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## Notes to the financial statements (cont’d) 

For the year ended 30 June 2012 

## 26 Reserves 

<img src='content_image/160831.jpg'>

The equity-settled employee benefits reserve arises on the grant of performance rights and share options to executives and senior employees under the employee share plan. Amounts are transferred out of the reserve and into issued capital when the shares are transferred to employees or options are exercised. 

Further information about share-based payments to employees is made in note 31 to the financial statements. 

