content_image/266361.jpg
## Directors’ Report 2012 

Details of Share Performance Rights granted to Key Management Personnel as part of remuneration for the year ended 30 June 2012 

<img src='content_image/266361.jpg'>

(a) After testing the SPRs notionally granted on 20 June 2011 against the relevant performance hurdle, the SPRs are deposited into (or deducted from) the relevant share bank account for each participant. 

(b) Adjustment grants made to adjust for dilution to the number of SPRs notionally granted on 22 June 2012 and to unvested SPRs for prior years as a result of the rights issue allotment in June 2012. 

(c) Fair value of SPRs granted is determined using the Black-Scholes and Monte Carlo simulation methods. 

(d) SPRs vest at no cost to the recipient providing the relevant performance hurdles are satisfied. 

