capital gains tax

Any help appreciated.

I'm trying to work out the CGT implication following the exercise of options. Is the reference date for the shares the date I exercise the options or is it the date I first purchased the options.

I'm asking in relation to calculating the concessional rate of CGT if you hold a share for 12 months or more.

In case I haven't made this clear, if I buy options in Dec 03, exercise them in Feb 04, do I qualify for the 50% reduction in CGT from Dec 04 or do I have to hold until Feb 05?

Cheers

Badfish