Ann: Appendix 3B, page-3

Options and performance rights are issued each year. They provide hurdles for management effort to grow the business and reach milestones.  I haven't had a good look but it is irritating if management reward themselves for little performance.  For example, a performance right for a share price a year ago is a bit of an insult. An option for a share at a discount  also is. However an option for a share well above the price is a good indication of where management feel the company should be valued at if everything goes right. For the investor it is mixed as it can be dilutive, but may be happy should the company reach their goals. Hope that helps