Listing Rules - Statutory Backing [Date of Issue: 2006/02/10]

Mr Peter Au-yang Executive Director and Chief Operating Officer Securities and Futures Commission of Hong Kong 8th Floor Chater House 8 Connaught Road Central Hong Kong Dear Peter, Listing Rules – Statutory Backing We have not heard from you since our meeting on 25 November, 2005. We would like to reiterate that a revised draft of the statutory Listing Rules should be circulated to the market for consultation before the legislative process is commenced. One other point that arose during the meeting related to pre-vetting. We would like to clarify the position of the Chamber. We think pre-vetting should be phased out, although perhaps not immediately (bearing in mind that statutory backing brings additional sanctions) but certainly, the sooner the better. The subject of giving statutory backing to the Listing Rules is a major area of concern to listed issuers and market participants. Is it possible for you to give us some indication with respect to the timetable and consultation process that you have in mind. Yours sincerely, David O'Rear Chief Economist