Page 201 - RFHL ANNUAL REPORT 2025 ONLINE_NEW

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29 Equity compensation benefits (continued)
Stock option plan (continued)

The plan provides that the maximum number of ordinary shares that may be purchased on the exercise of options is 7,950,650
shares and the maximum entitlement for any one executive is no more than 50 percent of the shares comprising the plan.
There is a three-year waiting period after the grant date of options before the grantee may exercise the right to purchase the
shares represented by the options. The maximum period within which an option may be exercised is ten years.

The option price shall be RFHL’s share price at the beginning of the performance period during which the option is earned.
The price is calculated as the average closing share price on all trading days during the calendar month, prior to the beginning
of the performance period. The process of assessment, calculation of options and approval by the Board of Directors takes
place in the first quarter following the end of the financial year.

The movement in outstanding options is outlined below:

Weighted average
exercise price Number of shares
2025 2024 2025 2024

At the beginning of the year $120.03 $116.61 3,342 2,968
Granted $123.56 $140.04 664 435
Exercised $96.24 $96.28 (112) (61)

At end of year $121.32 $120.03 3,894 3,342

Exercisable at end of year $115.99 $111.49 2,541 2,311

Exercise
Expiry date price 2025 2024

08-Dec-24 $72.99 – 23
14-Dec-25 $92.67 47 79
14-Dec-26 $104.41 150 169
11-Dec-27 $110.03 168 191
11-Dec-28 $121.74 289 289
12-Dec-30 $110.00 324 339
07-Dec-31 $101.92 396 396
09-Dec-32 $103.65 497 497
17-Dec-34 $142.24 445 445
12-Dec-35 $135.64 478 478
08-Feb-37 $140.04 436 436
06-Jan-38 $123.56 664 –

3,894 3,342

As at September 30, 2025, 2,751,242 (2024: 1,358,252) of the outstanding options were anti-dilutive and therefore not included
in the calculation of diluted Earnings per share.