Dear Members and Friends, The seminar "Spanish Investments in China through Hong Kong", co-hosted by Deacons with Garrigues, was held successfully on 14 February 2012. Your attendance at the seminar was valuable to us. During the seminar, we reviewed the company and tax requirements of China and Hong Kong and the implications of the comprehensive double taxation agreement (CDTA) between Spain and Hong Kong, which becomes effective on 16 April, 2012, in Spanish investments in China through Hong Kong. Numerous questions were raised during the Q&A session, and a lively exchange took place between the floor and the stage. Attached please find the powerpoint presentation for your kind reference. If you have any questions, please feel free to contact us at the following:- PRC aspect: Manuel Torres Email: manuel.torres.salazar@garrigues.com Tel.: +86 21 5228 1122 Diego D’Alma Email: diego.dalma@garrigues.com Tel.: +86 21 5228 1122 Hong Kong aspect: Sally Ip Email: sally.ip@deacons.com.hk Tel.: +852 2825 9558 Once again, we thank you for your overwhelming support. | 
