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## Directors’ and Executive Officers’ Emoluments 

The nature and amount of each major element of emoluments for the Directors, Chief Executive Officer and Senior Executives is described below and it is the role of the Remuneration Committee to advise the Board as part of the Company’s remuneration policies and practices. 

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* Subject to the terms and conditions of the Executive Share Option Scheme, IA Armstrong and NK Wran were each granted 250,000 options pursuant to a resolution at the 2000 Annual General Meeting. The options have been independently valued by a firm of consulting actuaries as having a value of $368,984 for each Director, and this amount has been disclosed under “Non-Cash benefits”. 

## Officers receiving the highest emoluments: 

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## Indemnities and Insurance Premiums for Directors/Officers and Auditors 

The Company has not during or since the reporting period – 

(a) given any indemnity to a current or former officer or auditor against a liability that is covered by Sub Section 199A (*2) or (3), or any relevant agreement under which an officer or auditor may be given an indemnity of that kind; or 

(b) paid or agreed to pay a premium for insurance against current or former officers or auditors liability for legal costs except indemnities as provided in the Company’s Constitution, and having paid premiums for contracts for its Directors and Officers (being those Directors and Officers listed under the heading Directors’ and Executive Officers’ Emoluments) which contracts do not insure against a liability (other than for legal costs) arising out of: 

(i) conduct involving a wilful breach of duty in relation to the Company; or 

(ii) a contravention of Section 182 and 183 Corporations Act 2001. 

Signed in accordance with a resolution of the Board of Directors. 

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Dated at Sydney this 11th day of September 2001. 

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