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Notes to the Financial StatementsFOR THE FINANCIAL YEAR ENDED 31 DECEMBER 200914. EMPLOYEES’ SHARE OPTION SCHEME (“ESOS”) (CONTINUED)(b) 2008 Demerger Special ESOS (continued)The Special ESOS was designed with the intention to retain the employees of the Group during the transitionalperiod of the TM Demerger. In this regards, the total options granted to each employee vested are as follows:Vesting date/Percentage of options exercisable (%)Tranche 1 Tranche 2 Tranche 3Grant date 31 Mar 2008 22 Apr 2008 16 Sept 2008 16 Oct 2008 16 Mar 200831 March 2008 40 — 30 — 3022 April 2008 — 40 30 — 3016 October 2008 — — — 50 50For options granted before TM Demerger, at grant date, the employees were entitled to options over the ordinaryshares of TM (“TM Options”) only. TM Options were granted in contemplation of the TM Demerger. With this, theTM Options were granted on the basis that the value of the options would include the options over the ordinaryshares of the Group (“Axiata Options”) at demerger.Pursuant to the distribution of Axiata shares via dividend in specie to effect the TM Demerger on 25 April 2008,137,295,600 ordinary shares of the Company were distributed to TEM on the basis of one (1) share for each TMshare held by TEM. Consequently, the Eligible Employees are entitled to one (1) Axiata Option for each TM Optionremained unexercised on that date. The allocation on 16 October 2008 included one (1) Axiata Option for eachTM Option granted on that date. The TM Options and Axiata Options can be exercised independently.The exercise price of TM Options and Axiata Options was adjusted as follows after the TM Demerger:Exercise price (RM)P prior to demerger Subsequent to demergerGrant date TM Options TM Options Axiata Options31 March 2008 9.70 2.71 6.9922 April 2008 9.70 2.71 6.9916 October 2008 n/a 3.14 6.56Subsequent to capital repayment by TM to its shareholders in May 2009, the exercise price of TM Options wasadjusted as follows:Exercise price (RM)Grant date Before capital repayment After capital repayment31 March 2008 2.71 1.9122 April 2008 2.71 1.9116 October 2008 3.14 2.22Annual Report 2009 • 213