Date: April 5, 2005

SIAS has been strongly advocating that companies should maintain minutes of general meetings that include, in summary, substantive comments and queries by shareholders and the responses by the Board and Management. We would like to commend Qian Hu for recording such detailed minutes and for promptly making them available to all shareholders and any other interested party. It demonstrates respect for shareholders. We would strongly encourage all companies to do likewise.

Qian Huメs effort is also an excellent example of how a company モshould encourage greater shareholder participation at AGMs, and allow shareholders the opportunity to communicate their views on various matters affecting the companyヤ as stipulated by clause 15 of the Code of Corporate Governance. . Many Companies are not complying with this requirement in the Code and often cite the Companies Act for their reluctance to do so. Such an effort deserves strong recognition by SIASメ Selection Committee for the Sメpore Corporate Governance Award

Mr David Gerald J.
President & CEO
Securities Investors Association (Singapore)