NOTES TO THE CONSOLIDATED BALANCE SHEET 30 TO 42

30 DERIVATIVE FINANCIAL INSTRUMENTS

The Group’s derivative financial instruments, other than acquisition option commitments, are summarised as follows:

The maturity profile of the Group’s derivative financial assets is as follows:

The maturity profile of the Group’s financial liabilities is as follows:

31 FINANCIAL ASSETS AND LIABILITIES

The Group’s treasury policies are set out in the Financial and Treasury Review.

The maturity profile of the Group’s borrowings is as follows:

Fixed and floating rate borrowings, before taking account of derivative instruments, are analysed by type of debt and currency as follows:

The above currency borrowings are analysed by types of interest rate as follows:

Analysis by currency and interest rate profile, stated after taking account of derivative instruments, excluding the effect of forward currency contracts, as at 30th September, 2007 and at 1st October, 2006, was as follows:

The above tables do not take into consideration the effect of US dollar, Australian dollar, Euro and Canadian dollar forward contracts which are used by the Group to create ‘synthetic currency debt’. The impact of including these derivatives on the above table would be as follows:

The Group has issued loan notes which attract interest at rates of approximately LIBID to LIBID minus 1%. The loan notes are repayable at the option of the loan note holders with a six month notice period and are treated as a current liability.

The interest rates charged on the Group’s bank loans are based on LIBOR plus a margin and ranged as follows:

The Group’s bonds have been adjusted from their nominal values to take account of premia, direct issue costs and discounts. The issue costs, premia and discounts are amortised over the expected lives of the bonds using the effective interest method. The unamortised issue costs amount to £3.7 million (2006 £3.2 million) and the unamortised premia amounts to £16.2 million (2006 £19.4 million).

A proportion of the Group’s bonds are hedged using fixed to floating swaps. Changes in the fair value of the swaps are recognised in the income statement and at the same time the carrying value of the hedged bonds is adjusted for movements in the hedged risk to the extent effective and those adjustments are also recognised in the income statement.

During the year the Group redeemed £9.4 million of its existing 2021 bonds at a cost of £12.6 million and issued a new 20-year £200 million 6.375% bond receiving proceeds amounting to £197.8 million after costs of £2.2 million were deducted.

The nominal values of the bonds are as follows:

The Group also had outstanding interest rate swaps of £75.0 million (2006 £75.0 million) with the Group paying floating rates of between 4.71% and 4.76% (2006 4.71% and 4.76%). In the prior year the Group had a US$ interest rate swap outstanding amounting to a principal of US$10.0 million with the Group paying a fixed rate of 5.00%.

The Group also had outstanding cross currency, fixed to fixed, interest rate swaps. These amounted to £255.5 million/US$485 million (2006 £239.6 million/US$430.1 million) resulting in the Group paying fixed US dollar interest at rates of between 4.40% and 6.07% (2006 2.62% and 5.34%), £18.8 million/Aus$45.0 million (2006 £41.8 million/Aus$100.0 million) with the Group paying fixed Australian dollar interest at rates of between 6.15% and 6.22% (2006 5.66% and 6.44%). In the prior year the Group also had outstanding ¥23.4 billion/£127.8 million with the Group paying fixed Japanese Yen interest of JPY 0.90%.

The Group also had a number of outstanding interest rate caps. These amounted to US$130.0 million notional (2006 US$60.0 million) at rates of between 4.00% and 6.00% (2006 4.00% and 6.00%).

The Group’s cross currency swaps and forward contracts are treated as net investment hedges, hedging the Group’s overseas investments and the swaps are all treated as fair value hedges.

The effect of these derivatives on the Group’s interest rate exposure on bonds and bank debt is as follows:

Market risk

The Group’s primary market risks are interest rate fluctuations and exchange rate movements. Derivatives are used to hedge or reduce the risks of interest rate and exchange rate movements and are not entered into unless such risks exist.

The fair values of interest rate swaps, interest rate options and forward foreign exchange contracts set out below represent the replacement costs calculated using market rates of interest and exchange at 30th September, 2007. The fair value of long-term borrowings has been calculated by discounting expected future cash flows at market rates for disclosures purposes only.

