TNAG-2306-FCO40-3340-Future-of-Hong-Kong-stock-market-and-exchange-rate-1991 — Page 78

12 DEC. 90 16:57

LINKLATERS & PAINES 852 8107021

LINKLATERS & PAINES 8 P. 5

2.

m

Exemptions from the requirements of the Code

A

company may engage in the following types of share repurchases and such share repurchases are exempt from the general offer requirements of the Code :

(a) an on-market share repurchase;

(b) an off-market share repurchase that has been approved

by the Chairman;

(c) a share repurchase

made in accordance with terms and conditions attached to the shares being repurchased that either permit or require such share repurchase without the prior agreement of the owners of the shares;

(d) a

share repurchase made by a company at the request of the owners of the shares repurchased in accordance with terms and conditions attached to the shares which provide the owner of the shares with a right to require the company to effect such share repurchase;

(e) a share repurchase that 18 required by the statute under which the offeror is incorporated or organized; and

(f) a share repurchase

Rules 4 and 6 of the supervised by a court.

that is made in accordance with

Code and is approved

or