26 February 2004

Dear Sir / Madam,

Fund Management Activities Survey 2003
Conducted by the Securities and Futures Commission (SFC)

I am writing to invite you to participate in the SFC's Fund Management Activities Survey for the year ended 31 December 2003. The survey collects information on fund management activities¹ in Hong Kong to enable better understanding of the competitive edge of the sector for regulatory and market facilitation purposes.

If your institution did not engage in any of the activities covered in the survey throughout the year, you are still requested to fill in the first page of the questionnaire.

I would appreciate it if your institution could complete and return the enclosed questionnaire by 26 March 2004 by facsimile at 2877-0318, or by hand or mail to the following address:

Ms Tina So
Director of Investment Products
Securities and Futures Commission
8^th Floor, Chater House
8 Connaught Road Central
Hong Kong

Please be assured that all information relating to individual institutions will be kept confidential and will not be disclosed by the SFC to any third party other than the HKMA except in the form of statistics. Please also note that the SFC may contact your institution to discuss information obtained from the questionnaire.

Should you have any inquiries on the survey, please contact the SFC Investment Products Department at 2283-6805 (if your institution's name begins with the letter A to M) or 2842-7723 (if your institution's name begins with the letter N to Z).

Yours faithfully,

Shu-Pui Li
Acting Executive Director
Banking Development Department