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## (d) Performance rights plan (continued) 

The following table lists the inputs to the models used for the performance rights: 

<img src='content_image/148097.jpg'>

Performance Rights issued are subject to the following terms and conditions: 

## 1. External Performance Condition (TSR outperformance) 

50% of the Performance Rights are subject to an external Performance Condition, namely, AACo’s Total Shareholder Return (TSR) performance relative to the S&P/ASX Small Ordinaries Accumulation Index (ASX Code: XSOAI) measured over a three year Vesting Period� 

Vesting of the Performance Rights subject to the TSR outperformance condition will be calculated based on the following percentile results in the table below: 

<img src='content_image/148096.jpg'>

## 2.Internal Performance Condition (EPS) 

50% of the Performance Rights are subject to an internal Performance Condition based on the Company’s earnings per share (EPS)� EPS is defined as Adjusted Net after Tax Profit per Ordinary Share, where Adjusted Net after Tax Profit is calculated as follows: 

 Annual reported Net Profit after Tax Profit 

 Less: Valuation adjustments 

 Less: any adjustment deemed fair and appropriate by the Board, in the Board’s absolute discretion� 

The Board in its absolute discretion may vary this formula from year to year to reflect the changing nature of the Group’s operations and its operating environment� 

Vesting of the Performance Rights subject to the EPS condition will be calculated based on the following compound % growth rates over the three financial years following the base year the Performance Rights are established� 

<img src='content_image/148095.jpg'>

