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Directors’ report2. Share Options of the CompanyThe particulars of share options of the Company are as follows:(a)(b)Details of share options granted under the Keppel Land Share Option Scheme (“the Scheme”) are disclosed in Note10 to the financial statements.Options to take up 1,275,500 shares were granted to senior employees during the financial year. Altogether4,080,500 shares were issued by virtue of the exercise of options, and options to take up 196,500 shares werecancelled during the financial year. At the end of the financial year, there were 3,839,500 shares under optionas follows:Number of Share OptionsAt 1.1.06Date of or Date Cancelled/ At Expiry Subscription Value ofGrant of Grant Exercised Lapsed 31.12.06 Date Price ($) Options($)05.03.99 134,000 (102,000) - 32,000 04.03.09 1.71 0.793820.08.99 498,000 (369,000) - 129,000 19.08.09 2.48 1.202006.04.00 326,000 (199,000) - 127,000 05.04.10 1.87 0.900414.11.00 787,000 (578,000) - 209,000 13.11.10 2.47 1.203011.10.01 727,000 (617,000) (4,000) 106,000 10.10.11 1.35 0.618507.08.02 1,150,500 (914,500) (15,000) 221,000 06.08.12 1.44 0.640710.02.03 388,000 (388,000) - - 09.02.13 1.17 0.486007.08.03 380,500 (380,500) - - 06.08.13 1.48 0.662711.02.04 520,000 (325,000) - 195,000 10.02.14 1.86 0.819311.08.04 590,000 (207,500) (37,500) 345,000 10.08.14 1.84 0.807009.12.05 670,000 - (70,000) 600,000 08.12.15 2.38 1.083009.12.05 670,000 - (70,000) 600,000 08.12.15 3.07 1.43976,841,000 (4,080,500) (196,500) 2,564,00008.02.06 616,000 - - 616,000 07.02.16 3.90 1.362010.08.06 659,500 - - 659,500 09.08.16 4.06 1.38948,116,500 (4,080,500) (196,500) 3,839,500The value of each option granted at the date of grant is estimated using the Black-Scholes model with a 5-yearmaturity.168 Directors’ reportKeppel Land LimitedReport to Shareholders 2006