Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Bonds) (No. 18) Regulations 2005

These Regulations may be cited as the Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Bonds) (No. 18) Regulations 2005 and shall come into operation on 15th September 2005.

In these Regulations, unless the context otherwise requires —“Bonds” means the 5-year and 1-day 1% convertible bonds due September 2010 issued by Hotel Leelaventure Limited for a principal amount of up to EURO 73 million, which are convertible into ordinary shares of Hotel Leelaventure Limited with a par value of 10 Indian Rupees each;“stabilising action” means an action taken in Singapore or elsewhere by Macquarie Bank Limited, or any of its related corporations, to buy, or to offer or agree to buy, any of the Bonds in order to stabilise or maintain the market price of the Bonds in Singapore or elsewhere.

“Bonds” means the 5-year and 1-day 1% convertible bonds due September 2010 issued by Hotel Leelaventure Limited for a principal amount of up to EURO 73 million, which are convertible into ordinary shares of Hotel Leelaventure Limited with a par value of 10 Indian Rupees each;

“stabilising action” means an action taken in Singapore or elsewhere by Macquarie Bank Limited, or any of its related corporations, to buy, or to offer or agree to buy, any of the Bonds in order to stabilise or maintain the market price of the Bonds in Singapore or elsewhere.

Sections 197 and 198 of the Act shall not apply to any stabilising action taken in respect of any of the Bonds, within 30 days from the date of issue of the Bonds, with —

a person referred to in section 274 of the Act; or

a sophisticated investor as defined in section 275(2) of the Act.