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: Performance Rights Series - Recipient Exercise  price Earliest  vesting date Exercise period Performance related vesting  conditions Commence Expires 2012-01 Managing Director nil 01-Jul-14 01-Jul-14 01-Jul-17 TSR & RoE 2012-04 Executives nil 30-Jun-14 30-Jun-14 30-Jun-14 TSR 2010-6 Managing Director nil 23-Nov-13 23-Nov-13 23-Nov-16 TSR & RoE 2010-1 Senior Management nil 31-Jul-10 31-Jul-10 31-Jul-15 FUM target & earnings per share  (1) 2009-14 Managing Director nil 27-Nov-12 27-Nov-12 27-Nov-15 TSR & RoE 2008-07 Senior Management nil 31-Jul-09 31-Jul-09 31-Jul-14 FUM target & earnings per share  (1) 2007-05 Senior Management nil 31-Jul-09 31-Jul-09 31-Jul-13 FUM target & earnings per share  (1) Legacy performance rights series 2009-18 Other Key Stakeholders nil 30-Jun-12 30-Jun-12 30-Jun-12 Nil 2009-17 Senior Management nil 01-Dec-12 01-Dec-12 01-Dec-14 Nil 2008-06 Other Key Stakeholders nil 30 -Jun -11 30 -Jun -11 30 -Jun -11 Nil 2008-02 Senior Management nil 30-Jun-10 30-Jun-10 30-Jun-13 FUM target & earnings per share  (1) 2008-01 Senior Management nil 01-Dec-11 01-Dec-11 01-Dec-13 Nil  (2) (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.  Options Performance  Rights Deferred  Shares Total Weighted average  exercise price Number of  options Number of  rights Number of  shares Number of options,  rights & shares $ No. No. No. No. Opening balance at 1 July 2011  $7.0 0  4,816,770  616,214  79,932  5,512,916  Forfeited or lapsed during the period  $9.85  (692,322) (24,973) - (717, 295) Exercised during the period  $4.44  (246,548) (153,181) (24,119) (423,848) Granted during the period  $7. 21  709,854  521,250  35,977  1,267,081  Outstanding at 30 June 2012  $6.70  4,587,75 4 959,310  91,790  5,638,854  Exercisable at 30 June 2012  $8.61  546,896  91,340  - 638,236  page 106