CLSA CLSA Capital Partners

CLSA Co-Founder and Chairman, Gary Coull,

HONG KONG, 26 October, 2006 - Rob Morrison, CLSA Chief Executive Officer, has issued the following statement: "It is with huge sadness that I announce that Gary Coull, the Co-Founder and Chairman of CLSA as well as Chairman and CEO of CLSA Capital Partners, passed away today in the United States where he had been receiving medical treatment as part of his lengthy battle with cancer. Gary was 52.

The entire CLSA family feels this significant loss and our thoughts are with Gary's wife, Vicky, and his family at this very difficult time.

Gary's vision, drive and creativity helped build one of Asia's leading brokerage, investment banking and private equity groups. He led and inspired a team that has created a great company and his important role in the development of the financial services industry in Asia will long be remembered. Gary has been a friend and mentor to many and he will be sorely missed.

Marc Litzler, Deputy CEO of Calyon and member of the Executive Committee of CASA, CLSA's parent company in Paris said: "Our sympathy and sincere condolences go out to Gary's family and everyone at CLSA at this very sad time. Gary was a true visionary who two decades ago understood the vital role that a research focused agency broker could play as a bridge between global investors and entrepreneurs in the dynamic Asia-Pacific region. He persuaded Credit Lyonnais, the forerunner of Credit Agricole group, to back this venture in the late eighties and it has been a highly successful partnership ever since. Gary had every reason to feel very gratified by what he accomplished. His legacy will live on through the strength and quality of the firm he founded as well as the great management team that is now driving CLSA's future growth.

Marc Litzler went on to say, "CLSA is a hugely important part of the Credit Agricole international network and we are proud of the role CLSA continues to play as the leading research house in the region. Gary created a unique and successful model and Calyon remains wholly supportive of CLSA and its ability to continue to be a market leader in Asia. While we wish the circumstances were different, we have every confidence in the strong management team of CLSA and we are relieved that Rob Morrison will take on Gary's responsibilities as Chairman of CLSA and that Richard Pyvis will assume Gary's role as CEO of CLSA Capital Partners and that Jonathan Slone will continue in his role as Head of Broking. "

Rob Morrison added, "Richard Pyvis who has been associated with CLSA's private equity business since its inception has over 25 years experience in Asian banking and investment and has been a close friend, colleague and confidant of Gary's for many years.

Always an innovator, Gary saw the opportunity several years ago for specialist private equity funds that leveraged CLSA's research and network to capitalise on emerging demographic themes in Asia which saw CLSA establish a number of these funds. Although still intensely interested in the broking business, Gary had taken himself out of the day to day operations of CLSA several years ago in order to focus on building the funds management business."

Rob Morrison continued, "The competitive landscape of Asian broking has changed enormously since 1986 when CLSA was founded. In large part due to Gary's ability to motivate and lead some very talented people, CLSA has been able to not only remain fiercely competitive but to continue to thrive as an independent house in an environment where many of its competitors couldn't. Gary himself recently wrote: ¡¥James Capel. Hoare Govett. Barings. Jardine Fleming. BZW. WI Carr. Smith New Court. HSI at 2,568 with a mere market cap of HK$420billion. That was the world into which CLSA was born 20 years ago. No one gave CLSA much of a chance of succeeding in what was then considered a highly competitive market. Looking back on the early days, it is hard to believe that CLSA has grown so far and wide and, modestly, so high. Having outlasted the brands of the 80s, we are now the single surviving name from the era. Of that we are very proud.'

Gary was a friend, colleague and inspiration to all of us and he will be greatly missed. We will continue to build on Gary's vision to take CLSA to the next level and make him very proud. We will be organising a memorial service in Hong Kong in the very near future and will provide details as soon as they are available."

Gary was a Voting Member and Day Steward of the Hong Kong Jockey Club as well as the owner of a number of successful racehorses. He was also a Governor of the Asian Corporate Governance Association.

Anyone wanting to send their condolences to Gary's family can do so c/o Laurie Young, CLSA Ltd, 18/F One Pacific Place, 88 Queensway, Hong Kong or

About CLSA Asia-Pacific Markets

CLSA is a leading brokerage, investment banking and private equity group in the Asia-Pacific Markets. Founded in 1986 and headquartered in Hong Kong, CLSA's major shareholder is France's Calyon, Credit Agricole's corporate and investment bank subsidiary. Credit Agricole, which merged in 2003 with Credit Lyonnais, is now the 6th largest bank in the world by Tier One capital and 7th largest bank in the world by assets. CLSA enjoys substantial staff ownership which contributes to its independent stance and operations.

CLSA has over 900 dedicated professionals spread across all Asian and international financial centres. Recognised as one of the top research, sales and execution houses in Asia, CLSA is known for its innovative and independent research.

CLSA's businesses include a series of successful joint ventures including China Euro Securities Limited, the first joint venture to be granted a domestic investment banking licence in China since its entrance into the WTO.

Wholly owned by CLSA, CLSA Capital Partners is a specialist private equity investment management firm, focused on Asia with a diverse team of professionals with backgrounds spanning industries from banking to law and accounting. Our experienced team with long established roots in the region has helped many Asian companies realise their potential. Through the CLSA network, research and investment banking teams, CLSA Capital Partners has unique access to Asia and its decision makers, hard knowledge of what is really happening and strategic insight into future Asian investment trends.

For further information, please contact:

Grace Hung, Head of Communications, CLSA Ltd

Tel +852 2600-8318 Email

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