09:26     MIRAMAR HOTEL<00071> - Announcement (2)                             

                                   rent provided that the basic               
                                   rent shall not be less than                
                                   the basic rent paid for the                
                                   last calendar month of the                 
                                   First Renewed Period or more               
                                   than 120% of the basic rent                
                                   paid for the last calendar                 
                                   month of the First Renewed                 
                                   Period, together with the                  
                                   Turnover Rent                              
                                   Air-conditioning and                       
                                   management charges and                     
                                   promotional levy payable on                
                                   monthly basis during the term              
                                   shall be approximately                     
                                   HK$193,656 per month (subject              
                                   to review from time to time                
                                   in accordance with the terms               
                                   of the Confirmation of                     
                                   Sub-Lease), which is                       
                                   determined on normal                       
                                   commercial terms with                      
                                   reference to the size of the               
                                   Premises leased to the Tenant              
                                   under the Confirmation of                  
                                   Sub-Lease.  The rent will be               
                                   financed by internal                       
                                   resources of the Tenant. The               
                                   aggregate annual rental and                
                                   other charges payable by the               
                                   Tenant to the Landlord for                 
                                   each of the financial years                
                                   ended 31 March 2005, 2006 and              
                                   2007 will be subject to the                
                                   cap amounts of HK$4,743,000,               
                                   HK$10,268,000 and                          
                                   HK$10,431,000 respectively.                
                                   The cap amounts are                        
                                   determined with reference to               
                                   the annual basic rent, the                 
                                   annual Turnover Rent and                   
                                   other charges including                    
                                   air-conditioning and                       
                                   management charges and                     
                                   promotional levy. In                       
                                   determining the annual                     
                                   Turnover Rent for the cap                  
                                   amounts, the Company                       
                                   estimates the Gross Receipts               
                                   by reference to the projected              
                                   customers and the average                  
                                   bill amount for each customer              
                                   in the restaurants.  (Note:                
                                   Since the Tenant had to                    
                                   perform certain renovation                 
                                   and preparation works at the               
                                   Premises during the past few               
                                   months in preparation for the              
                                   opening of the restaurants,                
                                   both parties have                          
                                   commercially agreed that the               
                                   term of the initial sub-lease              
                                   shall be three (3) years                   
                                   taken to commence from 7 July              
                                   2004 and that the monthly                  
                                   rent shall only be payable by              
                                   the Tenant starting from 7                 
                                   November 2004 although the                 
                                   terms of the Confirmation of               
                                   Sub-Lease were concluded on 8              
                                   February 2005.)                            
    Option:                        a first option (the `1st                   
                                   Option') exercisable by the                
                                   Tenant at the expiry of the                
                                   initial sub-lease period on 6              
                                   July 2007 to renew the                     
                                   sub-lease of the Premises for              
                                   3 years, and a second option               
                                   (the `2nd Option')                         
                                   exercisable by the Tenant at               
                                   the expiry of the First                    
                                   Renewed Period to renew the                
                                   sub-lease of the Premises for              
                                   a further 3 years if the 1st               
                                   Option is exercised by the                 
                                   Tenant. Save for the rent                  
                                   payable by the Tenant as                   
                                   disclosed in the above, the                
                                   other terms in the                         
                                   Confirmation of Sub-Lease                  
                                   remain the same upon renewal               
                                   by exercising the 1st Option               
                                   and the 2nd                                
                                   Option.