201 ANNUAL REPORT 2010 The volatility is derived from quotations from external market  sources and the expected dividend yield is derived from  quotations from external market sources and the binomial  option pricing model. Refer to note 3 for a further description  of the method used to estimate the fair value and a description  of the significant assumptions. The costs related to the share appreciation rights amount to  EUR 4 million (2009: EUR (5) million; 2008: EUR (34) million)  and are recognized in the income statement as part of  ‘Commissions and expenses’. The following tables present the movements in number of share  options, as well as the breakdown by the year in which they  were granted. The liability related to share appreciation rights is valued at fair  value at each balance sheet date. Refer to note 28 for details.  At December 31, 2010, the total compensation cost related to  non-vested awards not yet recognized is estimated at  EUR 1 million (2009: EUR 5 million). The weighted average  period over which it is expected to be recognized is 0.25 years  (2009: 0.8 years). The costs related to the share options amount to EUR (7) million  (2009: EUR 10 million and 2008: EUR 19 million) and are  recognized in the income statement as part of ‘Commissions  and expenses’. No share appreciation rights and share options were granted in  2009 and 2010. The fair value of a share appreciation right or  share option at the grant date in 2008 amounted to EUR 1.57.  This amount is equal to the weighted average fair value for 2008. No cash is received from exercise of share options during 2010,  2009 and 2008. Cash used to settle share appreciation rights  amounts to EUR 0 million in 2010 (2009: EUR 0 million;  2008: EUR 0.4 million). The exposure from the issued share appreciation rights and  share options is economically hedged by part of the position  in treasury shares.  There have been no modifications to the plans during the  financial year. No share options were exercised and no SARs were paid during  2009 and 2010. The total intrinsic value of share options  exercised and SARs paid during 2008 amounted to EUR 1 million. SHARPENING OUR FOCUS SHARE APPRECIATION RIGHTS AND SHARE OPTIONS SHARE OPTIONS In 2010 and 2009 no share options were exercised.  In 2009 and 2010 no share options were granted.  Share options Original number  granted Outstanding  January 1, 2010 Outstanding  December 31, 2010 Exercise price  in EUR Exercise period 2005 5,586,160 3,791,760 3,420,160 10.86 until March 8, 2012 2006 9,149,500 6,860,401 6,113,283 14.00 until March 14, 2013  2007 9,522,200 7,554,798 4,538,370 14.98 until March 13, 2014  2008 10,269,900 8,883,908  7,772,880 8.93  until March 11, 2015 TOTAL 34,527,760 27,090,867 21,844,693 Number of  share options Weighted average  exercise price in EUR Weighted  average remaining  contractual  term in years Aggregate intrinsic  value in EUR million Outstanding at January 1, 2009 29,178,516 12.17 5.01 0 Forfeited (2,087,649) 12.10 OUTSTANDING AT JANUARY 1, 2010 27,090,867 12.17 4.00 0 Forfeited / Cancelled (5,246,174) 13.27 OUTSTANDING AT DECEMBER 31, 2010 21,844,693 11.91 2.97 0 EXERCISABLE AT DECEMBER 31, 2010 14,071,813 13.55 2.29 0