Page 51 - TreasuryChinaTrust

Treasury China Trust Annual Report 2010 46

REPORT OF THE TRUSTEE-MANAGER

OF TREASURY CHINA TRUST

Name of Participant

Number of Units comprised in TCT Options granted during the financial period under review (including terms)

Aggregate number of Units comprised in TCT Options and TCT Substitution Options granted since commencement of the Scheme to the end of the financial period under review

Aggregate number of Units comprised in TCT Options and TCT Substitution Options exercised since commencement of the Scheme to the end of the financial period under review

Aggregate number of Units comprised in TCT Options and TCT Substitution Options outstanding as at the end of the financial period under review

Richard David

(Director of the Trustee-Manager and CEO)

*175,000 (exercisable from 21/06/2010 to 04/06/2014 at S$3.096576 per option) *150,000 (exercisable from 21/06/2010 to 23/01/2015 at S$3.303424 per option) *1,500,000 (exercisable from 10/09/2013 to 10/09/2015 at S$2.60096 per option)

1,825,000 – 1,825,000

Robert Tincknell

(holds more than 5% of the options available) ***

*2,000,000 (exercisable from 21/06/2010 to 04/06/2014 at S$3.096576 per option)

2,000,000 – 2,000,000

* Indicates TCT substitution options. Five TCT substitution options were issued in exchange for every share option previously issued by the Remuneration Committee of CREO.

** Mr. Leckie’s options are TCT substitution options that are held in the name of Stirling Finance Limited, a company wholly owned by Mr. Leckie.

*** Mr. Tincknell is a director of the Sponsor of the Trust, Treasury Holdings. From 2006 to 2008, he was based in Shanghai as Managing Director of the Sponsor’s China activities and it is on this basis that options were awarded to him by the Remuneration Committee of CREO.

The Trust was formally admitted to the Official List of the Singapore Exchange Securities Trading Limited on 21 June 2010 by way of an introduction. The number of share options granted to Mr. Richard Barrett exceeded 10% of the shares available under CREO Share Scheme. Such share options were replaced by the equivalent TCT unit options under the TCT Substitution Option Scheme. Notwithstanding the number of units available to Mr. Richard Barrett exceeds 10% of the units available under the TCT Substitution Option Scheme, the participation of Mr. Richard Barrett in the TCT Substitution Option Scheme was disclosed in the introductory document dated 21 May 2010 and approved at the Extraordinary General Meeting of CREO on 7 June 2010.

The total number of TCT Substitution Options granted to employees of the Sponsor during the financial period, and since the commencement of the Unit Option Scheme, amounts to 1,460,000, which if exercised would result in a further 1,460,000 Units being issued.

Of the total number of TCT Substitution Options granted during the financial period under review, 3,825,000 options, representing a total of 38.8% of the options in issue as at the period end, were issued at a discount of 80.2% to the market price of the units at the date of grant. This is reflective of the price at which options were previously issued by the Remuneration Committee of CREO. The calculation of the exercise price of these TCT Substitution Options is in accordance with the calculation as detailed within the Introductory Document dated 21 May 2010.