The table below shows movements in free shares in Fiscal 2020 and Fiscal 2019:
| FISCAL 2020 | FISCAL 2019 | |
|---|---|---|
| Outstanding at the beginning of the year | Outstanding at the beginning of the year FISCAL 2020 3,241,464 | Outstanding at the beginning of the year FISCAL 2019 3,025,219 |
| Granted during the year | Granted during the year FISCAL 2020 10,000 | Granted during the year FISCAL 2019 845,090 |
| Forfeited during the year | Forfeited during the year FISCAL 2020 (354,213) | Forfeited during the year FISCAL 2019 (170,620) |
| Delivered during the year | Delivered during the year FISCAL 2020 (449,497) | Delivered during the year FISCAL 2019 (458,225) |
| Outstanding at the end of the year | Outstanding at the end of the year FISCAL 2020 2,447,754 | Outstanding at the end of the year FISCAL 2019 3,241,464 |
The weighted average fair value of the free shares granted in Fiscal 2020 is 88.41 euro per share (91.3 euro per shares granted in Fiscal 2019).
The table below shows the grant dates of free shares outstanding as of August 31, 2020, the assumptions used to estimate their fair value at the grant date and the number of free shares outstanding at the period end:
| DATE OF GRANT | VESTING PERIOD(in years) | LOCK-UP PERIOD(in years) | EXPECTED DIVIDEND YIELD(in%) | RISK-FREE INTEREST RATE(in%) | LOAN INTEREST RATE(in%) | VOLATILITY* (IN%) | NUMBER OF SHARES OUTSTANDING AS OF AUGUST 31 | |
|---|---|---|---|---|---|---|---|---|
| April 27, 2015 | April 27, 2015 France | April 27, 2015 VESTING PERIOD(in years) 3 | April 27, 2015 LOCK-UP PERIOD(in years) 2 | April 27, 2015 EXPECTED DIVIDEND YIELD(in%) 2.5% | April 27, 2015 RISK-FREE INTEREST RATE(in%) 0.1% | April 27, 2015 LOAN INTEREST RATE(in%) 5.2% | April 27, 2015 VOLATILITY* (IN%)21% | April 27, 2015 NUMBER OF SHARES OUTSTANDING AS OF AUGUST 31- |
| April 27, 2015 | April 27, 2015 International | April 27, 2015 VESTING PERIOD(in years) 4 | April 27, 2015 LOCK-UP PERIOD(in years) N/A | April 27, 2015 EXPECTED DIVIDEND YIELD(in%) 2.5% | April 27, 2015 RISK-FREE INTEREST RATE(in%) 0.2% | April 27, 2015 LOAN INTEREST RATE(in%) 5.2% | April 27, 2015 VOLATILITY* (IN%)21% | April 27, 2015 NUMBER OF SHARES OUTSTANDING AS OF AUGUST 31- |
| December 1, 2015 | December 1, 2015 France | December 1, 2015 VESTING PERIOD(in years) 2 | December 1, 2015 LOCK-UP PERIOD(in years) 2 | December 1, 2015 EXPECTED DIVIDEND YIELD(in%) 2.5% | December 1, 2015 RISK-FREE INTEREST RATE(in%) 0% | December 1, 2015 LOAN INTEREST RATE(in%) 4.3% | December 1, 2015 VOLATILITY* (IN%)22.5% | December 1, 2015 NUMBER OF SHARES OUTSTANDING AS OF AUGUST 31- |
| December 1, 2015 | December 1, 2015 France | December 1, 2015 VESTING PERIOD(in years) 3 | December 1, 2015 LOCK-UP PERIOD(in years) 2 | December 1, 2015 EXPECTED DIVIDEND YIELD(in%) 2.5% | December 1, 2015 RISK-FREE INTEREST RATE(in%) 0% | December 1, 2015 LOAN INTEREST RATE(in%) 4.3% | December 1, 2015 VOLATILITY* (IN%)22.5% | December 1, 2015 NUMBER OF SHARES OUTSTANDING AS OF AUGUST 31- |
| December 1, 2015 | December 1, 2015 International | December 1, 2015 VESTING PERIOD(in years) 4 | December 1, 2015 LOCK-UP PERIOD(in years) N/A | December 1, 2015 EXPECTED DIVIDEND YIELD(in%) 2.5% | December 1, 2015 RISK-FREE INTEREST RATE(in%) 0% | December 1, 2015 LOAN INTEREST RATE(in%) 4.3% | December 1, 2015 VOLATILITY* (IN%)22.5% | December 1, 2015 NUMBER OF SHARES OUTSTANDING AS OF AUGUST 31- |
| April 27, 2016 | April 27, 2016 International | April 27, 2016 VESTING PERIOD(in years) 4 | April 27, 2016 LOCK-UP PERIOD(in years) N/A | April 27, 2016 EXPECTED DIVIDEND YIELD(in%) 2.5% | April 27, 2016 RISK-FREE INTEREST RATE(in%) 0% | April 27, 2016 LOAN INTEREST RATE(in%) N/A | April 27, 2016 VOLATILITY* (IN%)22% | April 27, 2016 NUMBER OF SHARES OUTSTANDING AS OF AUGUST 31- |
