TricorianThe Tricor Newsletter

Vol. 1 No. 1

Contents

Message from the

Chief Executive and Managing Directors 1

Tricor in Asia 2

Events 4

Staff Events 10

News 11

Tricor in the Community 12

Message from the Chief Executive and Managing Directors

Welcome to this inaugural issue of Tricorian, the Tricor Newsletter. Through this newsletter we bring to you business, organisational and professional development news from the Tricor Group (”Tricor”).

Tricor is an exciting new venture within The Bank of East Asia Group and New World Group, bringing professional expertise in business, corporate and investor services to a wide range of companies in the Asian region.

Tricor’s unrivalled experience comes from its proud heritage. Tricor was founded from acquisitions of leading share registration, business administration and corporate services practices of major international accounting firms Deloitte Touche Tohmatsu and Ernst & Young in Hong Kong, and PricewaterhouseCoopers in Hong Kong and Singapore. Since its official founding in Hong Kong in 2003, Tricor has now expanded to Beijing, Macau, Shanghai, Singapore and Tortola (British Virgins Island).

As an organisation we build on our multi-disciplinary strength. With some 600 professionals in different practice areas, we facilitate collaboration and synergies across work teams, support staff development, enhance knowledge management and maintain a positive working environment. Our mission towards our staff is to be an Employer of Choice. Our commitment to clients and staff go hand in hand.

Our clients are our partners. We share your visions and are dedicated to achieving your goals. In the past years, we have established strong relationships with you based on trust and results. We value your confidence in us. To realise our mission to be your Business Enabler of Choice, our expert teams and wide-ranging networks will continue to ensure effective and efficient business support in the conduct of all your corporate affairs at all times.

2004 was a great year for the Tricor Group, spearheading our momentum towards greater growth in 2005.

Your ongoing support is vital to us. We hope you will continue to share with us every successful milestone in your business endeavours.

Johnny Ng Julian Chow Chief Executive & Managing DirectorManaging Director

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Tricor in Asia

The Official Opening of Tricor’s new office in Shanghai, took place on September 17, 2004. Representatives from our legacy firms (Deloitte, Ernst & Young & PricewaterhouseCoopers), business partners and clients attended the celebratory cocktail party at the Club by the Lake.

In China, Tricor provides a comprehensive range of business, corporate and investor advisory services support to multinational corporations and other overseas companies, assisting them in setting up and managing their China-based operations.

Tricor’s expansion demonstrates our commitment to the Greater China market, and reflects the growing demand of mainland clients for outsourcing solutions to enable them to expand their businesses locally and overseas.

Tricor management and senior executives toasting our guests at the cocktail

(From left) Tricor, Corporate Services Director, Cynthia Wong; Tricor, Senior Consultant - China Services, Marina Wong; Han Yang & Tan Company Limited, Mr and Mrs Zhen and Tricor, Senior Manager - China Services, John Poon

Launch of our Shanghai Office

(From right): Johnny Ng from Tricor with T C Kwan, General Manager, The Bank of East Asia Shanghai Branch

Tricor executives with partners of Ernst & Young, China, enjoying the cocktail at the Club by the Lake

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On September 30, 2004, Tricor completed its acquisition of the company secretarial, share registration, client accounting and payroll outsourcing businesses owned by PricewaterhouseCoopers (PwC) in Singapore. These corporate services units of PwC rank among the largest in Singapore. Mr Ho Lon Gee, a former partner-in-charge of the acquired Singapore practice, joined the Tricor Group as Chief Executive and Managing Director of Tricor Singapore Pte Ltd, with overall responsibility for the businesses in Singapore.

(From left) Phillip Tan, Norris Ong, Johnny Ng, Chew Teck Soon and Julian Chow from PwC and Tricor Singapore

(From left) Quek See Tiat from PwC Singapore and Dilhan Pillay Sandrasegara from Wong Partners, Singapore

Acquisition of Singapore Businesses

Before 2003, Tricor had purchased the Hong Kong‘s corporate services practices of three of the ”Big 4” international accounting firms. With its acquisition of PwC‘s corporate services practices in Singapore in 2004, Tricor has augmented its market leader position throughout Greater China and Southeast Asia. We now have over 600 personnel in Asia.

We are confident that, with the integration of PwC Singapore’s practice, we will create synergies and bring almost immediate benefits to our clients.

Whilst the acquisition by Tricor involves a change of ownership from PwC Singapore to Tricor Singapore at the corporate level, there have been no changes at the operational level, ensuring continuity and quality of service to PwC clients from the same personnel.

The acquired businesses continue to operate from their existing premises in PwC Building.

