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## Note 27. Share-based Payments (continued) 

## (c) Fair Value of Options 

The fair value of each option during the financial year was estimated on grant date using the Black-Scholes option pricing model. The Black-Scholes option pricing model takes into account the exercise price, the term of the option, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk-free interest rate for the term of the option. 

The Group applied the following assumptions and inputs in estimating the weighted average fair value: 

<img src='content_image/196508.jpg'>

Historical volatility was the basis for determining expected share price volatility as it is assumed that this is indicative of future trends, which may not eventuate. 

## (d) Share-based Payments Expense 

Total expenses arising from share-based payment transactions recognised during the financial year, included as part of employee benefits expense in the consolidated statement of comprehensive income, was $5,069,475 (2010: $5,289,047). 

## Note 28. Remuneration of Key Management Personnel 

Directors and other key management personnel at any time during the financial year were as follows: 

<img src='content_image/196509.jpg'>

All of the above persons were also Directors or other key management personnel during the previous financial year, except for Mr Clark Davey and Mr Edward Munks. 

