Listing Rules - Statutory Backing [Date of Issue 2006/05/15]

15 May 2006 Mr Frederick Ma Shi-hang Secretary for Financial Services and the Treasury Hong Kong SAR Government 8/F, West Wing, Central Government Offices Ice House Street Central Hong Kong Dear Fred, We note media reports suggesting that the Government intends to soon present proposals for Statutory Backing to Listing Rules to the Legislative Council for debate. We believe to do so would be premature, as there remain numerous shortcomings inherent to the proposals in their current state, and that these need to be worked out through further consultation. Sincerely, David Eldon Chairman