Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Notes) (No. 10) Regulations 2005

These Regulations may be cited as the Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Notes) (No. 10) Regulations 2005 and shall come into operation on 7th March 2005.

In these Regulations, unless the context otherwise requires —“Notes” means the 30-year hybrid Tier 1 securities due March 2035 issued by Shinhan Bank for a principal amount of up to US$300 million;“stabilising action” means an action taken in Singapore or elsewhere by BNP PARIBAS, or any of its related corporations, to buy, or to offer or agree to buy, any of the Notes in order to stabilise or maintain the market price of the Notes in Singapore or elsewhere.

“Notes” means the 30-year hybrid Tier 1 securities due March 2035 issued by Shinhan Bank for a principal amount of up to US$300 million;

“stabilising action” means an action taken in Singapore or elsewhere by BNP PARIBAS, or any of its related corporations, to buy, or to offer or agree to buy, any of the Notes in order to stabilise or maintain the market price of the Notes 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 Notes, within 30 days from the date of issue of the Notes, with —

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

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