10:03     KCBOCHK@EC0412A<09180> & KC-HSBC @EC0412<09848> - Ann. (2)          

    their names and wish to exercise the Warrants should lodge with the       
    Registrar at Shops 1712-1716, 17th Floor, Hopewell Centre, 183            
    Queen's Road East, Hong Kong at or before 10:00 a.m. (Hong Kong time)     
    on the relevant Expiry Date the following:-                               
                                                                              
    (i)                                                                       
    the relevant duly executed instruments of transfer in respect of the      
    Warrants; and                                                             
                                                                              
    (ii)                                                                      
    the relevant certificates for the Warrants.                               
    Such Warrantholders may need to bear the cost of any expedited            
    registration service.                                                     
                                                                              
    2.                                                                        
    Application will be made for the listing of the Warrants on the           
    Stock Exchange to be withdrawn with effect from the close of business     
    on the relevant Expiry Date.                                              
                                                                              
    Hong Kong, 1st December, 2004