Interest rate risk

The Group’s interest rate exposure management policy is aimed at reducing the exposure of the consolidated businesses to changes in interest rates. This is achieved by issuing fixed rate sterling bond debt and through interest rate hedges described above. The tables on the preceding pages provide an analysis of the Group’s exposure to fixed and floating rate debt. The Group’s exposure to cash flow risk is considered low in comparison to the Group’s total interest rate risk.

The carrying and fair values of the Group’s financial instruments are set out in the table below:

Short-term borrowings comprise bank loans, overdrafts, finance lease and deferred consideration. Long-term borrowings comprise bank loans, bonds and deferred consideration.

Foreign exchange rate risk

Translation exposures arise on the earnings and net assets of business operations in countries with currencies other than those of each of the parent companies, most particularly in respect of the US businesses. The net asset exposures are hedged, to a significant extent, by a policy of denominating borrowings in currencies where significant translation exposures exist, most notably US dollars.

Credit risk

The Group seeks to limit interest rate and foreign exchange risks described above by the use of financial instruments and as a result has a credit risk from the potential non-performance by the counterparties to these financial instruments, which are unsecured. The amount of this credit risk is normally restricted to the amounts of any hedge gain and not the principal amount being hedged. The Group also has a credit exposure to counterparties for the full principal amount of cash and cash equivalents. Credit risks are controlled by monitoring the credit quality of these counterparties, principally licensed commercial banks and investment banks with strong long-term credit ratings, and of the amounts outstanding with each of them.

The Group has treasury policies in place which do not allow concentrations of risk with individual counterparties and do not allow significant treasury exposures with counterparties which are rated lower than AA by Standard and Poor’s, Moody’s or Fitch. There is no concentration of debtors in the Group.

The Group considers its maximum exposure to credit risk to be as follows:

Liquidity risk

The Group ensures that there are sufficient committed loan facilities in order to meet short-term business requirements after taking into account the Group’s holding of cash and cash equivalents together with any distribution restrictions which exist. It is believed that these facilities together with the Group’s bond issuances will be sufficient to cover the likely short- and long-term cash requirements of the Group.

Associates, joint ventures and other investments will in general arrange and maintain their own financing and funding requirements. In most cases such financing will be non-recourse to DMGT plc.

Committed borrowing facilities

The Group’s borrowing facilities, which are unsecured, bear interest charged at LIBOR plus a margin based on the Group’s ratio of net debt to EBITDA. Additionally each facility contains a covenant based on a minimum interest cover ratio.

The following undrawn committed borrowing facilities were available to the Group as at 30th September, 2007 and at 1st October, 2006, in respect of which all conditions precedent had been met:

Fair value hedges

The Group’s policy is to use interest rate swaps to convert a proportion of its fixed rate debt to floating rates in order to hedge the interest rate risk with changes in fair value of the hedging instrument recognised in the income statement for the period together with the changes in the fair value of the hedged item due to the hedged risk, to the extent the hedge is effective.

The Group has entered into interest rate swaps to hedge the exposure to changes in the fair value of fixed rate borrowings due to interest rate movements which could affect the income statement.

Interest rate derivatives with a principal amount of £75.0 million (2006 £75.0 million) were in place at 30th September, 2007 swapping fixed rate sterling debt into floating rate sterling debt.

The gains and losses on the borrowings and related derivatives designated as fair value hedges included in the income statement for the year ended 30th September, 2007 were:

Cash flow hedges

The Group enters into two types of cash flow hedge: fixed to fixed cross currency interest rate swaps and foreign exchange derivatives which fix the exchange rate on a portion of future currency expenditure.

All cash flow hedges were effective throughout the year ended 30th September, 2007.

Net investment hedges

The Group enters into forward currency sales and cross currency swaps to hedge the Group’s investment in foreign operations. All net investment hedges were effective throughout the year ended 30th September, 2007.

Tax equalisation swaps

The Group enters into forward currency sales/purchases which hedge tax payable/receivable when long-term intercompany non-trading balances are revalued ("Tax Equalisation Swaps").

Tax Equalisation Swaps are not designated as hedging instruments under IAS 39.

Financial Assets

Currency and interest rate composition of financial assets

Financial asset maturity profile

The maturity profile of the carrying value of the Group’s financial assets at the end of the year was as follows:

The interest rates received on the Group’s sterling bank deposits ranged as follows:

32 RETIREMENT BENEFITS

The newspaper divisions of the Group operate a number of pension schemes covering most major UK group companies under which contributions are paid by the employer and employees.

