Dr. Henry Ngan: the hero of minority shareholders

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

We note that the board has resolved to pay a special dividend of HK$ 19 per share, shortly after the Dr. Henry Ngan became Chairman.  This is CMB’s largest dividend ever.

It has also not escaped our attention, that the board has recently undertaken to clean up legacy provisions in the articles of associations of CMB.

History will remember Dr. Henry Ngan as the hero of minority shareholders and the paragon of good corporate governance.

We trust that the new Chairman will continue to rationalize CMB’s capital structure, by disposing of CMB’s other assets, paying the proceeds as dividends and putting in place a long-term succession plan.

We remain keen to join the board of CMB to assist the Chairman to maximize value for all shareholders.

Yours sincerely,

Kin Chan

Argyle Street Management Limited

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