09:44     MIN XIN HOLD<00222> - Announcement (4)                              

    liquidation by the liquidation team of FITIC. FITIC is the beneficial     
    owner of the Asset.                                                       
                                                                              
    INFORMATION ON THE HUANENG GROUP                                          
    The Huaneng Group is principally engaged in developing,                   
    constructing, operating and managing large-scale coal-fired power         
    plants throughout the PRC. The Huaneng Group is also one of the           
    largest independent power producers in the PRC with equity-based          
    generation capacity of 15,736 megawatt (MW) and a total capacity of       
    3,060 megawatt (MW) under construction as at 31 December 2003.            
                                                                              
    The management team of the Company has undertaken legal and               
    financial assessments and analyses on the Huaneng Group and a             
    feasibility report on the Acquisition was prepared for the Board's        
    consideration. Set out below is some of the key financial information     
    of the Huaneng Group for the three years ended 31 December 2003 and       
    the six months ended 30 June 2003 and 2004 respectively:                  
                                                                              
    Based on International Financial Reporting Standards:                     
                          For the                   For the                   
                          year                      six                       
                          ended 31                  months                    
                          December                  ended 30 June             
                                                                              
               2001       2002       2003       2004       2003               
                          (Audited)               (Unaudited)                 
                                    (RMB million)                             
    Net        15,791     18,474     23,388     12,964     10,514             
    operating                                                                 
    revenue                                                                   
    Profit     3,522      4,077      5,614      2,573      2,363              
    after                                                                     
    taxation                                                                  
    Net        3,451      3,921      5,430      2,481      2,285              
    profit                                                                    
    Net        21.9%      21.2%      23.2%      19.1%      21.7%              
    profit                                                                    
    margin                                                                    
    Fully      RMB0.30    RMB0.33    RMB0.45    RMB0.21    RMB0.19            
    diluted                                                                   
    earnings                                                                  
    per                                                                       
    Huaneng                                                                   
    Share                                                                     
    (Approximate)                                                             
    (Note)                                                                    
    Dividend   RMB0.15    RMB0.17    RMB0.25    -          -                  
    paid per                                                                  
    Huaneng                                                                   
    Share                                                                     
    (Approximate)                                                             
    (Note)                                                                    
    Dividend   50.0%      52.3%      55.6%      N/A        N/A                
    payout                                                                    
    ratio                                                                     
                                                                              
    Based on PRC Accounting Standards:                                        
                                                                              
                          For the                  For the                    
                          year                     six                        
                          ended 31                 months                     
                          December                 ended 30 June              
               2001       2002       2003       2004       2003               
                          (Audited)               (Unaudited)                 
                                    (RMB million)                             
                                                                              
    Revenue    15,817     18,725     23,480     13,040     10,618             
    from                                                                      
    principal                                                                 
    Operations                                                                
    Profit     4,423      5,212      6,774      3,141      2,963              
    before                                                                    
    taxation                                                                  
    and                                                                       
    minority                                                                  
    interests                                                                 
    Net profit 3,636      4,082      5,457      2,531      2,356              
    Net        23.0%      21.8%      23.2%      19.4%      22.2%              
    profit                                                                    
    margin                                                                    
    Fully      RMB0.30    RMB0.34    RMB0.45    RMB0.21    RMB0.19            
    diluted                                                                   
    earnings                                                                  
    per                                                                       
    Huaneng                                                                   
    Share                                                                     
    (Approximate)