Shares under option 31 December 2005
Date of grant
Share price
on date of grant
Value of
shares as
at date
of grant (£)*
Performance period
Dates
Exercisable**
potential
value/profit on
31 December 2005 (£)**
R A Hextall
85,053
19 May 2004
161.00p
128,602
Jan 2004-Dec 2008
May-Nov 2009
211,357
 
97,362
21 Mar 2005
171.00p
156,357
Jan 2005-Dec 2009
Mar-Sept 2010
241,945
 
182,415
          
453,302
C E L Philipps
189,734
19 May 2004
161.00p
286,881
Jan 2004-Dec 2008
May-Nov 2009
471,489
 
190,087
21 Mar 2005
171.00p
305,267
Jan 2005-Dec 2009
Mar-Sept 2010
472,366
 
379,821
          
943,855

** Value at the date of grant is calculated on the original number of shares, prior to the rights issue adjustment.

** These options are only exercisable to the extent that the demanding performance conditions set out in the earlier section within 'Remuneration policies' are met. For this reason, and because the year end is only a small way through each performance period, the potential profit at the year end, which is the full market value of 248.5p per share at that date of the total number of shares over which options were then outstanding, is hypothetical. Similarly, it is presently much too early to make a realistic estimate of the eventual level of vesting, and hence rewards. For an estimated theoretical value on grant, and the assumptions necessarily made for such valuation, see "Valuation of options and Performance Share Plan awards granted in 2005" later in this section.