TNAG-1765-FCO40-2519-Hong-Kong-stock-market-and-exchange-rate-1989 — Page 43

78.

Article 78

Annex C

Draft revised Articles of Association Hong Kong Futures Exchange Limited

(a) At the annual general meeting occurring next after the adoption of these articles four directors shall retire by rotation and there shall be deemed to be three vacancies in the office of Member Director and one vacancy in the office of Independent Director.

(b) At

the second annual general meeting occurring after the adoption of these articles four directors shall retire by rotation and there shall be deemed to be three vacancies in the office of Member Director and one vacancy in the office of Independent Director.

(c) At the third annual general meeting occurring after the adoption of these articles four directors shall retire by rotation and there shall be deemed to be two vacancies in the office of Member Director and two vacancies in the office of Independent Director.

(d) A retiring director shall be eligible for

re-election.