(From left) Tricor, Director and Joint Head of Business Services, H C Ying; Tricor, Chief Executive and Managing Director, Johnny Ng; Tricor Singapore, Chief Executive and Managing Director, Ho Lon Gee; PwC Singapore, Executive Chairman, Gautam Banerjee and Tricor, Managing Director, Julian Chow at the Singapore acquistion cocktail

Tricor Seminar Enhancing Corporate Governance for Hong Kong Listed Companies

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(Left) Hong Kong Society of Accountants, Past President (2003), Dr David T. K. Sun (Right) Institute of Directors, Chairman, Herbert Hui, J.P.

On September 6, 2004, we organised the 2004 Tricor Seminar for our clients and business partners at the Conrad Hotel in Hong Kong. The Seminar received an overwhelming response, with over 400 guests attending this year.

Dr David Li, Chairman and Chief Executive of The Bank of East Asia Group and Chairman of the Tricor Group, delivered the opening address. The Seminar included presentations by distinguished guest speakers including: Past President (2003) of Hong Kong Society of Accountants, Dr David Sun and Chairman of Institute of Directors, Mr Herbert Hui. Following their presentations, Tricor’s directors, Ms Patsy Cheng, Ms Susan Lo and Mrs Natalia Seng gave excellent talks on practical aspects of corporate governance.

Senior executives of Tricor with guest speaker Herbert Hui (fourth from left)

Chairman and Chief Executive of The Bank of East Asia Group and Chairman of the Tricor Group, Dr David Li, delivering the opening address

Topics covered included:

• The Role of Accountants in Enhancing Corporate Governance;

• Continuing Obligations of a Listed Company in Hong Kong under the New Listing Rules;

• The Role of an Independent Non-Executive Director (“INED”) of a Listed Company in Hong Kong;

• The Role of the Company Secretary in Handling Transactions and Corporate Actions; and

• The Proposed Code on Corporate Governance Practices & Corporate Governance Report

Events

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Offshore 2004 Conference and Financial Services Expo, Shanghai

In September, following the launch of our operation in Shanghai, we participated in two events. Through these events, we met with local and overseas practitioners as well as clients.

The first event was the Offshore 2004 Conference, organised by the Asia Pacific Offshore Institute. It was held on 14 -17 September at the Intercontinental Shanghai. Tricor was a sponsor of the conference and we hosted a lunch during the event. During the conference, our Head of Business Services in China, Ms Shirley Tsang, gave a brief presentation on “Tricor - your key to investing in Hong Kong & your gateway to China”.

The second event was the Hong Kong Financial Services Expo, organised by Hong Kong Trade Development Council, on 20-22 September 2004, held at Shanghai International Convention Center. At the expo, our Head of Corporate Services in China, Mrs Natalia Seng, gave a presentation to the attendees, to share our experiences and expertise on expanding businesses in Hong Kong and China. Feedback was very positive. This reflects increasing demand from mainland enterprises looking to starting up business in Hong Kong.

(From left) Tricor, Head of Corporate Services in China, Natalia Seng; Tricor, Head of Business Services in China, Shirley Tsang; Hong Kong Exchanges and Clearing Limited, former Head of Listing, Alec Tsui; Tricor, Director and Head of Investor Services, Allan Tong at the Financial Services Expo

(Right) Tricor, Head of Corporate Services in China, Natalia Seng, presenting at the Financial Services Expo

CIB Annual Conference

Tricor was honoured to be one of the key sponsors for the first annual conference of The Hong Kong Confederation of Insurance Brokers, held at The Excelsior Hong Kong, on 17 September. The theme of this conference was “Corporate Governance - the Art of Self-Regulation”.

Our Director, Corporate Services, Mr Paul Moyes, was a keynote speaker at the conference. Mr Moyes delivered a speech on “Working from Inside Out - How Corporate Governance may Enhance Self Regulation”.

(From right) Mark Johnson, Chairman of the CIB, presenting a souvenir to Tricor, Corporate Services Director, Paul Moyes

Tricor Executive Seminar

Tricor’s Executive Seminar provides an annual opportunity for Tricor executives from the region to share experiences and to discuss development strategies. Our 2004 Executive Seminar was held in November 2004 at the Hong Kong Jockey Club (HKJC).

In this Seminar, we began with speeches by Mr Johnny Ng, our Chief Executive and Managing Director, and Mr Julian Chow, our Managing Director, reaffirming our mission and reviewing our successes of the past year. Directors from each practice area then gave presentations. After the presentations, all executives formed into groups to compete in delivering the optimal solution to a range of identified issues, within the shortest possible timeframe. After the briefing, without any more ado, our executives set themselves to the challenges, devising the best combination of expertise and resources to meet the identified needs – exactly what they do everyday for our clients.

