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## Long-term incentive plan November 2010 

The Company Long term incentive plan entitles the Board to grant performance rights for no cash consideration, at intervals determined by the Board. 

For Executives (including Executive Directors) granted rights in 2010, vesting of the rights will be dependent upon the Company achieving Earnings per Share (EPS) and /or relative TSR targets over a 2, 3 and 4 year performance period, with 50% of the value of rights allocated under each target. Rights were offered in 2010 to all Executives domiciled in Australia and New Zealand. In 2011 and 2012 rights under this long term performance measurement structure were offered only to the Executive Directors. 

For each Executive the number of rights granted and the applicable performance period over which EPS and relative TSR is measured is set out below, along with the fair value of the rights at the grant date. 

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<img src='content_image/146234.jpg'>

