09:37     DICKSON CONCEPT<00113> - Announcement (2)                           

    Grantor:     Hong Kong Seibu Enterprise                                   
                                                                              
    Licensee:    Precision Watch                                              
                                                                              
    Premises:    A sales corner in the Pacific Place Seibu Store              
                                                                              
    Area:        About 616 sq. ft.                                            
                                                                              
    Period:      Three years from 12th September, 2004                        
                                                                              
    Licence Fee: Monthly licence fee payment of HK$270,080, to be paid        
                 in cash within 20 days of each month in arrears              
                                                                              
    Precision Watch has been the licensee of the above premises since         
    23rd October, 1997.  The annual licence fees received by Hong Kong        
    Seibu Enterprise from Precision Watch for the financial years ended       
    31st March, 2003 and 31st March, 2004 were HK$2,957,000 and               
    HK$2,957,000 respectively.                                                
                                                                              
    The maximum annual caps receivable by Hong Kong Seibu Enterprise          
    under the period of Agreement No. 2 for the financial years ending        
    31st March, 2005, 31st March, 2006, 31st March, 2007 and 31st March,      
    2008, based on the aforesaid monthly licence fee, will be                 
    HK$1,791,531, HK$3,240,960, HK$3,240,960 and HK$1,449,429                 
    respectively.                                                             
                                                                              
    (C) Renewal of Licence Agreement with Top Creation ("Agreement No.        
        3")                                                                   
                                                                              
    Hong Kong Seibu Enterprise and Top Creation entered into a licence        
    agreement regarding the renewal of the following licence on 3rd           
    February, 2005 under which the licence period was extended and the        
    licence fee changed as detailed below:                                    
                                                                              
    Grantor:      Hong Kong Seibu Enterprise                                  
                                                                              
    Licensee:     Top Creation                                                
                                                                              
    Premises:     A sales corner in the Pacific Place Seibu Store             
                                                                              
    Area:         About 760 sq. ft.                                           
                                                                              
    Period:       Two years and five months from 15th August, 2004            
                                                                              
    Licence Fee:  (i)  For the five months from 15th August, 2004, based      
                       on certain percentages of the monthly sales made       
                       at the sales corner, to be paid in cash within 20      
                       days of each month in arrears                          
                                                                              
                 (ii)  For the two years from 15th January, 2005, based       
                       on a certain percentage of the monthly sales made      
                       at the sales corner but subject to a minimum           
                       monthly licence fee payment of HK$154,050, to be       
                       paid in cash within 20 days of each month in           
                       arrears                                                
                                                                              
    Top Creation has been the licensee of the above premises since 15th       
    August, 2000.  The annual licence fees received by Hong Kong Seibu        
    Enterprise from Top Creation for the financial years ended 31st           
    March, 2003 and 31st March, 2004 were HK$1,122,000 and HK$1,330,000       
    respectively.                                                             
                                                                              
    The maximum annual caps receivable by Hong Kong Seibu Enterprise          
    under the period of Agreement No. 3 for the financial years ending        
    31st March, 2005, 31st March, 2006 and 31st March, 2007 will be           
    HK$953,929, HK$1,848,600 and HK$1,682,355 respectively.  The              
    aforesaid maximum annual caps were derived based on the estimated         
    annual growth after taking into consideration the amount of licence       
    fee of HK$960,594 received by Hong Kong Seibu Enterprise from Top         
    Creation in respect of the above sales corner for the period from         
    1st April, 2004 to 14th January, 2005, the size and location of the       
    sales corner, the prestige of the relevant brand and its products,        
    the prevailing as well as the expected market conditions.                 
                                                                              
    (D) Licence Agreement with S.T. Dupont Marketing ("Agreement No. 4")      
                                                                              
    Hong Kong Seibu Enterprise and S.T. Dupont Marketing entered into a       
    licence agreement regarding the following licence on 3rd February,        
    2005:                                                                     
                                                                              
    Grantor:      Hong Kong Seibu Enterprise                                  
                                                                              
    Licensee:     S.T. Dupont Marketing                                       
                                                                              
    Premises:     A sales corner in the Langham Place Seibu Store             
                                                                              
    Area:         About 328 sq. ft.                                           
                                                                              
    Period:       Two years from 1st November, 2004