Directors’ Report 60 Value of share rights  Share options issued under the previous LTI Plan 1  The minimum value of the rights yet to vest is nil, as the rights will be forfeited if the Key Management Personnel fails to meet a vesting condition. 2  The maximum value of the share rights yet to vest has been determined as the fair value of the rights at the grant date that is yet to be expensed. 3   The value at vesting date (30 June 2013) is the number of rights vesting multiplied by the Company’s share price on the vesting date. As rights convert to ordinary shares on the vesting date, this date is also the exercise date. No payment by the holder of the right is required on vesting of the right. 4   The value at lapse date is the number of rights lapsing multiplied by the Company’s share price at the close of business on that day. No rights lapsed on the 2013 financial year. 5   The fair value of the performance rights was estimated using Monte Carlo simulation, taking into account the terms and conditions upon which the awards were granted (refer to Note 24 of the Financial Statements). No shares were issued during the year on the exercise of options. All options held by Key Management Personnel at the beginning of the year issued under  this plan expired during the year and no further options have been issued. These options vested in a prior period hence there was no impact on Key  Management Personnel remuneration for the year. End of Remuneration Report www.kingsgate.com.au Share Rights Name Financial year  that rights may vest Number granted Fair value per right at  grant date 5 $ Total fair value at  grant date 5 $ Maximum value yet to vest 2 $ Value at vesting date 3 $ Value at lapse date 4 $ G Thomas Deferred 2013 52,181 4.73 246,815 – 66,009 – Deferred 2014 53,901 4.38 236,087 147,5 5 4 – – Performance 2015 222,955 1.92 428,074 352,447 – – D Woodbury Deferred 2013 13,298 5.91 78,590 – 16,822 – Deferred 2014 13,736 5.57 76,511 47,819 – – Deferred 2015 14,204 5.17 73,438 60,464 – – Performance 2015 28,409 3.21 91,193 75,082 – – T Benfield Deferred 2015 14,204 5.17 73,438 60,464 – – Performance 2015 28,409 3.21 91,193 83,138 – – R James Deferred 2013 10,638 5.91 62,872 – 13,457 – Deferred 2014 10,989 5.57 61,209 38,255 – – Deferred 2015 11,364 5.17 58,750 48,371 – – Performance 2015 22,728 3.21 72,955 60,066 – – R Coyle Deferred 2013 10,372 5.91 61,301 – 13,121 – Deferred 2014 10,714 5.57 56,679 37,29 9 – – Deferred 2015 11,080 5.17 57,281 47,162 – – Performance 2015 22,159 3.21 71,131 58,564 – – J Forwood Deferred 2014 9,066 5.57 50,497 31,561 – – Deferred 2015 9,375 5.17 48,469 39,906 – – Performance 2015 18,750 3.21 60,188 49,554 – –