TNAG-2306-FCO40-3340-Future-of-Hong-Kong-stock-market-and-exchange-rate-1991 — Page 93

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Waivers, referrals and appeals

The Chairman may, upon the application of an offeror or any other person with an interest in a share repurchase, waive compliance with one or more of the provisions of the Code.

The Chairman may refer a matter to the Takeovers Committee for decision without granting waiver

requested considers that the waiver application involves a novel, important or difficult issue.

if he

Any person with an interest in a share repurchase that is affected by a decision of the Chairman made in accordance with the provisions of the Code may ask for the decision to be reviewed by the Takeovers Committee. If the Chairman considers that it is necessary to resolve an issue urgently he may stipulate a reasonable time within which an appeal must be notified. In any other case an appeal must be notified within one month of the date of the related decision of the Chairman.