For the purposes of enabling Caledonia to apply IFRS 2 'Share-based payment' retrospectively, the following table shows the valuation at the date of grant of employee share options for which the vesting date is on or after 1 April 2004.

Grant date	Vesting date	Expiration date	Exercise price (p)	Valuation at grant date (p)
02/09/1998	02/09/2004	02/09/2008	740.0	201
26/07/1999	26/07/2005	26/07/2009	757.5	146
19/07/2000	19/07/2006	19/07/2010	722.5	160
24/07/2001	24/07/2004	24/07/2011	810.0	252
24/07/2001	24/07/2007	24/07/2011	810.0	240
05/07/2002	05/07/2005	05/07/2012	782.5	147
05/07/2002	05/07/2008	05/07/2012	782.5	134
20/11/2003	20/11/2006	20/11/2013	945.0	177
20/11/2003	20/11/2009	20/11/2013	945.0	163
26/05/2004	26/05/2007	26/05/2014	1055.0	210
26/05/2004	26/05/2010	26/05/2014	1055.0	195
19/08/2005	19/08/2008	19/08/2015	1580.0	275
19/08/2005	19/08/2011	19/08/2015	1580.0	259

The calculation of valuation at the date of grant is based on the Hull and White model. Use of this model should not be construed as an endorsement of its accuracy at valuing options. The true value of any option depends on, amongst other factors, the actual changes in the market price of the company’s ordinary shares during the vesting period of that option.