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Subject: exercise increment Salary expenses include NIS 38 million (2005: NIS 23 million, 2004: NIS 13 million), which constitute a benefit in respect of the allocation of options. The value of the benefit is based on fair value calculated according to the Black & Scholes formula. In previous years, some of the amount of the benefit was calculated according to the naive value.This amount was partly calculated on the basis of "the naive value" (defined as the difference between the market value of the shares and the present value of the exercise increment for the date of the decision). An expense in respect of the naive value was recorded in 2005, in the amount of NIS 22 million, and in 2004, in the amount of NIS 12 million.
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