The schemes for most employees are funded defined benefit pension arrangements, providing service-related benefits, based on final pensionable salary. In addition, a number of defined contribution pension plans are operated by certain divisions of the Group where this type of pension provision aligns with the business model. The assets of all the schemes are held independently from the Group’s finances and in the UK are administered by trustees or trustee companies.

The total net pension costs of the Group for the year ended 30th September, 2007 were £31.1 million (2006 £34.4 million).

Aberdeen Journals

The sale by the Group of Aberdeen Journals Limited on 2nd April, 2006 crystallised from a pensions viewpoint on 30th September, 2006 following a period of continued participation by employees of that company in the Group’s defined benefit pension schemes. The sale triggered payments totalling £25.9 million to these schemes to deal with the debts arising under Section 75 of the Pensions Act 2004. The payment was received by the schemes on 9th February, 2007. A number of the members involved agreed to transfer their accrued pension benefits to their new employer’s pension scheme, and an appropriate payment was made from the DMGT schemes in this respect.

Metal Bulletin

The acquisition by Euromoney Institutional Investor plc of Metal Bulletin plc on 6th October, 2006 included a defined benefit obligation in respect of the Metal Bulletin Pension Scheme (MBPS). As a result of this acquisition, at that date the defined benefit obligation of the Group increased by £21.7 million and the fair value of pension scheme assets increased by £17.7 million resulting in an increase of the net pension liability of £4.0 million. The impact of the acquisition of MBPS on the balance sheet disclosures, and the subsequent pension costs arising, are included in the figures reported below.

Defined Benefit Schemes

Each of the defined benefit schemes operated by the Group are administered by a trustee company which is required to act in the best interest of the beneficiaries of that scheme. The appointment of trustee directors is determined by the trust documentation of each scheme, and associated legislation, and requires the appointment of both Company and Member-nominated Directors (MNDs). The selection of MNDs has to date been in accordance with the opt-out arrangements put forward by the principal employer in July 1997, as permitted under The Occupational Pension Schemes (Member-nominated Trustees and Directors) Regulations 1996. However, these arrangements expired in July 2007, and new legislation is in place. Each trustee company is currently reviewing its procedures on the nomination and selection of MNDs and will communicate the new arrangements to members within the next few months.

The Group has informed the trustees of the two main schemes, The Mail Newspapers Pension Scheme and The Harmsworth Pension Scheme, of its intention to merge these schemes. The trustees of both schemes have set up a sub-committee to consider the impact of the merger and, in particular, to ensure that the benefits and interests of all scheme members are protected. There will be no change in the benefits provided to any members as a result of the merger. It is expected that the merger will be completed by 30th November, 2007. Full actuarial valuations are carried out triennially by the actuary using the projected unit credit method. The figures in this note are based on calculations performed as part of the work being carried out for the actuarial valuations of the main schemes as at 31st March, 2007, and adjusted to 30th September, 2007 by the actuary. However, the results of the formal valuation of the schemes as at 31st March, 2007 are not expected to become available until early in 2008.

The company cash contribution rate to the main schemes during the year was 18% of pensionable salaries (2006 18%).

At 30th September, 2007, the defined benefit obligation to the Group relating to the DMGT AVC Plan was £56.6 million (2006 £62.1 million). The assets of the Plan were £66.8 million (2006 £65.7 million), producing a surplus of £10.2 million (2006 £3.6 million). However, as indicated in the disclosures below, an adjustment has been made to cap the value of assets in the Plan since the surplus is not recoverable by the Group. Thus, the net value of the Plan in the Group balance sheet is £nil (2006 £nil). The Plan is closed to further member contributions. The Plan has had no impact on the pension cost reported in these financial statements.

The main schemes have a two-tiered benefit structure represented by a “Standard” section and a “Pension +” section. In the “Standard” section, employees pay contributions of 5% of pensionable salaries and have benefits based on a normal retirement age of 65. Under the “Pension +” section, employees currently pay contributions of 7.5% and enjoy a higher benefit accrual rate and lower normal retirement age than in the “Standard” section. The schemes remain open to eligible new employees who, after one year’s service, can join the “Standard” section with an option to join the “Pension +” section after a further four years’ service. Members are able to make additional voluntary contributions (AVCs) into unit-linked funds held within each scheme. No benefit obligation arises to the Group from these AVCs and the related unit-linked AVC assets have been excluded from the scheme assets reported below.

