Strategic Shareholder Climate and Risk Financial Financial Barclays PLC 493 report information sustainability report Governance review review statements Annual Report 2022 Notes to the financial statements (continued) Employee benefits SVP and DSVP are nil cost awards on which the performance conditions are substantially completed at the date of grant. Consequently, the fair value of these awards is based on the market value at that date. Sharesave has a contractual life of 3 years and 5 years,the expected volatility is 31.10% for 3 years and 30.56% for 5 years. The risk free interest rates used for valuations are 4.28% and 4.05% for 3 years and 5 years respectively. The pure dividend yield rates used for valuations are 4.01% and 3.93% for 3 years and 5 years respectively. The repo rates used for valuations are (0.47)% and (0.63)% for 3 years and 5 years respectively. The inputs into the model such as risk free interest rate, expected volatility, pure dividend yield rates and repo rates are derived from the market data. Movements in options and awards The movement in the number of options and awards for the major schemes and the weighted average exercise price of options was: a,b a,c DSVP and SVP Others Number (000s) Number (000s) Weighted average ex. price (£) 2022 2021 2022 2021 2022 2021 Outstanding at beginning of year/acquisition date 413,859 416,941 335,976 356,033 0.95 0.96 Granted in the year 291,876 187,667 146,203 120,385 1.33 1.43 Exercised/released in the year (178,634) (160,460) (133,682) (107,688) 1.15 1.38 Less: forfeited in the year (25,647) (30,289) (28,789) (24,489) 1.01 0.95 Less: expired in the year — — (3,174) (8,265) 1.23 1.67 Outstanding at end of year 501,454 413,859 316,534 335,976 0.97 0.95 Of which exercisable: — — 34,247 28,609 1.19 1.23 Notes a Options/award granted over Barclays PLC shares. b Weighted average exercise price is not applicable for SVP and DSVP awards as these are not share option schemes. c The number of awards within Others at the end of the year principally relates to Sharesave (number of awards exercisable at end of year was 13,954,749). The weighted average exercise price relates to Sharesave. Awards and options granted under the Group’s share plans may be satisfied using new issue shares, treasury shares and market purchase shares. Awards granted under the DSVP may be satisfied using market purchase shares only. There were no significant modifications to the share-based payments arrangements in 2022 and 2021. As at 31 December 2022, the total liability arising from cash-settled share-based payments transactions was £5m (2021: £5m). Holdings of Barclays PLC shares and hedges Various employee benefit trusts established by the Group hold shares in Barclays PLC to meet obligations under the Barclays share- based payment schemes. The total number of Barclays shares held in these employee benefit trusts at 31 December 2022 was 14m (2021: 12.9m). Dividend rights have been waived on all these shares. The total market value of the shares held in trust based on the year end share price of £1.59 (2021: £1.87) was £22m (2021: £24m). For accounting of treasury shares, see Note 29. The Group has entered into physically settled forward contracts to hedge the settlement of certain share-based payment schemes. The fixed forward price to be paid under these contracts is £469m and has been recorded in retained earnings.