The Executive Seminar has given both the management and executives fresh insights to enable us to remain the leading integrated service provider in Hong Kong, Greater China and South East Asia.

(Top from left) Managing Director, Julian Chow; Chief Executive and Managing Director, Johnny Ng(Bottom from left) Senior Consultant - China Services, Marina Wong; Chief Executive and Managing Director of Tricor Singapore, Ho Lon Gee, giving presentations to our senior executives.

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Management team and senior executives of Tricor Hong Kong, China and Singapore at the Executive Seminar

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World SME Expo, Hong Kong SAR

Tricor was one of the exhibitors in the World SME Expo held at the Hong Kong Convention & Exhibition Centre on 16-18 November, 2004.

Over 20,000 visitors attended the expo. We were pleased to respond to enquiries from visitors interested in setting up business in Hong Kong.

During the expo, our Director of Corporate Services, Ms Cynthia Wong, gave a presentation on ”Tips for Setting Up Enterprises in Hong Kong & China”.

Tricor's booth at the Wold SME Expo.

Our executive responding to queries from visitors.

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Launching Tricor Singapore

The official launch of Tricor in Singapore took place on January 3, 2005. To celebrate this remarkable event, we held a cocktail party on the same date at the ballroom of Shangri-La Hotel. The evening was graced by the presence of Dr. David Li, Chairman and Chief Executive of The Bank of East Asia Group and Chairman of the Tricor Group, and the attendance of more than 300 guests comprising management representatives of Tricor Hong Kong and Tricor Singapore, partners of Deloitte, Ernst & Young, PricewaterhouseCoopers, other business partners and our valued clients.

Chairman and Chief Executive of The Bank of East Asia Group and Chairman of the Tricor Group, Dr David Li, giving the opening address

(Left) Tricor Singapore Chief Executive and Managing Director, Ho Lon Gee, giving a presentation

Some of Tricor Singapore‘s notable assignments include:

• Payroll processing for a major hard disk manufacturer with more than 8,800 employees in Singapore;

• Payroll processing for a leading Singapore bank with more than 6,300 employees in Singapore;

• Stock option administration for a leading airline with more than 23,500 optionholders in Singapore and a Taiwan based technology company listed on Nasdaq; and

• Acting as company secretary to public listed companies in Singapore.

Tricor’s expansion into Singapore demonstrates our commitment to the South East Asia market, and reflects the growing demand of clients looking for outsourcing solutions to expand their businesses locally and overseas.

(Right) Tricor Senior Advisor, Eddie Fong, with guests at the Singapore banquet

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Tricor Executive Resources Limited was one of the 3 sponsors of the recent conference - Human Capital Management in Greater China: Maintaining Competitive Advantage and Adding Value to the Pearl River Delta, jointly organised by the South China Morning Post (SCMP) and the HK Institute of Human Resource Manager (IHRM). The one-day conference was held on 26 January, 2005 in Hong Kong.

Human Capital Management Conference

As the topic of the conference implied, the objective was to provide greater insight and updated information on human capital management in the Greater China region, in particular the Pearl River Delta. Highlights of the conference included a Greater China Business Leaders Forum, on how CEOs view HR’s contribution to business strategies and the company’s bottom line performance. The panel of speakers in the Forum included Dr David Li, Chairman and Chief Executive of The Bank of East Asia Group and Chairman of the Tricor Group and Anthony Wu, Chairman and Chief Executive of Ernst & Young, China.

Chairman and Chief Executive of The Bank of East Asia Group and Chairman of the Tricor Group, Dr David Li and other speakers at the conference airing their views

The Royal Society of St. George & St. Andrew's Society - Rugby Match 2005

Tricor continued our support of the Annual Rugby Match between the Royal Society of St. George and St. Andrew's Society held on 10 March 2005 at the Hong Kong Football Club. This turned out to be a closely fought affair. The final score was 22-11 to the English, their first victory in this annual fixture for six years.

Catching the rugby action!

The conference was attended by approximately 250 senior executives from companies looking to expand or invest in the Greater China region.

The St George‘s Challenge Cup is one of Hong Kong‘s oldest racing trophies. It was first presented in 1857 and was then referred to as the St George‘s Cup.

Our Director of Corporate Services, also the President of the Royal Society of St George, Hong Kong Branch, Mr Paul Moyes, was honoured to present the Trophy to the winning Owner after the race on 20 April 2005.

