Bermuda Stock Exchange

BAS 1.75

0.00 Vol 0 BFM 19.09

0.00 Vol 0 BPH 7.5

0.00 Vol 0 DEVON 6.6

1.30 Vol 2900 HSBC 6.05

0.00 Vol 0 LOM 6.25

0.00 Vol 0 NTB 35.75

0.00 Vol 0 POLAR 7.25

0.00 Vol 0 SGR 1.8

0.00 Vol 0 SOMS 0

0.00 Vol 0 WHHL 7.5

0.00 Vol 0 WWW 31

0.00 Vol 0

Market Closed:

ISIN: XS0220120538

Equity Covered European Call.

Certificates in respect of the shares in Jaiprakash Associates Ltd - Series No. 16

Issue Date: 20 May 2005

Expiration Date: 13 May 2015

BSX ticker for Blommberg:

Questions or requests for information can be emailed to: info@bsx.com

CLSA Financial Products Ltd - Jaiprakash Associates Ltd - 144A