Henkel Annual Report 2011


Black-Scholes option pricing model

On issue
5th tranche

Exercise price (before share split)

in euros71.28

Exercise price (after share split)

in euros23.76

Expected volatility of the preferred share price

in %26.6

Expected volatility of the index

in %18.6

Expected forfeiture rate

in %

Risk-free interest rate

in %3.96