08:45     Closing Price Calculation                                           

                                                                              
                           Closing Price Calculation                          
                           -------------------------                          
    Under normal operation environment, the closing price of a stock is       
    determined by taking the median of 5 nominal prices in the last minute of 
    the trading hours.  The system will take up 5 snapshots on the nominal    
    prices at 15-second interval starting from 3:59:00 p.m..  The following   
    example will illustrate the calculation:                                  
                                                                              
                            Bid        Ask         Last           Nominal     
    Snapshot    Time        Price      Price    Recorded Price    Price *     
    --------    ----        -----      ------   --------------    -------     
      1st    3:59:00 p.m.   $39.40     $39.50      $39.50          $39.50     
      2nd    3:59:15 p.m.   $39.40     $39.50      $39.50          $39.50     
      3rd    3:59:30 p.m.   $39.40     $39.50      $39.40          $39.40     
      4th    3:59:45 p.m.   $39.30     $39.50      $39.40          $39.40     
      5th    4:00:00 p.m.   $39.20     $39.30      $39.30          $39.30     
                                                                              
    The five snapshot nominal prices are arranged in ascending order as       
    follows:                                                                  
                   $39.30, $39.40, $39.40, $39.50, $39.50                     
                                                                              
    The median (i.e. the middle one) is $39.40, which will then be taken as   
    the closing price.  Choosing the median of five snapshot nominal prices   
    ensures that the closing price will not be biased by one single trade.    
                                                                              
    *  The nominal price is determined by comparing the current bid price,    
       the current ask price and the last recorded price in accordance with   
       Rule 101 of the Rules of the Exchange.