NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  NOTE 31 – SHARE BASED PAYMENTS continued 2013  Share price:  A$ 1.06 – A$1.10  Exercise price:  A$1.25 – 1.40  Expected volatility:  60%  Option term:  5.75 years  Risk free interest rate:  2.82 to 3.10%  The following table summarises the key assumptions used to calculate the estimated fair value awarded or granted  during the year ended 31 December 2013:  During the years ended 31 December 2014 and 2013, the Board of Directors awarded 2,839,626 and 1,237,994 RSUs  to certain employees. These awards were made in accordance with the long-term equity component of the  Company’s incentive compensation plan, the details of which are described in more detail in the remuneration  section of the Directors’ Report. Share based payment expense for RSUs awarded was calculated pursuant to AASB  2 / IFRS 2. The fair values of RSUs were estimated at the date they were approved by the Board of Directors (the  measurement dates) based on the Company’s stock price at the date of grant. The value of the vested portion of  these awards has been recognised within the financial statements. This information is summarised for the Group  for the years ended 31 December 2014 and 2013, respectively, below:  Restricted Share Units The following tables summarise the RSUs issued and their related grant date, fair value and vesting conditions:  Number  of RSUs  Weighted Average  Fair Value at  Measurement Date A$  Outstanding at 31 December 2012  2,090,893  0.59  Issued 1,237,994  0.91  Converted to ordinary shares  (1,511,511)  0.76  Forfeited  (113,069)  0.76  Outstanding at 31 December 2013  1,704,307  0.83  Issued 2,839,626  0.97  Converted to ordinary shares  (1,479,978)  0.89  Forfeited  (99,778)  0.92  Outstanding at 31 December 2014  2,964,177  0.93  Grant Date  Number of RSUs  Estimated Fair Value  (US$’000)  Vesting Conditions  15 April 2014  1,842,638  $1,611  25% issuance date, 25% first three anniversaries  5 May 2014  135,000  123  33% issuance date, 33% on 1 January 2015 and 2016  12 190,000  172  33% issuance date, 33% first two anniversaries  30 May 2014  671,988  680  25% issuance date, 25% first three anniversaries  2,839,626  $ 2,586  RSUs awarded during the year ended 31 December 2014: - 96 - 