Hong Kong Regulations

SECURITIES AND FUTURES (PRICE STABILIZING) RULES - SCHEDULE 2

PRICING LIMITS

[sections 7, 11 & 13]

Item Time or circumstances of action Maximum price

1. Initial stabilizing action The offer price 2. After the
initial stabilizing action, where there has been a deal done or transaction
effected at a price above the stabilizing price on the relevant market The
offer price, or the price at which that deal was done or at which that
transaction was effected, whichever is the lower 3. After the
initial stabilizing action, where there has been no deal or transaction
described in item 2 The offer price, or the initial stabilizing  price,
whichever is the lower

Notes:

   (a)  For the purposes of item 2, a deal done or transaction effected does
        not include a deal done or transaction effected by or on the
        instructions of the stabilizing manager.

   (b)  For the purposes of this Schedule, "relevant market" (有關市場)
        means the relevant recognized stock market,
        relevant authorized automated trading  services, or relevant
        overseas stock market which the stabilizing manager believes to be the
        principal market on which those securities are dealt in at the time of
        the deal or transaction.

   (c)  Where the price of any relevant securities on the relevant market is
        in a currency other than the currency of the price of the securities
        to be stabilized, stabilizing bids may be made or transactions
        effected at a price that reflects any change in the relevant rate of
        exchange; but this does not permit stabilizing action at a price above
        the equivalent, in the other currency, of the offer price in the
        currency of the relevant exchange. "relevant market" (有關市場)