Notes to the Consolidated Financial Statements for the Year Ended 30 June 2014 NOTE 15: CONTRIBUTED EQUITY (continued) Rights over shares are provided to employees under the Employee Share Option Plan (ESOP). The cost of these equity-settled transactions with  employees is measured by reference to the fair value at the date at which they are granted. The fair value is determined using a Black-Scholes  model. In valuing equity-settled transactions, no account is taken of any performance conditions, other than conditions linked to the price of the  shares of Benitec Biopharma Limited (‘market conditions’). The following information was factored in to the Black-Scholes model for the options issued under ESOP this year:  There were no options issued to staff or directors in the period from 30 June 2014 to the date this report was issued.  Page 34 Benitec Biopharma Ltd  Annual Report 2014 v.  The risk-free interest rate used was as shown above iv. option life is 5 years iii. expected volatility was as shown above and was determined by reference to Bloomberg for the Benitec share price based on historical  volatility ii.  exercise prices were as shown above  i.  weighted average share price as shown above Unlisted other options  23 October 2015  4.250  78,125  NED Options  26 September 2016  1.250  1,600,000  ESOP Options  17 November 2016  1.250  1,800,000  NED Options  26 September 2016  1.250  1,200,000  ESOP Options  7 February 2017  1.250  168,000  ESOP Options  18 July 2017  1.250  400,000  ESOP Options  16 November 2017  1.250   400,000  NED Options  18 May 2018  0.625  400,000  ESOP Options  22 August 2018  1.250  2,080,000  Unlisted options - placement  28 February 2019  1.260  13,246,203  ESOP Options  15 May 2019  1.500  180,000  23,320,173 Since 30 June 2013, the following options were issued under the ESOP: Weighted average Expiry date  Exercise price Issue date  Number  share price  Volatility  Risk free rate 22 August 2018  1.250  22 August 2013  2,080,000  $0.29  112%  3.55% 15 May 2019  1.500  15 May 2014  180,000  $0.30  100%  2.60% 2,260,000