10:38     <03828>,<03830>,<03832>,<03833> & <03834> - Announcement (3)        

    Warrant 2:                                                                
    Index:  Hang Seng China Enterprises Index                                 
    Type:   Call                                                              
    Launch Date:    18 January, 2005                                          
    Issue Size:     400,000,000                                               
    Issue Price:    HK$0.25                                                   
    Issue Date:     21 January, 2005                                          
    Expiry Date:    29 November, 2005                                         
    Closing Level:  Final settlement price for settling the H-Shares          
    Index November 2005 Futures Contracts                                     
    Strike Level:   4,600                                                     
    Board Lot:      10,000 Warrants                                           
    Entitlement Ratio:      1,950 Warrants for one Index                      
    Premium:        10.27%                                                    
    Gearing:        9.46x                                                     
    Effective Gearing:      5.11x                                             
    Implied Volatility:     30.00%                                            
    Listing Date:   25 January, 2005                                          
    Liquidity Provider Broker ID Number:    9559                              
                                                                              
    Warrant 3:                                                                
    Index:  Hang Seng China Enterprises Index                                 
    Type:   Put                                                               
    Launch Date:    18 January, 2005                                          
    Issue Size:     400,000,000                                               
    Issue Price:    HK$0.25                                                   
    Issue Date:     21 January, 2005                                          
    Expiry Date:    29 November, 2005                                         
    Closing Level:  Final settlement price for settling the H-Shares          
    Index November 2005 Futures Contracts                                     
    Strike Level:   4,600                                                     
    Board Lot:      10,000 Warrants                                           
    Entitlement Ratio:      2,100 Warrants for one Index                      
    Premium:        11.68%                                                    
    Gearing:        8.79x                                                     
    Effective Gearing:      4.04x                                             
    Implied Volatility:     30.00%                                            
    Listing Date:   25 January, 2005                                          
    Liquidity Provider Broker ID Number:    9559                              
                                                                              
    Warrant 4:                                                                
    Index:  Hang Seng China Enterprises Index                                 
    Type:   Put                                                               
    Launch Date:    18 January, 2005                                          
    Issue Size:     400,000,000                                               
    Issue Price:    HK$0.25                                                   
    Issue Date:     21 January, 2005                                          
    Expiry Date:    28 July, 2005                                             
    Closing Level:  Final settlement price for settling the H-Shares          
    Index July 2005 Futures Contracts                                         
    Strike Level:   4,700                                                     
    Board Lot:      10,000 Warrants                                           
    Entitlement Ratio:      1,900 Warrants for one Index                      
    Premium:        8.43%                                                     
    Gearing:        9.71x                                                     
    Effective Gearing:      4.95x                                             
    Implied Volatility:     30.00%                                            
    Listing Date:   25 January, 2005                                          
    Liquidity Provider Broker ID Number:    9559                              
                                                                              
    Warrant 5:                                                                
    Index:  Hang Seng China Enterprises Index                                 
    Type:   Put                                                               
    Launch Date:    18 January, 2005                                          
    Issue Size:     400,000,000                                               
    Issue Price:    HK$0.25                                                   
    Issue Date:     21 January, 2005                                          
    Expiry Date:    29 November, 2005                                         
    Closing Level:  Final settlement price for settling the H-Shares          
    Index November 2005 Futures Contracts                                     
    Strike Level:   4,900                                                     
    Board Lot:      10,000 Warrants                                           
    Entitlement Ratio:      2,800 Warrants for one Index                      
    Premium:        8.97%                                                     
    Gearing:        6.59x                                                     
    Effective Gearing:      3.62x                                             
    Implied Volatility:     30.00%                                            
    Listing Date:   25 January, 2005                                          
    Liquidity Provider Broker ID Number:    9559