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Standard & Poor’s Announces Changes to the S&P Asia 50 Index

Date 24/10/2006

Standard & Poor’s will make the following changes in the S&P Asia 50 Index. The adjustments involve share and IWF changes and will become effective after the close of trading on Tuesday October 31, 2006.
  • Li & Fung Limited will increase its index shares from 3,241,250,000 to 3,406,102,000 due to a placement of existing shares and issue of new stock.
  • Cathay Pacific Airways Limited will increase its index shares from 3,380,097,000 to 3,932,109,000 and decrease IWF from 0.29 to 0.25 pursuant to the completion of its acquisition of Dragon Airlines Limited.
  • Shinhan Financial Group Company Limited will increase its index shares from 359,207,000 to 381,568,000 while reducing IWF from 1 to 0.8531 following a conversion of preferred shares.
  • Chunghwa Telecom Co., Ltd. will increase its IWF from 0.4 to 0.49 resulting from completion of an overseas stock auction by the government holder. The IWF change also reflects relaxation in overall foreign holding cap to 49% by the local authority.
  • Esprit Holding Limited will increase its IWF from 0.7767 to 0.8468 pursuant to a sell down of 85,000,000 shares by its strategic holder, Great View International Limited.
S&P Asia 50 Index – October 31, 2006 after market close
Company Name Country Sedol Index Shares IWF GICS
Li & Fung Limited Hong Kong 6286257 3,406,102,000 0.6198 25501010
Cathay Pacific Airways Limited Hong Kong 6179755 3,932,109,000 0.2500 20302010
Shinhan Financial Group Company Limited Korea 6397502 381,568,000 0.8531 40101010
Chunghwa Telecom Co Ltd Taiwan 6287841 9,667,845,000 0.4900 50101020
Esprit Holdings Limited Hong Kong 6321642 1,220,390,000 0.8468 25504010

Additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the companies concerned.