A reconciliation of the net pension obligation reported in the balance sheet is shown in the following table:

The International Financial Reporting Interpretations Committee, in its document IFRIC 14, has interpreted the extent to which a company can recognise a pension surplus on its balance sheet. Having taken account of the rules of the schemes, the fact that the schemes remain open to new accrual, and the current and anticipated levels of service cost and cash contributions, the Company considers that recognition of the schemes’ surpluses on its balance sheet is in accordance with the interpretations of IFRIC 14. In 2006, all schemes were in deficit.

The surplus for the year, set out above, excludes a related deferred tax liability of £22.5 million (2006 asset £37.6 million).

A reconciliation of the present value of the defined benefit obligation is shown in the following table:

A reconciliation of the fair value of assets is shown in the following table:

The fair value of the assets held by the pension schemes and the long-term expected rate of return on each class of assets are shown in the following table:

The trust deed of each of the schemes explicitly prohibits investment of the scheme assets in employer-related investments, apart from those required in order that a passively managed UK equity portfolio can be utilised by the trustees. The value of DMGT ‘A’ Ordinary Non-Voting Shares held by the UK equity passive manager on behalf of the schemes at 30th September, 2007 was £0.7 million (2006 £0.7 million).

The assumption for the expected overall rate of return on assets is a weighted average of the expected returns for each asset class based on the proportion of assets held in each class at the beginning of the year. The expected return on bonds has been selected having regard to gross redemption yields at the start of the year. The expected returns on equities and property are based on a combination of estimated risk premiums over Government bond yields, the gross redemption yields on bonds, and consensus economic forecasts for future returns.

The actual return on plan assets was £198.2 million (2006 £183.7 million) representing the expected return plus the associated actuarial gain or loss during the year.

The main financial assumptions are shown in the following table:

The discount rate for scheme liabilities reflects yields at the balance sheet date on high quality corporate bonds. All assumptions were selected after taking actuarial advice.

Recent improvements in longevity have lead to a review of mortality assumptions as a part of the actuarial valuation of the schemes as at 31st March, 2007. As explained above, the results of this valuation are not expected until early 2008. However, the Company has decided to revise the mortality assumptions taking account of scheme experience, ‘medium cohort’ projections, and an allowance for future improvement in life expectancy. At the same time, the Company has decided to make an allowance for the extent to which employees have chosen to commute part of their pension for cash. Further review of these assumptions will be possible when the results of the formal valuation are known.

The table below illustrates examples of the assumed average life expectancies from age 60 for the principal schemes:

The amounts charged to the income statement based on the above assumptions are shown in the following table:

Pension costs and the size of any pension surplus or deficit are sensitive to the assumptions adopted. The table below indicates the effect from changes in the principal assumptions used above:

Amounts recognised in the statement of recognised income and expense (SORIE) are shown in the following table:

The Group expects to contribute approximately £26.3 million to the schemes during the 2008 financial year. Included in scheme assets is an advance payment into the Group’s pension schemes amounting to £25.1 million in respect of the 2007 contributions (2006 £23.6 million).

UK defined contribution plans

The Group operates a number of defined contribution pension plans. Currently, these are principally trust-based arrangements, with an aggregate value of £27.0 million (2006 £26.0 million) at the year end. The growth of online businesses coupled with acquisitions is likely to mean that a higher portion of the Group’s employees will be offered defined contribution arrangements in future and it is expected that these plans will progressively be amended to operate on a group personal pension basis, following approval of this approach by the Group’s divisions.

The pension cost attributable to these plans during the year amounted to £3.6 million (2006 £5.2 million).

Overseas pension plans

Overseas subsidiaries of certain Group divisions operate defined contribution retirement benefit plans, primarily in North America and Australia. The pension cost attributable to these plans during the year amounts to £4.6 million (2006 £2.4 million).

Pension arrangements for executives

The Group operates a two-tier, contributory defined benefit pension scheme for senior executives (including executive Directors), details of which are incorporated in the above disclosures. It is the Group’s policy that annual bonuses, payments under the Executive Bonus Scheme and benefits in kind are not pensionable.

