St Barbara Mines Limited Annual Report 2004 Notes to the Financial Statements  for the year ended 30 June 2004 A total of 44,329,106 listed share options expired on 29 February 2004. The consolidated entity had no listed share  options on issue at 30 June 2004. At 30 June 2004, the consolidated entity had 84,840,026 unlisted share options on issue. On 20 October 1995, shareholders at a general meeting approved the Employee Share Option Plan (ESOP). The purpose of the ESOP is to provide an incentive to executive of fi  cers on the Company. No new options will be  issued in the future under this ESOP. On 28 November 2001, shareholders at a general meeting approved a new Employee Option Plan. Each unlisted share option entitles the holder to subscribe for one ordinary share on, substantially, the following terms: (b) Listed Share Options (c)  Unlisted Share Options (i) each unlisted option entitles the holder to subscribe for one ordinary share at the exercise prices set out below; (ii) the unlisted options are exercisable at any time up to 5.00pm Perth, Western Australia time on the dates set out  below by completing an option exercise form and delivering it together with the required payment for the relevant  number of ordinary shares in respect of which the unlisted options are exercised to the registered of fi  ce of the  Company. Any unlisted options not exercised by that time will lapse. C Date Details Number of  0ptions Exercise  price Issue  Date Expiry  Date 30 Jun 02 Opening Balance 22,163,106 21 Aug 02 Placement 17,166,000 $0.30 21 Aug 02 29 Feb 04 6 Sep 02 Toto Capital 5,000,000 $0.30 6 Sep 02 29 Feb 04 30 Jun 03 Balance 44,329,106 29 Feb 04 NuStar Mining (formerly  Taipan) - expired (20,913,106) $0.30 1 May 01 29 Feb 04 29 Feb 04 Tricom Equities Ltd (1,250,000) $0.30 2 Apr 02 29 Feb 04 29 Feb 04 Placement - expired (17,166,000) $0.30 21 Aug 02 29 Feb 04 29 Feb 04 Toto Capital - expired (5,000,000) $0.30 6 Sep 02 29 Feb 04 30 Jun 04 Closing Balance 0 Movements in Listed Options Consolidated Company 30 June 2004 $’000 30 June 2003 $’000 30 June 2004 $’000 30 June 2003 $’000 19. OPTIONS (a) Option  Reserve Option reserve at the beginning of the  fi  nancial period 1,959 430 1,959 430 Options issued during the  fi  nancial period 484 1,529 484 1,529 Option reserve at the end of the  fi  nancial period 2,443 1,959 2,443 1,959 This option reserve arises from 44,159,394 unlisted being issued during the course of the year. The fair value of each option issued has been valued using the Black-Scholes option pricing model after considering  factors such as the term of the option, the risk free interest rate and the volatility of the share price.