13:38     DAH SING<00440> - Results Announcement (2)                          

    The calculation of diluted earnings per share excluding reorganisation    
    costs and profit on partial and deemed disposal of interest in a          
    subsidiary is based on the correspondingly adjusted earnings of HK$1,152, 
    438,000 (2003: HK$992,611,000) and the weighted average number of 247,543 
    ,562 (2003: 246,805,216) shares in issue during the year after adjusting  
    for the effect of all dilutive potential ordinary shares.                 
                                                                              
    3.      Extraordinary items                                               
                                                                              
    For the purpose of this Results Announcement Form, the following items    
    have been classified and reported as extraordinary items.                 
                                                            HK$'000           
    Profit on partial disposal of interest in a subsidiary (Note 3(a))        
                                                            444,806           
    Profit on deemed disposal of interest in a subsidiary (Note 3(b))         
                                                            492,649           
    Reorganisation costs (Note 3(c))                        (56,687)          
                                                    -----------------         
    Total                                                   880,768           
                                                    =================         
                                                                              
    (a)     As part of the Reorganisation, DSBG's Global Offering of shares,  
    and the subsequent exercise of the over-allotment option by the           
    international placing underwriters, the Company sold 89,943,404 of the    
    809,900,000 shares that it held in DSBG at HK$12.66 per share.  The profit
    on disposal represents the difference between the sale proceeds and the   
    attributable share of net assets of the DSBG Group sold by the Company.   
                                                                              
    (b)     As part of the Reorganisation, DSBG's Global Offering of shares   
    and the subsequent exercise of the over-allotment option by the           
    international placing underwriters, DSBG issued 109,930,827 new shares by 
    way of a public offer and international placing.  The issue of new shares 
    caused a dilution of the Company's effective shareholding in DSBG, and    
    constituted a deemed disposal by the Company of its interest in DSBG.  The
    profit on deemed disposal represents the increase in the Group's share of 
    net assets of the DSBG Group following the completion of DSBG's Global    
    Offering.