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34

Every Note Counts

D irectors Report

Year ended 31 December 2010

Share options

The Company has not granted any share option.

The PSA Employee Share Option Plan (the Plan) granted by a subsidiary was approved and adopted by its then members at an Extraordinary General Meeting held on 22 March 2001.

In the event of an initial public offering of the shares of the subsidiary, certain employees may be allotted a number of share options based on the monetary value of the underlying shares at the initial public offering price. The options shall vest one year after any initial public offering of the shares. No options have been granted since the commencement of the Plan.

Since the end of the last financial year, none of the Company’s subsidiaries have granted any options.

Auditors

The auditors, KPMG LLP, have expressed their willingness to accept re-appointment.

On behalf of the Board of Directors

Fock Siew Wah

Eddie Teh Ewe Guan

Director

Director

25 February 2011

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