Included in UK defined contribution plans above are investments in a funded unapproved retirement benefit scheme for certain executives of the Group including two executive Directors who were subject to the pensionable earnings cap imposed by HM Revenue & Customs under the previous tax regime. The assets of this scheme are held under individual trusts independently from the Group’s finances. There was no additional investment in these individual trusts during the year (2006 £0.2 million) as the Group has terminated its investment with effect from 5th April, 2006 to coincide with the tax changes introduced from that date.

Stakeholder pension

DMGT provides access to a stakeholder pension plan for relevant employees who are not eligible for the other pension schemes operated by the Group.

33 PROVISIONS

Movements on other provisions during the year were as follows:

Other provisions principally comprise long service leave provisions of £2.2 million (2006 £2.4 million), dilapidation provisions of £0.1 million (2006 £0.8 million) and contract discount provision of £2.2 million (2006 £1.0 million).

The Group’s coupon discount and redundancy and reorganisation provisions are all expected to be utilised within the next 12 months. The lease provisions are dependent on the terms of the lease whilst the timing of cash flows for legal disputes have been split using Directors’ best estimates.

The uncertainties surrounding and the nature of the Group’s deferred consideration provisions are disclosed in critical accounting judgements and key sources of estimation uncertainty (note 2). The maturity profile of the Group’s deferred consideration provision is as follows:

34 DEFERRED TAXATION

The disclosures set out above restate the 2006 deferred tax note to assist the user of the Group’s Report and Accounts to better understand the Group’s deferred tax assets and liabilities.

(i) The deferred tax assets disclosed in the balance sheet in respect of overseas tax losses, relate primarily to trading losses incurred in the US and have been recognised on the basis that the Directors are of the opinion, based on recent and forecast trading, that sufficient suitable taxable profits will be generated in the relevant territories in future accounting periods, such that it is considered probable that these assets will be recovered. Of these assets, £10.1 million will expire between 2017 and 2025. The remaining assets have no expiry date.

(ii) There is an unrecognised deferred tax asset of £25.3 million (2006 £19.5 million) which relates primarily to overseas tax losses where there is insufficient certainty that these losses will be utilised in the foreseeable future. There is an additional unprovided deferred tax asset relating to capital losses carried forward of £20.7 million (2006 £26.1 million).

(iii) There is a potential taxable temporary difference in respect of the Group’s investments in subsidiaries, branches, associates and joint ventures, principally in relation to as yet unremitted earnings from overseas subsidiaries. The Group has estimated the potential taxable temporary difference to be approximately £801.5 million (2006 £615.6 million).

35 CALLED UP SHARE CAPITAL

The two classes of shares are equal in all respects, except that the ‘A’ Ordinary Non-Voting shares do not have voting rights and hence their holders are not entitled to vote at general meetings of the Company.

On 23rd May, 2007, the Company cancelled 6,907,444 ‘A’ Ordinary Non-Voting shares as part of the Group’s buy back programme.

During the year 486,602 ‘A’ Ordinary Non-Voting shares were allotted for aggregate consideration of £2,744,996 with aggregate nominal value of £60,825 under the terms of the Company’s 1997 Executive Share Option scheme.

At 30th September, 2007, options were outstanding under the terms of the Company’s 1997 and 2006 Executive Share Option Schemes over a total of 6,423,854 (2006 6,138,512) ‘A’ Ordinary Non-Voting shares.

36 RESERVES

The revaluation reserve arises following revaluation of the Group’s available-for-sale investments and historic amounts relating to previous GAAP which were not transferred to retained earnings on transition to IFRS. Additionally, at the start of the year, £30.7 million relating to an unrealised gain on disposal of businesses to GWR Group plc (now GCap Media plc) in 2005 was included within revaluation reserves. During the year the Group transferred £24.4 million to revenue reserves following the impairment of the investment during the year.

The Group’s investment in its own shares is classified within shareholders’ funds as shares held in treasury. At 30th September, 2007 this investment comprised the cost of 6,353,906 ‘A’ Ordinary Non-Voting shares (2006 9,692,016 shares). The market value of these shares at 30th September, 2007 was £40.0 million (2006 £58.8 million).

The translation reserve arises on the translation into Sterling of the net assets of the Group’s foreign operations, offset by changes in fair value of financial instruments used to hedge this exposure.

