Notes to the Financial Statements (continued)  26. Contributed Equity (continued)  Pertama Holdings Limited, Singapore  48  HARVEY NORMAN HOLDINGS LIMITED AND ITS CONTROLLED ENTITIES – ANNUAL REPORT 2003  On 9 July 2003, at an Extraordinary General Meeting of shareholders’, options to subscribe for up to 4,000,000  ordinary shares of par value $0.25 Singapore Dollars each in the capital of Pertama Holdings Limited, were granted to  Mr Martin Dunkerley at the exercise price of $0.275 Singapore Dollars per option. The terms of the option agreement entered into between Pertama Holdings Limited and Mr Martin Dunkerley in  respect of these 4,000,000 options are:  Using the Black-Scholes option-pricing model, the value of these options at grant date is $0.0613 Singapore Dollars  per option (or 5.981 cents per option in Australian dollars). Thus, at grant date, the total value of these options is  $245,200 Singapore Dollars, or $239,240 Australian dollars.  On 22 November 2001, at an Extraordinary General Meeting of shareholders, options to subscribe for up to 1,000,000  ordinary shares of par value of $0.25 Singapore Dollars each in the capital of Pertama Holdings Limited, were granted  to Ms Koh Kee Ai at the exercise price of $0.45 Singapore Dollars per option. On 9 July 2003, at an Extraordinary General Meeting of shareholders’, the exercise price of these options granted to  Ms Koh Kee Ai on the 22 November 2001 was revised from $0.45 Singapore Dollars to $0.275 Singapore Dollars per  option.  The terms of the revised option agreement (dated 9 July 2003) entered into between Pertama Holdings Limited and  Ms Koh Kee Ai in respect of these 1,000,000 options are:  Using the Black-Scholes option-pricing model, the value of these options at the date the exercise price was revised is  $0.0605 Singapore Dollars per option (or 5.903 cents per option in Australian dollars). Thus, at grant date, the total  value of these options had a value of $60,500 Singapore Dollars, or $59,030 Australian dollars.  The options are exercisable for the period commencing the fifth anniversary of 1 October 2000 and must be  exercised before the tenth anniversary of 1 October 2000.  The exercise price of these options is subject to annual review by the Board  The options are exercisable for the period commencing the third anniversary of 31 January 2003 and must be  exercised before the fifth anniversary of 31 January 2003  The exercise price of these options is subject to annual review by the Board 