ANNUAL REPORT

Middle East Development Singapore ltdannual report 2007 31REPORT OF THEDIRECTORS5. SHARE OPTIONS (Cont’d)The following persons are eligible to participate in the Scheme:(i)(ii)(iii)Confirmed full-time employees of the Company and/or subsidiaries who have attained the age of 21 years and above andor before the relevant date of offer of an option;Executive Directors of the Company; andPersons who qualify under (i) or (ii) and who are controlling shareholders of the Company and their associates and whoseparticipation and actual number of shares granted under the Scheme and terms of any option granted to them have beenapproved by independent shareholders in general meeting.Non-Executive Directors are not eligible to participate in the Scheme.Under the rules of the Scheme, options will be granted at the prevailing market price of the shares based on the average of the lastdealt price per share as indicated in the daily official list or any other publication published by the SGX-ST for the 5 consecutivedays immediately preceding the date of grant (the “Market Price”). Options will not be granted at a discount to the MarketPrice.Options are exercisable, in whole or in part (provided that an option is exercised in part in respect of 1,000 shares or any multiplethereof) as follows:(i)(ii)(iii)(iv)up to 40% of the option at any time after 12 months of the date of grant;the next 30% of the option at any time after 18 months of the date of grant;the balance 30% of the option at any time after 24 months of the date of grant; andbefore the end of 120 months of the date of grant of the option, subject to such other conditions introduced by theRemuneration Committee from time to time.Details of the options granted to under the scheme to take up unissued ordinary shares of the Company are as follows:BalanceBalanceas at as at ExerciseDate of grant 1.7.2006 Exercised 30.06.2007 price Expiry date$28/04/2004 1,810,000 (1,810,000) − 0.08 28/04/201428/04/2004 1,357,500 (1,357,500) − 0.08 28/04/201428/04/2004 1,357,500 (822,500) 535,000 0.08 28/04/20144,525,000 (3,990,000) 535,000Since the commencement of the scheme, no options have been granted to the Directors of the Company, controlling shareholdersof the Company or their associates and no participant under the scheme has been granted 5% or more of the total optionsavailable under the scheme.