Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Notes) (No. 40) Regulations 2004

These Regulations may be cited as the Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Notes) (No. 40) Regulations 2004 and shall come into operation on 24th September 2004.

In these Regulations, unless the context otherwise requires —“Notes” means the 7-year US dollar guaranteed senior notes due September 2011 issued by Panva Gas Holdings Limited for a principal amount of up to US$200 million, which are guaranteed by China Pan River Group Limited, China Overlink Holdings Co., Limited, Sinolink LPG Investment Limited, Singkong Investments Limited and Sinolink Power Investment Limited;“stabilising action” means an action taken in Singapore or elsewhere by Merrill Lynch, Pierce, Fenner & Smith Incorporated, 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 7-year US dollar guaranteed senior notes due September 2011 issued by Panva Gas Holdings Limited for a principal amount of up to US$200 million, which are guaranteed by China Pan River Group Limited, China Overlink Holdings Co., Limited, Sinolink LPG Investment Limited, Singkong Investments Limited and Sinolink Power Investment Limited;

“stabilising action” means an action taken in Singapore or elsewhere by Merrill Lynch, Pierce, Fenner & Smith Incorporated, 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.