09:55     CG-CLIFE@EC0506<03618> - Announcement (2)                           

    Settlement System.                                                        
                                                                              
    The Issuer is not regulated by any of the bodies referred to              
    in Rule 15A.13(2) or (3) of the Rules.                                    
                                                                              
    The implied volatility, gearing, effective gearing and premium            
    of the Warrants are 30.0 per cent., 13.59x, 6.47x and 11.70 per           
    cent. respectively. These values may not be comparable to similar         
    information provided by other issuers of derivative warrants              
    as each issuer may use different pricing models.                          
                                                                              
    The Warrants will constitute general unsecured contractual                
    obligations of the Issuer and no other person. Investors are              
    relying upon the creditworthiness of the Issuer and have no               
    rights under the Warrants against the Company.                            
                                                                              
    The Issuer's long term credit ratings are AA- by Standard and             
    Poor's Ratings Group, Aa1 by Moody's Investors Service, and AA+           
    by Fitch IBCA Ltd.                                                        
                                                                              
    The Issuer has undertaken to make documents containing details            
    of the Warrants and financial and other information on the Issuer         
    available for inspection by holders of the Warrants. The                  
    documents available for inspection during the period in which             
    any structured products issued by the Issuer are listed on the            
    Stock Exchange are a copy of the Base Listing Document dated              
    10th August, 2004 (both the English version and the Chinese               
    translation), an addendum to the Base Listing Document to be              
    dated 6th December, 2004 (both the English version and the                
    Chinese translation), any additional addenda or successor                 
    document to the Base Listing Document (both the English version           
    and the Chinese translation) and the latest publicly available            
    annual report and interim report (if any) of the Issuer. The              
    Supplemental Listing Document to be dated on or about 6th                 
    December, 2004 (both the English version and the Chinese                  
    translation) will be available for inspection until the Expiry            
    Date. These documents will be available for inspection at the             
    office of Computershare Hong Kong Investor Services Limited,              
    which is presently at Shops 1712-1716, 17th Floor, Hopewell               
    Centre, 183 Queen's Road East, Hong Kong.                                 
                                                                              
    Before purchasing the Warrants you should ensure that you fully           
    understand their potential risks and rewards and independently            
    determine that they are appropriate for you given your objectives,        
    experience, financial and operational resources, and other                
    relevant circumstances. You should consult with such advisers             
    as you deem necessary to assist you in making these                       
    determinations.                                                           
                                                                              
    Investors are warned that the price of the Warrants may fall              
    in value as rapidly as it may rise and holders may sustain a              
    total loss of their investment. Prospective purchasers should             
    therefore ensure that they understand the nature of the Warrants          
    and carefully study the risk factors set out in the Base Listing          
    Document and the Supplemental Listing Document and, where                 
    necessary, seek professional advice, before they invest in the            
    Warrants.                                                                 
                                                                              
    The Issuer and its appointed liquidity provider may be the only           
    market participants for the Warrants and the secondary market             
    for the Warrants may be limited. The issuer has appointed DBS             
    Vickers (Hong Kong) Limited as its liquidity provider for the             
    Warrants (Tel:(852) 2820 4662 Address: 18th Floor, Man Yee                
    Building, 68 Des Voeux Road Central, Central, Hong Kong; Broker           
    ID Number: 9539) who will provide prices for the Warrants in              
    the secondary market for the life of the Warrants.                        
                                                                              
    The Issuer does not have any special arrangements in place with           
    any brokers with respect to the Warrants.                                 
                                                                              
                                                                              
    Hong Kong, 1st December, 2004