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                                                                                                                                        StarHub Ltd Annual Report 2015

20	 Operating Expenses (continued)                                                                                                      Overview

20.2.2	Share-based Payments (continued)

	 StarHub Performance Share Plans (continued)
	 The movements of the number of shares under the StarHub Performance Share Plans, the fair values of the grant at

          measurement date and the assumptions of the fair value model for the grants of the Company are as follows:

2015                   Balance         Number of                                 Number of           Number of             Balance
Date of grant  outstanding at       performance                              performance          performance      outstanding at
                                  shares granted                             shares vested     shares forfeited
25 May 2012             1.1.2015                                                                                         31.12.2015
31 May 2013                 ’000               ’000                                      ’000                ’000               ’000
10 March 2014
16 March 2015             872                    –                           (872)               –                               –      Strategy
Total                     432                    –                               –              (3)                           429
                          645                    –                               –             (75)                           570
                                             535                                 –               –                            535
                             –               535                                               (78)                        1,534
                       1,949                                                 (872)

2014                   Balance         Number of                                 Number of           Number of             Balance
Date of grant  outstanding at       performance                              performance          performance      outstanding at
                                  shares granted                             shares vested     shares forfeited
31 March 2011           1.1.2014                                                                                         31.12.2014
25 May 2012                 ’000               ’000                                      ’000                ’000               ’000
31 May 2013
10 March 2014             858                    –                           (858)             –                                 –      Performance
Total                     872                    –                               –             –                              872
                          432                    –                               –             –                              432
                                             645                                 –             –                              645
                             –               645                                               –                            1,949
                        2,162                                                (858)

	 The fair value of the shares is estimated using a Monte-Carlo simulation methodology at the measurement dates, which are
          grant dates of the share awards. The assumptions under the model used for the grant in 2015 and 2014 are as follows:

                                                                                                                   Year of grant

                                                                                               2015                               2014  Governance & Sustainability

Fair value                                                                                       $2.94                 $2.65
Share price                                                                                      $4.25                 $4.07
Expected volatility of the Company’s shares                                                    16.23%                 16.91%
Expected volatility of MSCI Asia-Pacific Telecommunications Component Stock                    12.42%                 9.50%
Expected dividend yield                                                                         4.48%                 4.44%
Risk-free interest rates                                                                        1.39%                 0.50%

                                                                                                                                        Financials
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