HYFLUX LTD AND SUBSIDIARIES

DIRECTORS’ REPORT (CONTINUED)
SHARE OPTIONS (CONTINUED)
At the end of the financial year, details of the options granted under the Scheme on the unissued ordinary shares of $0.05 each of the Company were as follows:
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NO.OF
DATE OF BALANCE BALANCE HOLDERS EXERCISE
GRANT AS AT OPTIONS BONUS OPTIONS OPTIONS AS AT AS AT PRICE EXERCISABLE
OF OPTIONS 1.1.2002 GRANTED OPTIONS * LAPSED EXERCISED 31.12.2002 31.12.2002 $ PERIOD
15.10.2001 7,050,000 – 1,762,500 (1,161,000) (983,000) 6,668,500 76 0.504 15.10.2002 - 27.09.2011
11.01.2002 – 45,000 11,250 – – 56,250 1 0.773 11.01.2003 - 27.09.2011
25.01.2002 – 26,000 6,500 – – 32,500 1 0.773 25.01.2003 - 27.09.2011
25.03.2002 – 200,000 50,000 – – 250,000 1 1.032 25.03.2003 - 27.09.2011
28.03.2002 – 165,000 41,250 (25,000) – 181,250 4 1.019 28.03.2003 - 27.09.2011
8.04.2002 – 20,000 5,000 – – 25,000 1 1.013 8.04.2003 - 27.09.2011
3.05.2002 – 200,000 50,000 – – 250,000 1 1.032 3.05.2003 - 27.09.2011
8.07.2002 – 800,000 – – – 800,000 3 1.062 8.07.2003 - 27.09.2011
1.08.2002 – 625,000 – – – 625,000 1 1.104 1.08.2003 - 27.09.2011
16.09.2002 – 655,000 – – – 655,000 7 0.913 16.09.2003 - 27.09.2011
7,050,000 2,736,000 1,926,500 (1,186,000) (983,000) 9,543,500 96
* These additional options arose due to the bonus issue of shares on 17 June 2002.
Except as disclosed above, no other options to take up unissued shares of the Company or any subsidiary were granted and no other shares were issued by virtue of the exercise of options
to take up unissued shares of the Company or any subsidiary.