Benign offered directors an option scheme based on a three year period of service.

The number of rights taken up by directors at the inception of the scheme was 100 million.

The options were exercisable shortly after the end of the third year. The fair value of the options and the number of rights expected to vest at each relevant point:

Year          Rights exp to vest        FV of the option

0                               97m                               40c

1                               90m                               45c

2                               93m                               37c

3                              94m                               56c

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