At first blush I'd also say, yes, it includes the waistband. You might find a similar pattern for free at ravelry that you could compare to if you wanted more to go on than it looks like it's right. Just a thought. FWIW or not.
Cheating is an option. . . . Cheaters never win and winners never cheat, but smart knitters who want to retain an iota of sanity do, cheerfully. ~~Kory Stamper