The St George‘s Challenge Cup

Tricor, Director of Corporate Services, Paul Moyes (third from right in front row) with the Owner, Trainer, Jockey of the winning horse (Firm Offer) and Stewards of the HKJC after the race

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The Sports & Recreation Committee (SRC) was set up at the inception of the Tricor Group in 2003.

The mission of the SRC is to organise various sports and recreational activities for Tricor staff to enhance team spirit and to provide colleagues an opportunities to build relationships. SRC organises regular functions, including golf coaching, local and China tours, movie watching, war games, BBQ fun days, boat trips, bowling and badminton competitions, staff fun nights...and more.

Aiming at being an Employer of Choice, Tricor management gives full support to the SRC to provide an environment for our staff to develop a balanced lifestyle, enjoying both work and leisure.

Hoi Ha Wan Marine Park Tour

Sports & Recreation Committee

Staff Events

Squid fishing night in Sai Kung

War Game Bowling competition

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H-Share company, Shanghai Electric Group Company Limited, has appointed our Director and Joint Head of Corporate Services, Natalia Seng, as its Joint Company Secretary. With Ernst & Young as the Reporting Accountant and Credit Suisse First Boston as the Sponsor, the Company was listed on 28 April 2005.

Company Secretary of Shanghai Electric Group Company Limited

News

Tricor Corporate Briefings

We have recently launched a new service: “Tricor Corporate Briefings”. This new service is designed to provide, in the form of tutorials, practical training, packed with illustrations and exercises, tailor made for the boards of Hong Kong listed companies (especially their new directors and independent non-executive directors) to enable them to cope with the rapid changes to the regulatory regime. Each briefings session is developed and delivered by our experienced professionals. For more details of this new service, please visit our website at www.tricor.com.hk Cover page of Tricor Corporate Briefings

flyer.

Annual Big Bird Race

Chris Campion, Senior Manager, Business Services, participated in the annual Big Bird Race held on 12 March 2005. The Race is a fund-rasing event for Mai Po nature reserve.

The winner of the race is the team that recorded the most birds spotted anywhere in Hong Kong within 24 hours. Chris‘s team came in third, having noted 140 different birds species. (Left) Chris Campion and his team-mates at the Big Bird

RaceSource: World Wide Fund Hong Kong (WWF Hong Kong)

Tricor in the Community

Mr Johnny Ng, Chief Executive of the Tricor Group, has been appointed as a council member of the Hong Kong Committee for UNICEF. He was also appointed as a member of the Accountancy Training Board of the Vocational Training Council on 15 April 2005.

Ms Diana Chung, Director, Corporate Services, was elected as a council member of the Hong Kong Institute of Company Secretaries.

Mr Paul D S Moyes, Director, Corporate Services, was appointed to the Inland Revenue Board of Review for three years commencing on 1 January 2005.

Mr Allan Tong, Director and Head of the Investor Services practice, was elected as the Vice Chairman of the Federation of Share Registrars Limited on 24 September 2004.

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Ms Marina Wong, JP, Senior Consultant, China Services, has been reappointed as a Director of The Applied Research Council of HKSAR. She is a member of the Assessment Panel for Small Entrepreneur Research Assistance Programme, Innovation and Technology Commission of HKSAR, the Operations Review Committee and the Witness Protection Review Board of the Independent Commission Against Corruption of HKSAR. She was also appointed as an executive member of Matilda Child Development Centre commencing from September 2004.

She was promoted to Vice Chairperson of Hong Kong Federation of Women in February 2005.

Ms Dawn Laycock, Associate Director, Executive Resources in Singapore, has been appointed as the Vice Chairperson of the Career Support Group of Glory Presbyterian Church.

Ms Cheng Sai Fong, Senior Manager, Tricor Singapore, has been appointed as a committee member of the Management Committee of the SUNDAC Day Activities Centre. She is also the honorary auditor of the St. Hilda's School Parent-Teacher Association as well as the honorary auditor of Ikebana International - Singapore Chapter.

Mr Ho Lon Gee, Chief Executive and Managing Director of Tricor Singapore, has been appointed as a committee member of the Public Accounting Practice Committee, Institute of Certified Public Accountants of Singapore. He is also the director of Asian Tour, a charitable organisation in Singapore.

What‘s new in the PRC?

Due to rapid expansion of our business in China, our Beijing office will move to Suite 1808-09, China World Tower 1, China World Trade Centre, 1 Jian Guo Men Wei Avenue, Beijing, 100004, China with effect from 17 May 2005.

The new office building is located in the heart of Beijing’s Central Business District. Standing at the junction of No.1 Jianguomenwai Avenue, Beijing's main business thoroughfare, and the East Third Ring Road, a major urban transit corridor, the complex is just a short drive away from Capital International Airport.

DIRECTORS - CORPORATE SERVICESNatalia SengTel: (852) 2980 1688 natalia.seng@tricor.com.hk

Patsy ChengTel: (852) 2980 1338 patsy.cheng@tricor.com.hk

Susan LoTel: (852) 2980 1618 susan.lo@tricor.com.hk

Betty YeungTel: (852) 2289 3289 betty.yeung@tricor.com.hk

Diana ChungTel: (852) 2289 3266 diana.chung@tricor.com.hk

Paul MoyesTel: (852) 2289 3274 paul.moyes@tricor.com.hk

Veronica Lin Tel: (852) 2980 1600 veronica.lin@tricor.com.hk

Cynthia WongTel: (852) 2980 1328 cynthia.wong@tricor.com.hk

CHIEF EXECUTIVE & MANAGING DIRECTORJohnny NgTel: (852) 2289 3422 johnny.ng@tricor.com.hk

MANAGING DIRECTORJulian ChowTel: (852) 2980 1238 julian.chow@tricor.com.hk

Please visit our website at www.tricor.com.hkE-mail: info@tricor.com.hk © 2005 Tricor Services Limited. All Rights Reserved.

DIRECTORS - BUSINESS SERVICESShirley TsangTel: (852) 2980 1298 shirley.tsang@tricor.com.hk

Kimmy ChanTel: (852) 2289 3214 kimmy.chan@tricor.com.hk

H C YingTel: (852) 2289 1402 h.c.ying@tricor.com.hk

Patrick WongTel: (852) 2980 1200 patrick.wong@tricor.com.hk

DIRECTOR - INVESTOR SERVICESAllan TongTel: (852) 2980 1818 allan.tong@tricor.com.hk

DIRECTORS - CHINA SERVICESNatalia SengTel: (852) 2980 1688 natalia.seng@tricor.com.hk

Shirley TsangTel: (852) 2980 1298 shirley.tsang@tricor.com.hk

SENIOR CONSULTANTMarina WongTel: (852) 2289 1311 marina.wong@tricor.com.hk

DIRECTOR - EXECUTIVE RESOURCESFiona YungTel: (852) 2289 3230 fiona.yung@tricor.com.hk

Beijing Tricor Consultancy (Beijing) LimitedSuite 1808-1809China World Tower 1China World Trade Centre1 Jian Guo Men Wai AvenueBeijing 100004China

Tel: (86) 10 6505 8950 Fax: (86) 10 6505 8952

Hong Kong Tricor Services Limited28/F, BEA Harbour View Centre 56 Gloucester RoadWanchai, Hong Kong

Tel: (852) 2980 1888 Fax: (852) 2861 0285

Tricor Services Limited24/F, Prince‘s BuildingCentral, Hong Kong

Tel: (852) 2289 3222 Fax: (852) 2890 9262

Macau Tengis Business Services Limited17 Andar EPraia Grande Commercial CentreNo. 417-429, Av. Da Praia GrandeMacau

Tel: (853) 788 022Fax: (853) 788 021

Shanghai Shanghai Tricor Tengis Consultancy LimitedRoom 3109-17 31/F Shanghai Central Plaza381 Huai Hai Zhong Road Shanghai 200020China

Tel: (86) 21 6391 6893Fax: (86) 21 6391 6896

SingaporeTricor Singapore Pte Limited#11-00 PWC Building,8 Cross Street,Singapore 048424

Tel: (65) 6236 3333 Fax: (65) 6236 4399

Tortola (BVI)Tricor International Trustee LimitedEast Asia ChambersP.O. Box 901Road Town, TortolaBritish Virgin Islands

Tel: (1 284) 495 5588 / (1 284) 495 5888 Fax: (1 284) 495 5088

TRICOR SERVICES LIMITED

Member of the BEA Group

Tricor, a member of the Bank of East Asia Group, is a leading professional provider of integrated business, corporate and investor services in Hong Kong, Greater China and South East Asia. Our services include Accounting, Company Formation, Corporate Governance & Company Secretarial, Executive Search & Selection, Initial Public Offerings & Share Registration, Payroll, Fund and Trust Administration.

Tricor has built its reputation and professional expertise through the acquisition and integration of the corporate services practices of three of the “Big 4” international accounting firms: Deloitte Touche Tohmatsu and Ernst & Young in Hong Kong, and PricewaterhouseCoopers in Hong Kong and Singapore.