New Guidelines issued by Macau Monetary Authority

The Macau Monetary Authority (“AMCM”) has issued new guidelines regulating the Provision and Distribution of Financial Products in Macau (the “Guidelines”), which shall be effective on November 1st, 2010. The Guidelines extensively regulates the inception of Financial Products in the Macau market and sets specific rules and licensing procedures with the AMCM, prior to the distribution of said products.

For the avoidance of doubt, the Guideline has future effect only and does not regulate any financial products distributed in Macau prior to its effective date.