Parameters used by the external service provider


The parameters used by the external service provider are shown in the following table:

Reference price

in EUR/GBP

Options 2009

Options 2010

Lufthansa

11.57

13.74

Air France-KLM

11.51

11.60

British Airways (IAG)

209.98

246.88

Iberia (IAG)

2.00

2.90

Ryanair

3.33

4.19

easyJet

365.33

400.87

Air Berlin

3.78

3.27

Projected volatilities for

 

in %

Options 2009

Options 2010

Lufthansa

36.51

32.73

Air France-KLM

47.18

42.41

British Airways (IAG)

39.68

37.79

Iberia (IAG)

39.79

38.02

Ryanair

29.25

30.99

easyJet

40.30

35.91

Air Berlin

41.51

36.37

Risk-free interest rate

0.10 –0.38 for euro zone,
0.48 for UK

Fluctuation

4.9

Reference price

in EUR/GBP

Options 2011 (three years)

Options 2011 (four years)

Lufthansa

10.27

10.27

Air France-KLM

5.77

5.77

IAG

160.13

160.13

Ryanair

3.16

3.16

easyJet

340.33

340.33

Air Berlin

2.66

2.66

Projected volatilities for

 

in %

Options 2011
(three years)

Options 2011
(four years)

Lufthansa

34.72

37.40

Air France-KLM

45.45

48.45

IAG

44.86

52.34

Ryanair

36.38

47.59

easyJet

39.00

48.40

Air Berlin

40.90

52.88

Risikoloser Zinssatz (drei Jahre)

0.68 for euro zone,
0.67 for UK

Risikoloser Zinssatz (vier Jahre)

0.99 for euro zone,
0.95 for UK

Fluktuation

4.9

Staff costs include total expenses of EUR 9m (previous year: EUR 19m) for options programmes.

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