The Group has reclassified certain comparative figures within equity in order to present these items better in accordance with the relevant headings. This has resulted in a decrease in translation reserves amounting to £6.7 million, an increase in other movements in share option schemes of £6.9 million, an increase in put options arising on shareholdings yet to be acquired of £3.3 million and an increase in tax on items taken directly to equity of £3.1 million.

(i) £18.5 million (2006 £11.7 million) representing the fair value of written put options granted to minority shareholders in the year has been recorded as a reduction in equity on initial recording, as the arrangement represents a transaction with equity holders. Changes in fair value after initial recognition are recorded in the income statement.

37 MINORITY INTERESTS

When losses attributable to minorities exceed the minorities’ interests in the subsidiaries’ equity, the minorities share of losses is carried forward in Group retained earnings. At 30th September, 2007 no minority losses were borne in Group retained earnings in line with the Group’s accounting policy as set out in note 2 (2006 £5.8 million).

38 COMMITMENTS AND CONTINGENT LIABILITIES

Commitments

At 30th September, 2007 the Group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

The Group’s most significant leasing arrangements related to rented properties. The Group negotiates lease contracts according to the Group’s needs with a view to balancing stability and security of tenure and lease terms with the risk of entering into excessively long or onerous arrangements. Of the Group’s rented properties, the most significant commitment relates to the head office premises at 2 Derry Street, London W8 5TT. This lease expires on 25th December, 2022.

The Group entered into arrangements with its ink suppliers to obtain ink for the period to 2010 at competitive prices and to secure supply. At the year end, the commitment to purchase ink over the period was £65.4 million (2006 £85.5 million).

The Group has entered into agreements with certain printers for periods up to 2022 at competitive prices and to secure supply. At the year end, the commitment to purchase printing capacity over the period was £33.4 million (2006 £38.3 million).

Contingent liabilities

The Group is exposed to libel claims in the ordinary course of business and makes provision for the estimated costs to defend such claims.

Four writs claiming damages for libel have been issued in Malaysia against Euromoney Institutional Investor and three of its employees in respect of an article published in one of Euromoney’s magazines, International Commercial Litigation, in November 1995. The writs were served on Euromoney on 22nd October, 1996. The total amount claimed is 280 million Malaysian ringgits, £40.3 million (2006 £40.2 million). No provision has been made in these accounts since the Directors do not believe that Euromoney has any material liability in respect of these writs.

39 SHARE-BASED PAYMENTS

The Group offers a number of share-based remuneration schemes to Directors and certain employees. The principal schemes comprise share options under the DMGT, Euromoney and within DMG Information, Risk Management Solutions (RMS), Genscape, Trepp and Dolphin Executive Share Option Schemes (ESOS), the Euromoney Capital Appreciation Plan and the Company's LTIP. Share options are exercisable after three years, subject in some cases to the satisfaction of performance conditions, and up to ten years from the date of grant at a price equivalent to the market value of the respective shares at the date of grant.

The Group operates a long-term incentive plan for senior employees of the Group’s local media division based on profit and revenue targets. Participants in the scheme have the choice of being rewarded with a cash bonus or by taking A ordinary DMGT plc shares. Where a participant chooses to take shares it is a condition of the scheme that the shares must be held for a minimum of two years. No shares were awarded, forfeited or lapsed during the year.

The Group also operates a long-term incentive scheme for senior employees of the Group’s national newspaper division based on cumulative profit targets for the three years to 30th September, 2007. At the end of each of the three years participants in the scheme are invited to pledge their annual bonus either as cash or by taking A ordinary DMGT plc shares both of which must be committed to the scheme until the end of its three year life. The scheme vested at 30th September, 2007 and so a matching award will be made to each participant in the coming year. No shares were awarded, forfeited or lapsed during the year.

For equity-settled share-based payment transactions, IFRS 2 applies to grants of shares, share options or other equity instruments made after 7th November, 2002 that had not vested by 1st January, 2005.

The charge to the income statement is analysed as follows:

Further details of these schemes are set out below:

No share options were granted during the year.

The weighted average share price at the date of exercise for share options exercised during the period was £5.64.

The options outstanding at 30th September, 2007 had a weighted average exercise price of £7.08 (2006 £6.94) and a weighted average remaining contractual life of 4.7 years.

The inputs into the Black-Scholes model are as follows: