market sale 483.54
Ordinary fully
paid
-18
Addresses The addresses of entities named in this form are as follows:
Name Address
ANZ Level 9A, ANZ Centre Melbourne, 833 Collins Street, Docklands Vic 3008
ANZ Nominees
Limited
Level 9A, ANZ Centre Melbourne, 833 Collins Street, Docklands Vic 3008
ANZEST Pty Ltd Level 9A, ANZ Centre Melbourne, 833 Collins Street, Docklands Vic 3008
ANZ New Zealand
Investments
Limited
ANZ Centre, 23-29 Albert Street, Auckland, New Zealand
Citicorp Nominees
Pty Limited
Level 15, 120 Collins Street, Melbourne VIC 3000
OnePath Funds
Management Ltd
Level 23, 242 Pitt Street, Sydney NSW 2000
OnePath
Custodians Pty Ltd
Level 23, 242 Pitt Street, Sydney NSW 2000
JP Morgan Chase
Bank
85 Castlereagh Street, Sydney NSW 2000
ANZ NZ
Investments
Nominees Limited
ANZ Centre, 23-29 Albert Street, Auckland, New Zealand
JP Morgan
Nominees Australia
Limited
85 Castlereagh Street, Sydney NSW 2000 Australia
Reserve Bank of NZ 2 The Terrace, PO Box 2498 Wellington 6011, New Zealand
ANZ Custodial
Services New
Zealand Limited
ANZ Centre, 23-29 Albert Street, Auckland, New Zealand
print name
Simon Pordage
Capacity
Company Secretary
Sign here
Date
19 January 2018
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
Other issuers discussed similar conditions around this time
Matched by meaning across NZX announcement text, not keywords — based on our semantic index of announcement bodies.
- APL — Asset Plus: SPH Notice – ANZ New Zealand Investments Limited2018-01-12
“80,600 161,920,000 0.050% 80,600 161,920,000 0.050% On-market trades Details for: 11,949,368 7.380% Details for: 0.050% Details for: For this disclosure,— (a) total number held in class: Details of the transactions or other events re…”
- WBC — Westpac Banking Corporation: 259C Exemption Notice2017-12-18
“Page 1 of 3 Notice given in accordance with Australian Securities and Investments Commission Corporations Act Subsection 259C (2) Exemption To: MarketAnnouncements Office ASX Limited 20 Bridge Street Sydney NSW 2000 Westpac Banking Corporation (ABN 33 007 457 141) (…”
- WBC — Westpac Banking Corporation: 259C Exemption Notice2018-03-20
“Page 1 of 3 Notice given in accordance with Australian Securities and Investments Commission Corporations Act Subsection 259C (2) Exemption To: MarketAnnouncements Office ASX Limited 20 Bridge Street Sydney NSW 2000 Westpac Banking Corporation (ABN 33 007 457 141) (…”