Reminder of Operating Arrangements for the Convertibility Undertaking

Annex A
HONG KONG MONETARY AUTHORITY
香港 金 融 管 理 局
Y. K. Choi s
Deputy Chief Executive
ERE»
BH
28 July 2005
To: The Chief Executive
All Licensed Banks
Dear Sir/Madam,
Operating Arrangements for the Convertibility Undertaking I am writing to inform you of a change in the operating arrangements for the Convertibility Undertaking. With effect from 1 August 2005, the HKMA offices in Hong Kong and New York will jointly provide 24-hour coverage of the Convertibility Undertaking. The HKMA office in London will cease to operate the Convertibility Undertaking with effect from the same date because of internal restructuring. The offering hours of the Convertibility Undertaking in the Hong Kong and New York offices will be as follows:
HKMA Operating Hours . Contact
Office (Monday to Friday, except local holidays) © New York New York Telephone Reuters Summer time Winter time Dealing Code Hong Kong 7am. —7 p.m. 8am. — 8pm. (852)2878 8104 EFHK Hong Kong time Hong Kong time “New York 7pm. —7am. 8pm. -8am. (1-212)486 8738 HKMA Hong Kong time Hong Kong time 7 55th Floor, Two International Finance Centre. 香港中環 金 融 街8號 國 際 金 融 中 心 2 期55 樓 8 Finance Street. Central, Hong Kong 電話: (852) 2878 8128 傳真: (852) 2878 8130 Tel: (852) 2878 8128 Fax: (852) 2878 8130 電郵: Yin-Kwan_Choi@hkma.gov.hk E-mail: Yiu-Kwan_Choi@hkma.gov.hk 網 址: www.hkma.gov.hk Website: www.hkma.gov.hk 電訊 號 碼: 74776 XFUND HX Telex: 74776 XFUND HX

The Convertibility Undertaking is available to all licensed banks in Hong Kong, and a banking licence issued under the Banking Ordinance applies to the whole entity of the bank, including its offices outside Hong Kong. Therefore overseas offices of a licensed bank which intend to take advantage of the Convertibility Undertaking can put the deals through their Hong Kong office or approach the HKMA Hong Kong or New York Office direct. The deals done should be booked under and settled through their Hong Kong office via the HKD and USD RTGS in Hong Kong. I should be grateful if you would advise the overseas offices of your bank of the above arrangements. If you have any enquiries on the above, please contact Mr Francis Chu at 2878 8168. Yours faithfully,