At a disciplinary hearing held on 28 March 2000 and subsequently at two disciplinary (review) hearings held on 9 August 2000 and 9 February 2001, the Listing Committee and the Listing Appeals Committee, both of the Exchange, conducted a hearing and two review hearings into the conduct of Mr Wong, Chairman and Executive Director of the Company, in respect of his failure to observe, among other things, the requirements of Rule A3 of the Model Code, as a result of his purchase of 1,050,000 shares in the Company on 1 May 1998.

The Listing Appeals Committee, having considered submissions from the Listing Division and Mr. Wong, concluded that Mr. Wong was in breach of the requirements of Rule A3 of the Model Code with respect to his dealings in the shares of the Company on 1 May 1998; as a consequence, Mr. Wong was also in breach of Rule 3.13 of the Exchange Listing Rules.

Further, the Listing Appeals Committee concluded that Mr. Wong also acted in breach of his Undertaking given to the Exchange whereby he undertook to comply to the best of his ability with the Exchange Listing Rules.

Accordingly, Mr. Wong is hereby publicly criticised by the Listing Appeals Committee for breaches of Rule 3.13 of the Exchange Listing Rules, the Model Code and his Undertaking.

For the avoidance of doubt, the Listing Appeals Committee confirms that in relation to this matter it is not criticising the Company or any members of its Board save for Mr. Wong Wai Chi David.