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## Note 48 – Share-based payment plans (continued) 

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The following table sets out details of SPRs that have been granted to the Managing Director and remain outstanding under the LTIP at the end of the reporting period: 

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Details of movements in SPRs in the AGL Long-Term Incentive Plan for the Managing Director are set out below: 

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The fair value of services received in return for SPRs granted are measured by reference to the fair value of SPRs granted. The estimate of the fair value of services received is measured based on the Black-Scholes and Monte Carlo simulation methods. The contractual life of the SPRs is used as an input into this model. Expectations of early vesting are incorporated into the Monte Carlo simulation method. Expected volatility is based on the historical share price volatility over the past two years. 

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The total expense arising from share-based payment transactions recognised in the income statement as part of employee benefits expense during the financial year in relation to the Managing Director’s SPRs was: 

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