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3.4 Share options and all-employee share schemes

No share options were granted in 2008 to executive directors under the Company’s Executive Share Option Scheme (ESOS) and there is no intention to make future grants under the ESOS to executive directors. However, the ESOS is retained for use in special circumstances relating to the recruitment or retention of key executives. Accordingly, as the current ESOS will expire in early 2009, the ESOS will be replaced in 2009 by the Anglo American Discretionary Option Plan which was approved by shareholders at the Annual General Meeting (AGM) in April 2008.

Executive directors are eligible to participate in the Company’s Save As You Earn scheme (SAYE) and Share Incentive Plan (SIP). Performance conditions do not apply to these schemes because they are offered to all UK-based employees. As the current SAYE scheme will expire in early 2009, it will be replaced in 2009 by the new SAYE scheme which was approved by shareholders at the AGM in April 2008.