| September 30, 2016 | September 30, 2016 International | September 30, 2016 VESTING PERIOD(in years) 4 | September 30, 2016 LOCK-UP PERIOD(in years) N/A | September 30, 2016 EXPECTED DIVIDEND YIELD(in%) 2.5% | September 30, 2016 RISK-FREE INTEREST RATE(in%) 0% | September 30, 2016 LOAN INTEREST RATE(in%) N/A | September 30, 2016 VOLATILITY* (IN%)22% | September 30, 2016 NUMBER OF SHARES OUTSTANDING AS OF AUGUST 3111,300 |
| November 30, 2016 | November 30, 2016 International | November 30, 2016 VESTING PERIOD(in years) 4 | November 30, 2016 LOCK-UP PERIOD(in years) N/A | November 30, 2016 EXPECTED DIVIDEND YIELD(in%) 2.5% | November 30, 2016 RISK-FREE INTEREST RATE(in%) 0% | November 30, 2016 LOAN INTEREST RATE(in%) N/A | November 30, 2016 VOLATILITY* (IN%)22% | November 30, 2016 NUMBER OF SHARES OUTSTANDING AS OF AUGUST 3110,000 |
| April 20, 2017 | April 20, 2017 International | April 20, 2017 VESTING PERIOD(in years) 4 | April 20, 2017 LOCK-UP PERIOD(in years) N/A | April 20, 2017 EXPECTED DIVIDEND YIELD(in%) 2.4% | April 20, 2017 RISK-FREE INTEREST RATE(in%) 0% | April 20, 2017 LOAN INTEREST RATE(in%) N/A | April 20, 2017 VOLATILITY* (IN%)18.1% | April 20, 2017 NUMBER OF SHARES OUTSTANDING AS OF AUGUST 31765,814 |
| September 14, 2017 | September 14, 2017 International | September 14, 2017 VESTING PERIOD(in years) 4 | September 14, 2017 LOCK-UP PERIOD(in years) N/A | September 14, 2017 EXPECTED DIVIDEND YIELD(in%) 2.4% | September 14, 2017 RISK-FREE INTEREST RATE(in%) 0% | September 14, 2017 LOAN INTEREST RATE(in%) N/A | September 14, 2017 VOLATILITY* (IN%)18.1% | September 14, 2017 NUMBER OF SHARES OUTSTANDING AS OF AUGUST 3113,000 |
| April 27, 2018 | April 27, 2018 International | April 27, 2018 VESTING PERIOD(in years) 4 | April 27, 2018 LOCK-UP PERIOD(in years) N/A | April 27, 2018 EXPECTED DIVIDEND YIELD(in%) 2.7% | April 27, 2018 RISK-FREE INTEREST RATE(in%) 0% | April 27, 2018 LOAN INTEREST RATE(in%) N/A | April 27, 2018 VOLATILITY* (IN%)21.3% | April 27, 2018 NUMBER OF SHARES OUTSTANDING AS OF AUGUST 31820,460 |
| September 13, 2018 | September 13, 2018 International | September 13, 2018 VESTING PERIOD(in years) 4 | September 13, 2018 LOCK-UP PERIOD(in years) N/A | September 13, 2018 EXPECTED DIVIDEND YIELD(in%) 2.7% | September 13, 2018 RISK-FREE INTEREST RATE(in%) 0% | September 13, 2018 LOAN INTEREST RATE(in%) N/A | September 13, 2018 VOLATILITY* (IN%)21.3% | September 13, 2018 NUMBER OF SHARES OUTSTANDING AS OF AUGUST 3132,400 |
| June 19, 2019 | June 19, 2019 International | June 19, 2019 VESTING PERIOD(in years) 4 | June 19, 2019 LOCK-UP PERIOD(in years) N/A | June 19, 2019 EXPECTED DIVIDEND YIELD(in%) 3.0% | June 19, 2019 RISK-FREE INTEREST RATE(in%) 0% | June 19, 2019 LOAN INTEREST RATE(in%) N/A | June 19, 2019 VOLATILITY* (IN%)21.9% | June 19, 2019 NUMBER OF SHARES OUTSTANDING AS OF AUGUST 31784,780 |
| November 6, 2019 | November 6, 2019 International | November 6, 2019 VESTING PERIOD(in years) 4 | November 6, 2019 LOCK-UP PERIOD(in years) N/A | November 6, 2019 EXPECTED DIVIDEND YIELD(in%) 3.0% | November 6, 2019 RISK-FREE INTEREST RATE(in%) 0% | November 6, 2019 LOAN INTEREST RATE(in%) N/A | November 6, 2019 VOLATILITY* (IN%)21.9% | November 6, 2019 NUMBER OF SHARES OUTSTANDING AS OF AUGUST 3110,000 |
| TOTAL | TOTAL NUMBER OF SHARES OUTSTANDING AS OF AUGUST 312,447,754 |
* Applicable for the portion of the free share grants subject to the TSR performance condition. Volatility is determined by reference to the share’s historical weighted average volatility over five years and the implicit volatility expected by the market.
