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## Notes to the financial statements (cont’d) 

For the year ended 30 June 2012 

The following share-based payment arrangements were in existence during the current reporting period: 

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(1) 25% of the rights vest subject to achievement of the Perennial Group’s three year Funds Under Management forecast and 25% based on the achievement of a compounding Group cash earnings per share (EPS) in excess of 10% each year over the performance period. The remaining options and rights are subject to continuing employment with the Group. 

(2) Prior to the acquisition of AWM, the performance hurdles for vesting of the performance rights was on the Group’s achievement of pre-determined Total Shareholder Return (TSR) (60%), cash EPS (20%) and return on equity (RoE) (20%). As a consequence of the acquisition, in accordance with the terms of the Share Plan, the Remuneration Committee exercised its discretion to waive the performance hurdles in respect of unvested performance rights as it is now impractical to measure performance against the hurdles on the basis established prior to the acquisition. As a result, the remaining performance hurdle is ongoing service only. 

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