10:13     <09334><09198><09199><09200><09202> - Announcement (2)              

                                                                              
    # Investors should note that the Perodic Cash Settlement Amount           
    (cumulative to date) of the Warrants set out above reflect the sum of     
    the Periodic Cash Settlement Amount(s) in respect of these dates          
    only.                                                                     
                                                                              
    ## Investors should note that the Warrants are European style             
    and may only be exercised on the relevant Expiry Date. In respect of      
    each issue of Warrants, each respective Exercise Amount will entitle      
    the holder on exercise thereof to receive from the Issuer a payment       
    of an amount in Hong Kong dollars calculated by the Issuer (the `Cash     
    Settlement Amount') equal to (1) the sum of the Periodic Cash             
    Settlement Amount(s) divided by the number of Periodic Fixing Dates       
    less (2) the Exercise Expenses.                                           
                                                                              
    Investors should note that the calculation of the Cash Settlement         
    Amount of the Warrants take into account the Periodic Cash Settlement     
    Amount at each Periodic Fixing Date. The Cash Settlement Amount of        
    the Warrants will unlikely be the same as the relevant Periodic Cash      
    Settlement Amount set out above.                                          
                                                                              
    *Investors should also note that the description `Locked-In Return'       
    refers to the calculation of the return on the Warrants only; there       
    is no guaranteed return on the Warrants where the arithmetic mean of      
    the closing price of the Shares on the five Valuation Dates in            
    respect of each Periodic Fixing Date is, in case of Call Warrants,        
    less than, and in case of Put Warrants, greater than, the Exercise        
    Price. Please refer to the Conditions of the Warrants set out in the      
    relevant Supplemental Listing Document.                                   
                                                                              
    Hong Kong, February 1, 2005