content_image/63584.jpg content_image/63590.jpg content_image/63589.jpg content_image/63585.jpg content_image/63586.jpg
## NOTE 23 - EQUITY (continued) 

(d) Employee share options (continued) 

Subsequent to year end, 35,000 employee options have been converted to ordinary shares at an issue price of 81 cents each and 25,000 employee options have lapsed. 

(e) Other options 

In addition to the employee share options noted above there are 51,131,536 listed options with an exercise price of 80 cents and a further 2,460,000 unlisted options issued with an exercise price of $2.20 outstanding at year end. The relevant expiry date of these options is 11 June 2005 and 4 January 2005 respectively. 

Subsequent to year end, 6,347 listed options have been converted to ordinary shares at an issue price of 80 cents each. 

## NOTE 24 - RESERVES 

<img src='content_image/63584.jpg'>

<img src='content_image/63590.jpg'>

## NOTE 25 - RETAINED PROFITS 

<img src='content_image/63589.jpg'>

## NOTE 26 - OUTSIDE EQUITY INTERESTS 

Analysis of outside equity interest in controlled entities: 

<img src='content_image/63585.jpg'>

Reconciliation of outside equity interest in controlled entities: 

<img src='content_image/63586.jpg'>

