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## Notes to the Financial Statements (continued) 

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The income of directors for the year ended 30 June 2003 includes the current year amortisation amount for options granted to certain directors. The amortisation amount is disclosed in the Directors’ Report under Long Term Emoluments. 

The income of directors for the previous financial year includes the full value of options granted to the directors during the year ended 30 June 2002. 

Options granted as part of remuneration have been valued using the Black-Scholes option price model, which takes account of factors such as the option exercise price, the current level and volatility of the underlying share price and the time to maturity of the option. The details of the terms, conditions and value of options granted during that period are set out in Note 26 Contributed Equity. 

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