XN000022-1995-06-30 — Page 4

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Agreed Minute on Franchises for Air Cargo Services for the New Airport in Hong Kong

At the meeting of the Airport Committee of the Sino-British Joint Liaison Group held on 30 June 1995, the British and Chinese sides discussed the question of the two Franchise Agreements to be entered into by the Airport Authority in Hong Kong with Hong Kong Air Cargo Terminals Limited and Asia Airfreight Terminal Company Limited. Both sides have examined the text of the two Franchise Agreements and reached a common view.

The Chinese side confirmed that the two Franchise Agreements shall continue to be valid and shall be recognised and protected by the Government of the Hong Kong Special Administrative Region after 30 June 1997 in accordance with relevant provisions of the 'Memorandum of Understanding Concerning the Construction of the New Airport in Hong Kong and Related Questions'.

(signed)

(signed)

H. LL. DAVIES British Senior Representative 30 June 1995

ZHAO JIHUA

Chinese Senior Representative

30 June 1995

End/Friday, June 30, 1995