10:38 Exotic Warrant Information (22) The Exchange endeavours to ensure the accuracy and reliability of the information provided, but does not guarantee its accuracy and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of the information relating to exotic warrants. Investors are reminded to refer to the related warrant listing documents for details of the terms and conditions of the warrant. Stock Code (List Date) Salient Features -------------- ------------------------------------------------------ 4622 European-style Average Return Call Warrants 26/10/2004 May only be exercised on 8/11/2005 Cash Settlement Amount is the Entitlement multiplied by (a) the sum of all Periodic Reference Prices divided by the number of Periodic Fixing Dates, less (b) the Exercise Price and then less the Exercise Expenses. The Periodic Reference Price in respect of each Periodic Fixing Date is the arithmetic mean of the closing price of one underlying share on the five business days immediately preceding the relevant Periodic Fixing Date. The Periodic Fixing Dates are 8th November 2004, 10th January 2005, 8th March 2005, 10th May 2005, 11th July 2005, 8th September 2005 and 8th November 2005 4666 European-style Average Return Call Warrants 10/11/2004 May only be exercised on 22/11/2005 Cash Settlement Amount is the Entitlement multiplied by (a) the sum of all Periodic Reference Prices divided by the number of Periodic Fixing Dates, less (b) the Exercise Price and then less the Exercise Expenses. The Periodic Reference Price in respect of each Periodic Fixing Date is the arithmetic mean of the closing price of one underlying share on the five business days immediately preceding the relevant Periodic Fixing Date. The Periodic Fixing Dates are 22nd November 2004, 24th January 2005, 22nd March 2005, 24th May 2005, 25th July 2005, 23rd September 2005 and 22nd November 2005 3969 European-style Straddle Warrants 10/3/2005 May only be exercised on 26/9/2005 Cash Settlement Amount is determined in accordance with the following formula, which is calculated as follows: (a) Entitlement multiplied by (i) Closing Price less (ii) the Exercise Price; and then less the Exercise Expenses, if the Closing Price is above the Exercise Price (b) Entitlement multiplied by (i) the Exercise Price less (ii) the Closing Price and then less the Exercise Expenses, if the Closing Price is below the Exercise Price (c) Cash Settlement Amount will be zero if the Closing Price is equal to the Exercise Price where the Closing Price is the arithmetic mean of the closing price of one underlying share (as derived from the Daily Quotation Sheet of the Stock Exchange) for each Valuation Date (being each of the five Business Days immediately preceding the Expiry Date). 3970 European-style Straddle Warrants 10/3/2005 May only be exercised on 21/12/2006 Cash Settlement Amount is determined in accordance with the following formula, which is calculated as follows: (a) Entitlement multiplied by (i) Closing Price less (ii) the Exercise Price; and then less the Exercise Expenses, if the Closing Price is above the Exercise Price (b) Entitlement multiplied by (i) the Exercise Price less (ii) the Closing Price and then less the Exercise Expenses, if the Closing Price is below the Exercise Price (c) Cash Settlement Amount will be zero if the Closing Price is equal to the Exercise Price where the Closing Price is the arithmetic mean of the closing price of one underlying share (as derived from the Daily Quotation Sheet of the Stock Exchange) for each Valuation Date (being each of the five Business Days immediately preceding the Expiry Date). The Exchange endeavours to ensure the accuracy and reliability of the information provided, but does not guarantee its accuracy and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of the information relating to exotic warrants. Investors are reminded to refer to the related warrant listing documents for details of the terms and conditions of the warrant. Stock Code (List Date) Salient Features -------------- ------------------------------------------------------ 4494 European-style Average Return Call Warrants 17/9/2004 May only be exercised on 29/3/2005 Cash Settlement Amount is the Entitlement multiplied by (a) the sum of all Periodic Reference Prices divided by the number of Periodic Fixing Dates, less (b) the Exercise Price and then less the Exercise Expenses. The Periodic Reference Price in respect of each Periodic Fixing Date is the arithmetic mean of the closing price of one underlying share on the five business days immediately preceding the relevant Periodic Fixing Date. The Periodic Fixing Dates are 1st November 2004, 20th December 2004, 7th February 2005 and 29th March 2005 4495 European-style Window Barrier Call Warrants 17/9/2004 May only be exercised on 17/3/2005 unless "knocked out". If on any Exchange Business Day during the Window Period, the closing level of the Underlying is equal to or less than the Barrier Strike Price, the Window Barrier Warrants will "knock out". Trading in the Warrants will cease after the close of business on the day on which the Warrants "knock out". If the Warrants "knock out", the Issuer will pay to each Warrantholder the Rebate per Warrant. The Rebate will be paid five Business Days after the day on which the Warrant "knocks out". Following the payment of the Rebate the Warrants will expire. If the Warrants do not "knock out" during the Window Period, the Warrants will expire on the Expiry Date. The Window Period is 17th September 2004 to 4th October 2004 (both days inclusive). The Rebate per Warrant is HK$0.25 and the Barrier Strike Price is HK$9.45 4614 European-style Average Return Call Warrants 25/10/2004 May only be exercised on 8/11/2005 Cash Settlement Amount is the Entitlement multiplied by (a) the sum of all Periodic Reference Prices divided by the number of Periodic Fixing Dates, less (b) the Exercise Price and then less the Exercise Expenses. The Periodic Reference Price in respect of each Periodic Fixing Date is the arithmetic mean of the closing price of one underlying share on the five business days immediately preceding the relevant Periodic Fixing Date. The Periodic Fixing Dates are 8th November 2004, 10th January 2005, 8th March 2005, 10th May 2005, 11th July 2005, 8th September 2005 and 8th November 2005 4615 European-style Average Return Call Warrants 25/10/2004 May only be exercised on 8/11/2005 Cash Settlement Amount is the Entitlement multiplied by (a) the sum of all Periodic Reference Prices divided by the number of Periodic Fixing Dates, less (b) the Exercise Price and then less the Exercise Expenses. The Periodic Reference Price in respect of each Periodic Fixing Date is the arithmetic mean of the closing price of one underlying share on the five business days immediately preceding the relevant Periodic Fixing Date. The Periodic Fixing Dates are 8th November 2004, 10th January 2005, 8th March 2005, 10th May 2005, 11th July 2005, 8th September 2005 and 8th November 2005