09:55     EMPEROR (CHINA)<00296> & EMPEROR (CHINA)<02955> - Ann. (3)          

    2.   The pro forma adjustment reflects the                                
    depreciation expense for the six months ended 30th                        
    September, 2004 calculated in accordance with the                         
    Group's depreciation policy to depreciate the Vessel                      
    using the straight line method over its estimated                         
    useful life of twenty years and after taking into                         
    account of its estimated residual value of                                
    approximately HK$23,075,000.                                              
                                                                              
    3.   The Directors have estimated that a tax charge                       
    amounting to approximately HK$364,000 should be                           
    recognised for the six months ended 30th September,                       
    2004 in the pro forma combined income statement. Such                     
    tax charge represents deferred tax charge and is                          
    calculated by applying the Hong Kong Profits Tax rate                     
    of 17.5% prevailing for the six months ended 30th                         
    September, 2004. The pro forma adjustment reflects                        
    the tax charge provided for the six months ended 30th                     
    September, 2004.                                                          
                                                                              
    By Order of the Board                                                     
    EMPEROR ENTERTAINMENT HOTEL LIMITED                                       
    Luk Siu Man, Semon                                                        
    Chairperson                                                               
                                                                              
    Hong Kong, 18 January 2005                                                
                                                                              
    As at the date hereof, the board of Emperor                               
    Entertainment Hotel Limited comprised 1. Executive                        
    Directors: Ms. Luk Siu Man, Semon (Chairperson), Mr.                      
    Wong Chi Fai, Ms. Fan Man Seung, Vanessa and Ms. Mok                      
    Fung Lin, Ivy 2. Independent Non-Executive Directors:                     
    Ms. Chan Sim Ling, Irene, Mr. Lam San Keung and Ms.                       
    Chan Wiling, Yvonne.                                                      
                                                                              
    The directors of the Company jointly and severally                        
    accept full responsibility for the accuracy of                            
    information contained in this announcement and                            
    confirm, having made all reasonable inquiries, that                       
    to the best of their knowledge, opinions expressed                        
    in this announcement have been arrived at after due                       
    and careful consideration and there are no other facts                    
    not contained in this announcement, the omission of                       
    which would make any statement in this announcement                       
    misleading.