4.4 Legal risk - Scor

The table below presents the changes and the current stock option plans at the end of the year along with the average
corresponding exercise price.
Number of
options
2012 2011
Average
exercise price
in EUR
per share
Number of
options
Average
exercise price
in EUR
per share
Outstanding options at 1 January 7,996,804 17.41 7,373,264 19.63
Options granted during the period 938,000 20.17 1,010,000 18.49
Options exercised during the period 582,166 16.35 121,603 15.91
Options expired during the period - - 115,170 171.58
Options forfeited during the period 258,608 18.36 149,687 16.91
Outstanding options at 31 December 8,094,030 17.77 7,996,804 17.41
Exercisable at 31 December 3,546,530 17.82 2,831,304 18.60
The average remaining life of the options and the average exercise price for 2012 and 2011 are presented below.
Range of exercise
prices in EUR
Average
weighted
exercise
price in EUR
Outstanding options
2012 2011
Average
Average Number of weighted Average
weighted outstanding exercise weighted
residual life options price in EUR residual life
Number of
outstanding
options
from 10 to 50 17.77 6.12 8,094,030 17.41 6.65 7,996,804
from 51 to 100 - - - - - -
from 101 to 150 - - - - - -
from 151 to 200 - - - - - -
from 201 to 250 - - - - - -
from 10 to 250 17.77 6.12 8,094,030 17.41 6.65 7,996,804
The fair value of options is estimated by using the Black & Scholes method which takes into account the terms and
conditions under which the options were granted. The following table lists the characteristics used at the end of 2012, 2011
and 2010:
23 March
2012 Plan
1 September
2011 Plan
22 March 2011
Plan
12 October
2010 Plan
18 March 2010
Plan
Fair value at grant date
(EUR) 3.10 2.39 2.61 2.40 3.10
Exercise price (EUR) 20.17 15.71 19.71 17.79 18.40
Expected life 4 years 4 years 4 years 4 years 4 years
Historical volatility (1) 29.11% 26.62% 25.69% 27.24% 28.71%
Dividend 5.58% 5.44% 5.28% 5.28% 5.28%
Risk-free interest rate 1.924% 1.74% 2.60% 1.50% 2%
(1) The historical volatility used to determine the fair value of stock options is based on an historical volatility over periods corresponding to the expected average maturity
of the options granted, which is partially smoothed to eliminate extreme deviations and to better reflect long term trends.
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