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## directors’ report 

on the Financial Report of Transurban City Link Limited and Controlled Entity. 

<img src='content_image/45394.jpg'>

The options were granted under the Executive Option Plan on 26 April 2001. 

2,350,000 options were issued during the year ended 30 June 2001. No Stapled Securities were issued during the year on the exercise of options. 

