Notes to the Financial Statements 97 Performance rights Deferred rights Kingsgate issued the following performance rights during the year: 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.  The following table lists the inputs to the model used for the performance rights granted for the year: The volatility above was determined with reference to the historical volatility of the Company’s share price from June 2008 to November 2012.  Kingsgate issued the following deferred rights during the year: The fair value of the deferred rights was estimated based on the share price less the present value of projected dividends over the expected term of each  deferred right. The following table lists the inputs to the model used for the deferred rights granted for the year: Type Grant date Vesting date Number Performance rights 24 September 2012 30 June 2015 120,455 Performance rights 21 November 2012 30 June 2015 222,955 Total 343,410 Number of rights issued 120,455 222,955 Grant date 24 September 2012 21 November 2012 Spot price ($) 6.02 4.84 Risk-free rate (%) 2.6 2.7 Term (years) 2.8 2.6 Volatility (%) 40–50 40–50 Exercise price ($) – – Fair value ($) 3.15–3.27 1.82–2.02 Type Grant date Vesting date Number Deferred rights 24 September 2012 30 June 2013 40,691 Deferred rights 24 September 2012 30 June 2014 58,618 Deferred rights 24 September 2012 30 June 2015 82,320 Subtotal 181,629 Deferred rights 21 November 2012 30 June 2013 52,181 Deferred rights 21 November 2012 30 June 2014 53,901 Subtotal 106,082 Total 287,711 Number of rights issued 181,629 106,082 Grant date 24 September 2012 21 November 2012 Spot price ($) 6.02 4.84 Risk-free rate (%) 2.6 2.7 Term (years) 0.8–2.8 0.6–2.6 Dividends ($) 0.11–0.24 0.11–0.24 Exercise price ($) – – Fair value ($) 5.17–5.91 3.98–4.73 continued Notes t o the Financial Statements