Resignation of Chairman Irene Ngan

Dear Members of the Board of China Motor Bus Company, Limited (“CMB”),

We would like to congratulate Dr. Henry Ngan on his long-overdue appointment as the Chairman of CMB.

We believe that the market is equally pleased with his appointment, as CMB’s share price (which has been up over 10% in the past month) has demonstrated.

Dr. Henry Ngan, together with Dr. Horace Ngan, was prescient in monetizing 625 King’s Road, just before the economy is roiled by violent protests. It has not escaped our attention that they were the only shareholders who undertook to vote in favor of the disposal of 625 King’s Road.

The previous leadership of our storied company failed to provide strategic direction and was delinquent in its duties to prepare for succession. We have every confidence in Dr. Henry Ngan ability to ratify the past mistakes.

We look forward to constructive dialogue with the new board led by Dr. Henry Ngan. We hope to work closely with him (as well as Dr. Horace Ngan and other minority shareholders) on further restructuring of the board and rationalizing the capital structure of CMB.

Yours sincerely,
Kin Chan
Argyle Street Management Limited

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