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50% of the bonus in cash with the remaining 50% being a nil cost option that can be exercised at any time in the five year period following the announcement of the group's results for the 2003 financial year. share option incentives long-term incentives will be provided to drive performance, aid retention and align the interests of executives with those of shareholders. there are three schemes in existence: a ; the executive director incentive plan edip ; was established to reward messrs. harding and singer in the event of admission of the company's shares to the london stock exchange and will not be repeated. under the scheme each is entitled to an award of shares, structured as a nil cost option, which will vest in three annual tranches 30%, and 40% ; , starting from the date of the first anniversary of admission, subject to the company's total shareholder return tsr ; performance against companies in the ftse250 over the period from the date of admission to the date immediately preceding each relevant tranche vesting date. if top quartile tsr performance is achieved, all the shares in that tranche will vest. if median tsr performance is achieved, half the shares will vest, and if performance is between the median and upper quartiles, between half and the full amount will vest, on a straight-line basis. no shares will vest for below median performance. full details of the edip were disclosed in the flotation prospectus. b ; the long-term incentive plan 2002 ltip ; is for senior management. the ltip will be administered by the committee and will provide conditional awards of shares to a value of up to 50% of salary the basic award ; for middle and senior management and up to a further 50% the matching award ; for senior management. the matching award will be on a ratio of not more than one to one and accordingly the maximum value of shares that can be awarded in any financial year is 100% of salary. release of the shares will be dependent upon the company's tsr and win at video poker.
It's been an exciting year for everyone associated with rdf rights. i'm proud of what we've achieved, particularly since regulatory change in the uk in 2004 opened up a significant opportunity for us to establish ourselves as a major player in the uk television distribution market. i'm delighted to report that we've capitalised on that opportunity and that rdf rights is now, without question, one of the key distributors of television content in this country and a growing force in the international market. this was recognised most tangibly when rdf rights was voted equal number one distributor alongside bbc worldwide ; by its peers in broadcast magazine's annual survey of the sector, outgunning rivals such as channel 4 international, granada international and freemantle international. all this, of course, has come about because of the hard work and dedication of the people working for rdf rights and our willingness, as a group, to invest in this area. i want to thank everyone who has contributed to this story of success but particularly my staff. rdf rights is the agency business through which the group exploits the intellectual property arising from television and associated content. exploitation is carried out on behalf of both rdf media group companies as well as third party clients. in the us, rdf rights activities are conducted through pangea management group, part of rdf usa. rdf rights' activities include the sale of finished programmes and formats as well as the brokering of deals for dvds, publishing, merchandising and new media. we are now exploiting not only content created by rdf media group companies, but the content produced by more than 80 other independent uk producers and a further 40 other content creators from around the world. rdf rights' active catalogue now exceeds 4, 000 hours of programming 2006: 3, 000 ; about 70% of which is non-rdf content.

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