TNAG-2306-FCO40-3340-Future-of-Hong-Kong-stock-market-and-exchange-rate-1991 — Page 89

12 DEC. 90 17:03

LINKLATERS & PAINES 852 8107021

LINKLATERS & PAINES ŷ P. 3

11.

19

Standard of care and responsibility

Any document or

advertisement addressed to shareholders of an offeree should state that the directors of the offeror have taken all reasonable care to ensure that the facts stated are accurate, the opinions expressed have been arrived at after due and careful consideration, and that no material information has been omitted. It must also be stated that all directors, including any directors who may have delegated detailed supervision of the document to a committee or an individual director, jointly and severely accept responsibility.

NOTES

1. Exclusion of directors from responsiblity

statement

If it is proposed that any director should be excluded from such a statement, the Chairman's consent

In such cases, the exclusion it should be stated in the document

is required.

and reasons for or advertisement.