TNAG-2306-FCO40-3340-Future-of-Hong-Kong-stock-market-and-exchange-rate-1991 — Page 87

12 DEC, ́90 17:02

LINKLATERS & PAINES 852 8107021

LINKLATERS & PAINES ŷ P. 1

9.

17

Announcement, advertisements and temporary suspensions

As BOOM ая the board of directors of an offeror has decided to make an offer the offeror shall publish an announcement of the material terms of the offer.

On the dealing day immediately following the day on which the first offer or any extended or revised offer is due to expire, or on the day on which any offer becomes or is declared unconditional, the offeror shall announce that the offer has lapsed, been extended, closed or has become or has been declared unconditional. The announcement shall state the number of shares that have been acquired by the offeror pursuant to the share repurchase and the number of shares for which acceptances of the offer have been received, This information must also be published

in the company's annual reports.

Any announcement, advertisement or similar document in relation to a share repurchase must be filed with the Chairman for comment prior to release or publication and the final copy must

be filed with the Chairman and the Stock Exchange in duplicate. All announcements must be published in at least one English language newspaper and one Chinese language newspaper of regular and paid

circulation.

An offeror should

consider the advisability of requesting the Stock Exchange to suspend trading in its shares temporarily when it issues any announcements in relation to a proposed share repurchase.

NOTES

1.

Suspension for more than one day

The consent of the Chairman and the Stock Exchange is required for a suspension of more than one trading day.

It is understood that information included in an announcement in relation to a share repurchase may not

always include full details of the proposed offer but the announcement should be sufficiently full to satisfy the Stock Exchange, after consultation with the Chairman, that renewed dealings can take place on an informed basis, and that the creation of a false market will be avoided.