Converting the Admirals or the Courageous class

Would Britain combine an Admiral-class carrier conversion with the Courageous conversions, or choose one group?

It would probably convert all three Admirals or all three Courageous-class ships, with the larger option encouraging a third Lexington conversion for treaty balance.

Britain would probably choose one complete conversion programme: all three remaining Admirals or all three Courageous-class ships. A single Admiral conversion combined with the Courageous conversions is rejected as the less likely arrangement. Choosing the Admirals would therefore replace the smaller conversion programme. That choice is also expected to lead to three Lexington conversions for the United States.